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Lithium

Tesla’s lithium supplies in danger as rivals make mining deals – by David Stringer, Yvonne Yue Li, Gabrielle Coppola & Chunying Zhang (The Edge Markets/Bloomberg News – November 30, 2022)

https://apps.theedgemarkets.com/

(Nov 29): For years, only one customer mattered in the market for lithium and other metals used in electric vehicle batteries: Tesla Inc. The prospect that a new mine might end up feeding Elon Musk’s automaker was enough to sway cautious lenders to finance a project or convince investors that untested operations had a shot at meeting aggressive sales projections.

And as the biggest buyer in a sector full of startup miners, Tesla wielded unusual power to dictate terms, typically locking in agreements for supplies for years at fixed prices.

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Rio Tinto hunts for lithium deals, eyes Jadar revival – by Cecilia Jamasmie (Mining.com – December 13, 2022)

https://www.mining.com/

Rio Tinto (ASX, LON, NYSE: RIO) said on Tuesday is actively searching for lithium assets as its expects prices for the metal used in the making of batteries that power electric vehicles to remain high for a “long period of time”.

The company had to shelve its proposed $2.4 billion Jadar lithium mine in Serbia early this year after the government revoked the project’s licences. In a presentation posted on its website, Rio confirmed it has not scrapped Jadar completely as it still considers the project as part of its portfolio and said it intends to de-risk the development process.

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Lithium-Rich Argentina Presses US for Exception to Tap EV Tax Bonanza – by James Fernyhough, Yvonne Yue Li, Patrick Gillespie and Joe Deaux (Bloomberg News – December 2, 2022)

https://www.bnnbloomberg.ca/

(Bloomberg) — The world’s fastest-growing lithium producer is lobbying hard to gain access to President Joe Biden’s new electric vehicle tax credits, despite Argentina not meeting the requirement of being a US free-trade partner. So far, it’s being rebuffed.

Designed to end China’s overwhelming dominance of the critical metals sector and passed in August, Biden’s signature Inflation Reduction Act has been welcomed as a landmark climate law that will boost EV manufacture and uptake in the US. But to qualify for the credits, it requires 80% of the battery metals in each vehicle to be “extracted or processed” in the US or a country with US free-trade agreement by 2027.

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There’s a lithium mining boom, but it’s not a jobs bonanza – by Camila Domonoske (Nevada Public Radio – December 5, 2022)

https://knpr.org/

The town of Tonopah, Nev., was born out of a silver rush. A frantic race to extract a natural resource created a town of more than 10,000 people — for a while. Today, Tonopah is home to a little over 2,000 people. But there’s a new mining boom in town.

You can see it when you check in at the old Mitzpah Hotel, all faded glory, ghost stories and tales about Wyatt Earp. Above the cash register, next to a chandelier, a screen advertises a lithium exploration company. And forty minutes outside of town, Silver Peak lithium mine is in the process of doubling production.

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Chinese Carmaker BYD Eyes Chilean Lithium Deals in Search for EV Fuel – by James Attwood, Yvonne Yue Li and Danny Lee (Bloomberg News – December 6, 2022)

https://www.bnnbloomberg.ca/

(Bloomberg) — Chinese electric-car juggernaut BYD Co. is looking to get into the lithium business in Latin America and Africa after prices of the key battery component surged to “unreasonable” and “not healthy” levels.

BYD is scouring the world for lithium supplies, Executive Vice President Stella Li said in an interview Tuesday. In Chile, it’s in talks to enter into a mining project and is applying for permits to process the raw material into cathode for batteries. The automaker is also looking to invest in African lithium projects, although it’s detected infrastructure shortfalls there.

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Calgary-based company secures $27M in federal funding to develop lithium extraction in oilpatch – by Josh Aldrich (Calgary Herald – November 28, 2022)

https://calgaryherald.com/

The goal for E3 Lithium is to separate lithium from the aquifer of the Leduc reservoir for use in EV and battery technology

Calgary-based E3 Lithium has secured $27 million in federal funding to help the company continue to progress toward extracting lithium from the province’s old oilfields.

The funding announced Monday is part of Innovation, Science and Economic Development’s Strategic Innovation Fund, which has put $6.8 billion toward 107 projects across Canada.

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Lithium exploration near Yellowknife could begin next year – by Sidney Cohen (CBC News North – November 29, 2022)

https://www.cbc.ca/news/canada/north/

Li-FT Power Ltd. proposes drilling near Hidden Lake and Bighill Lake

Lithium exploration near two Yellowknife-area lakes popular with hikers and paddlers could begin in 2023. On Nov. 23, Vancouver-based Li-FT Power Ltd. announced it had amalgamated with 1361516 B.C. Ltd. to acquire the Yellowknife Lithium Project. The project comprises 13 mineral leases, including properties near Hidden Lake and Bighill Lake.

Li-FT Power’s CEO, Francis MacDonald, says the company aims to begin drilling as soon as it gets its permits and water license, carries out community engagement, and hires drill contractors.

