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Lithium

Massive lithium deposit found across southeastern US could end reliance on imports – by Shane Galvin (New York Post – October 23, 2024)

https://nypost.com/

A new geological survey has discovered enough lithium to meet global demand for the next six years. The study, led by the United States Geological Survey, discovered between 5 million and 19 million tons of lithium reserves in a rock formation in the southern part of the continental US, Fox Business reported.

Scientists derived samples from the Arkansas portion of the Smackover Formation – which spans six states from Florida’s Gulf Coast, through parts of Alabama, Louisiana, Mississippi, and stretching across Texas.

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Lithium Americas revamps Thacker Pass deal with GM in new US$625M JV – by Blair McBride (Northern Miner – October 16, 2024)

Global mining news

Shares in Lithium Americas (TSX: LAC; NYSE: LAC) jumped by 20.2% on Wednesday after it announced anew, US$625-million joint venture agreement with General Motors for its Thacker Pass project in northern Nevada.

Under the deal that the developer calls the largest ever by a U.S. original equipment manufacturer in a lithium project, GM is to acquire a 38% stake in Thacker Pass for US$625 million in cash and letters of credit. The JV deal replaces the US$330 million in second tranche equity investment from GM announced in January 2023, and is in addition to the US$2.3 billion loan from the U.S. Department of Energy (DOE).

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Lithium stocks ‘one deal away’ from going on a tear: E&P – by Alex Gluyas (Australian Financial Review – October 15, 2024)

https://www.afr.com/

Australian lithium stocks are just one deal away from a resurgence as investors face a shrinking pool of miners to invest in after Rio Tinto’s $9.9 billion takeover of Arcadium, according to E&P Financial.

The broker said Rio’s landmark deal, which capitalised on the collapse in lithium prices, could trigger a wave of institutional money into the stocks as investors speculate on the next takeover target. “Rio’s acquisition of Arcadium feels like bottom of the cycle M&A,” wrote E&P analyst Adam Martin in a report to clients.

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Rio Tinto’s real prize: Arcadium’s lithium extraction technology – by Ernest Scheyder and Clara Denina (Reuters – October 11 2024)

https://www.reuters.com/

Rio Tinto’s $6.7 billion buyout of Arcadium will give it a suite of lithium filtration technologies that are poised to revolutionize how the metal is produced for the electronics and electric vehicle industries.

Arcadium’s expertise in so-called direct lithium extraction (DLE) is the real prize for Rio, analysts said, and vaults it into contention with Eramet, Sunresin, Exxon Mobil and others aiming to make the technology commonplace in coming years.

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Will the Ottawa fund one Northern Ontario lithium refinery or four? Wilkinson plays coy – by Lindsay Kelly (Sudbury.com – October 11, 2024)

https://www.sudbury.com/

Federal minister says Canada must pick up the pace of critical minerals development, without cutting environmental corners

Canada needs to speed up the pace of mining-related development if it wants to be a critical minerals leader on the global stage. That was the message from federal Energy and Natural Resources Minister Jonathan Wilkinson during an Oct. 9 appearance in Sudbury.

Speaking at the 2024 Conference of Mining Regions and Cities, hosted by the Organisation for Economic Co-operation and Development (OECD), Wilkinson noted Canada’s global ranking in the top five producing countries for 13 major minerals and metals, including palladium, gold, platinum and nickel.

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Rio Tinto buying Arcadium in US$6.7-billion bet on lithium – by Niall McGee (Globe and Mail – October 10, 2024)

https://www.theglobeandmail.com/

Rio Tinto PLC is buying lithium producer Arcadium Lithium PLC in a big bet on the electric-vehicle battery metal in the midst of a vicious bear market.

The Anglo-Australian major is paying US$5.85 a share for U.S.-based Arcadium, a premium of 90 per cent to Friday’s close, in an all-cash transaction worth US$6.7-billion. The boards of both companies are in favour of the deal. Lithium prices have crashed in recent years owing to China flooding the market and a slowdown in electric-vehicle sales.

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Rio Tinto to be among top three lithium miners with Arcadium acquisition – by Staff (Canadian Mining Journal – October 7, 2024)

https://www.canadianminingjournal.com/

Rio Tinto has made an approach for Arcadium Lithium, the two sides confirmed on Monday, following market speculation over the weekend, and as the sector begins turning its attention back to growth.

The move would position Rio as one of the world’s largest lithium miners, behind only US-based Albemarle and Chile’s. This would happen because the acquisition would hand Rio Tinto lithium mines in Argentina and Australia, as well as processing facilities in the US, China, Japan and the UK.