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Rock Tech drops lithium refinery plans in new Georgia Lake prefeasibility – by Colin McClelland (Northern Miner – November 16, 2022)

https://www.northernminer.com/

Rock Tech Lithium (TSXV: RCK) released a prefeasibility study for its Georgia Lake lithium project in northern Ontario showing lower resource grades and a reduced net present value, while dropping a plan to build a refinery.

The updated indicated resource comes to 10.6 million tonnes grading 0.88% lithium oxide, inferred resources of 4.2 million tonnes grading at 1% lithium oxide, the company announced on Wednesday. The study also included a first probable mineral reserve for Georgia Lake estimated at 7.3 million tonnes grading 0.82% lithium oxide.

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A new mine could position Quebec as a lithium leader, but its rocky past worries locals – by Kate McKenna (CBC News Montreal – November 15, 2022)

https://www.cbc.ca/news/canada/montreal/

It could be a boon for a small community, but critics brace for impact after history of failures and spills

In an expansive open-air pit 550 kilometres northwest of Montreal, 100-tonne trucks criss-cross the climbing roads, preparing for the mine to open.

The chalk-white veins of those rocks have metals inside, including one of the most sought-after minerals in the world: lithium, a key component of electric car batteries.

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Investing in lithium mines may shield electric-vehicle makers from rising prices – by Anthony Barich (SP Global – November 2022)

https://www.spglobal.com/

It is time for electric-vehicle makers to go beyond lithium off-take agreements and get more involved in mining and processing, industry observers said.

Recent price increases for certain metals showed their vulnerability to supply chain disruptions, which threaten to boost the cost of clean energy technologies and slow their deployment, the International Energy Agency, or IEA, said in its World Energy Outlook 2022, published Oct. 27.

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Southwestern Newfoundland could be home to a high-grade deposit of highly in demand lithium – by Evan Careen (Saltwire.com – November 14, 2022)

https://www.saltwire.com/

Early test results are promising at the Kraken project near Burgeo

ST. JOHN’S, N.L. — When people think mining in Newfoundland and Labrador, iron ore, nickel and, in recent years, gold, tend to come to mind.

Gold was actually what Tim Froude, CEO of Sokoman Minerals Corp., and his mining partners, Benton Resources Inc, were looking for at their Golden Hope project in southwestern Newfoundland when something else caught their eye. “We were flying along in a helicopter when we noticed a white outcrop in the distance, so we landed to take a look,” Froude said.

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Canada draws a line on critical minerals, but leaves unanswered questions – by Alisha Hiyate (Northern Miner – November 2, 2022)

https://www.northernminer.com/

Less than a year after the federal government approved the takeover of Neo Lithium by China’s Zijin Mining without a full national security review under the Canada Investment Act, it has signalled an entirely new approach to Chinese investment in Canada’s critical minerals sector.

The Minister of Innovation, Science and Industry, François-Philippe Champagne and Natural Resources Minister Jonathan Wilkinson issued new guidelines on Oct. 28 regarding foreign investment in the sector, which is key to Canada’s competitiveness in a future low-carbon global economy. Had they been in place at the time of the Neo Lithium takeover, which closed in January this year, it’s probable — if not 100% certain — that the deal would have been rejected.

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Canada deals itself a blow in cutting China out of critical minerals – by David Olive (Toronto Star – November 10, 2022)

https://www.thestar.com/

Ottawa has just shown tangible resolve in declaring Canada off-limits to Chinese ownership of Canadian critical minerals. These are minerals essential to the production of electric vehicles (EVs), cellphones, laptop computers, and power from alternative energy technologies.

It’s by no means certain that this recent prohibition is in Canada’s interests. More on that later. Last week, Ottawa ordered Chinese companies to divest their ownership in three junior mining firms based in Canada. The firms plan to develop lithium deposits in Canada, Argentina and Chile.

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Juniors consider legal options after Chinese divestment order – by Nelson Bennett (Business In Vancouver – November 7, 2022)

https://biv.com/

Lithium exploration companies react to Canada ordering Chinese investors out

A junior exploration company in the critical minerals space says it is considering its legal options in response to the Canadian government ordering one of its investors to divest from the company.

Ultra Lithium Inc. (TSX-V: ULT) is one of two B.C.-headquartered companies that has Chinese investors ordered to divest their equity positions in the Canadian companies, based on national security concerns over control over critical minerals.

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Lithium prices prove ‘immune’ to recession anxiety – by Alex Gluyas (Australian Financial Review – November 2022)

https://www.afr.com/

Lithium is proving to be largely immune from the volatility that has rocked commodity markets as prices soar in the face of a looming global recession, prompting Macquarie to deliver another round of upgrades for producers and developers of the battery metal.

Lithium prices have continued to hit record levels this year with spodumene, carbonate and hydroxide surging 243 per cent, 124 per cent and 152 per cent respectively.

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