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China is oversupplying lithium to eliminate rivals, US official says – by Sergio Goncalves (Reuters – October 8, 2024)

https://www.reuters.com/

Chinese lithium producers are flooding the global market with the critical metal and causing a “predatory” price drop as they seek to eliminate competing projects, a senior US official said on a visit to Portugal that has ample lithium reserves.

Jose Fernandez, under secretary for economic growth, energy and the environment at the US Department of State, told a briefing late on Monday that China was producing much more lithium “than the world needs today, by far”.

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Mining the Northwest: Ottawa drops $14 million to help move critical minerals to market – by Ian Ross (Northern Ontario Business – October 7, 2024)

https://www.northernontariobusiness.com/

Four northwestern Ontario mining proponents snag funding for road, transmission line and engineering work

Four copper and lithium mine developers in northwestern Ontario, collectively, will be pocketing almost $14 million in federal funding to build access roads and power lines into their future mine sites.

Federal Energy and Natural Resources Minister Jonathan Wilkinson delivered the news in Thunder Bay, Oct. 7, that $13.8 million is earmarked for five mining-related projects – including two with Sudbury’s Frontier Lithium – that will facilitate the mining and movement of these critical minerals for processing and eventually to the electric vehicle supply market.

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N.W.T.’s mining future could be in gold or lithium, say companies – by Jocelyn Shepel (CBC News North – October 2, 2024)

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

Exploration efforts steady among resource sector

While the price of gold has been climbing steadily, now selling for more than $2,600 USD per ounce, one mining CEO says financing is still hard to come by.

The future of the N.W.T.’s mining industry remains far from certain. Current exploration projects are focused on gold and lithium. Both had company representatives in Yellowknife this week for presentations and to strengthen community relationships.

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Lithium Battery Fire Halts Work at Los Angeles, Long Beach Port Terminals – by Laura Curtis (Bloomberg News – September 26, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Several terminals at the ports of Los Angeles and Long Beach remained closed Friday after a tractor-trailer overturned on a vital artery for cargo and a fire among its payload of lithium batteries burned for a second day.

“The batteries have been damaged, and are on fire and off-gassing, with reports of one battery exploding,” the LA Fire Department said in an alert about the incident that began Thursday.

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Rio Tinto boosts efforts to win public support for Serbia lithium mine – by Cecilia Jamasmie (Mining.com – September 25, 2024)

https://www.mining.com/

Rio Tinto  is boosting efforts to win public support for its $2.4 billion Jadar lithium project in Serbia, which has been halted since 2022 because of stern opposition due to environmental concerns.

The world’s second largest miner has been pushing since to resume work on the project, expected to be Europe’s biggest mine of the battery metal. With projected production of 58,000 tonnes of refined battery-grade lithium carbonate per year, Jadar could supply enough lithium to power one million electric vehicles and meet 90% of Europe’s current lithium needs.

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Container fire under control at Port of Montreal – by Harry North (Montreal Gazette – September 23, 2024)

https://montrealgazette.com/

The fire, in a container with lithium batteries, produced enough smoke that the city asked residents to stay inside and close their windows.

Montreal’s fire department said late Monday it had contained a fire in a container at the Port of Montreal holding 15,000 kilograms of lithium batteries.

Some residents of the Mercier—Hochelaga-Maisonneuve borough were advised to stay in their homes Monday evening and close their windows as foul-smelling smoke filled the area. The city confirmed around 10:30 p.m. that the confinement advisory had been lifted and the air did not pose any danger to residents.

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US closer to greenlighting ioneer’s Nevada lithium mine – by Cecilia Jamasmie (Mining.com – September 19, 2024)

https://www.mining.com/

The US Bureau of Land Management (BLM) cleared on Thursday one of the final regulatory hurdles for ioneer’s (ASX: INR) Rhyolite Ridge lithium mine in Nevada, a project that would be a key supplier of the electric vehicle battery metal to the local auto industry.

The proposed lithium mine, about 225 miles (362 km) north of Las Vegas, contains one of the largest sources of lithium in North America. It could produce enough of the metal to power nearly 370,000 electric vehicles per year.

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Death Threats and Detained Pop Stars: Inside Serbia’s Lithium Battle – by Kate Aronoff (The New Republic – September 19, 2024)

https://newrepublic.com/

The mining giant Rio Tinto is moving ahead with a novel form of lithium extraction in Serbia’s Jadar Valley. Powerful governments want to see it succeed. But critics say it could contaminate drinking water for a third of the population.

On her way to sing at a birthday party last month, Croatian pop star Severina Vučković was stopped and questioned about her political views by Serbian authorities. Around the same time, Aleksandar Matković started receiving death threats on Telegram.

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