China is getting a head start in the global rush for lithium after several mining companies completed multimillion-dollar processing plants for the “white gold” in Zimbabwe.
Major Chinese companies, including Zhejiang Huayou Cobalt, Sinomine Resource Group and Chengxin Lithium Group, all completed the construction or upgrade of lithium processing plants in Zimbabwe last year.
The National Geological Service says the country has lithium reserves of around 75,600 tons.
Kazakhstan is positioning itself as an important potential global supplier of high-quality lithium just as demand surges for the mineral, which is indispensable for the booming power-storage technology industry. The auspices are good, although few firm investment commitments have materialized.
Speaking at a conference in Seoul on March 5, researchers from the Korea Institute of Geoscience and Mineral Resources announced that they had discovered sizable lithium reserves in an area of eastern Kazakhstan.
https://www.theglobeandmail.com/
Another deep-pocketed China-based buyer is attempting to invest in a Canadian critical-minerals company, even as Ottawa fires a warning shot that it is monitoring such deals closely, and prepared to intervene.
On Tuesday, Vancouver-based Lithium Americas Argentina Corp. (Lithium Argentina) said it had attracted a US$70-million investment from China-based Ganfeng Lithium, which would see it take a 15-per-cent stake in its Pastos Grandes project.
https://www.northernontariobusiness.com/
No news from Ottawa on critical infrastructure funding for key northern bridge and access road
Sudbury’s Frontier Lithium has attracted a heavyweight partner in Mitsubishi Corporation to develop its massive PAK lithium project in northwestern Ontario.
On the opening day of the PDAC mining show in Toronto, Frontier Lithium announced a definitive agreement with Mitsubishi to establish a joint venture partnership for both its proposed $US576-million fully integrated mine and a lithium chemicals conversion refinery.
RENO, Nev. (AP) — Federal wildlife officials have agreed to conduct a full, year-long review to determine whether a tiny snail found only in high-desert springs near a huge lithium mine being built along the Nevada-Oregon line should be listed as a threatened or endangered species.
The U.S. Fish and Wildlife Service said in a finding published Thursday in the Federal Register that enough scientific exists to warrant the review sought by environmentalists who say that groundwater pumping required for the operation of the Thacker Pass mine could push the Kings River pyrg to the brink of extinction.
Falling prices hurting investor appetite and threaten to crush exploration
Miner Paul Cowley decided two years ago to shift his focus to lithium from gold when his company acquired the mineral rights for multiple small claims containing the light metal in central Alberta.
Given lithium’s skyrocketing prices and investors pouring money into companies associated with the metal needed to power electric-vehicle batteries, the chief executive of TSX Venture-listed Indigo Exploration Inc. thought it was the perfect time to make the move.
The ranks of the most valuable mining companies in the world were throughly scrambled in 2023 as governments intervened, lithium and nickel prices tumbled, gold hit records and a new listing went ballistic.
At the end of 2023, the MINING.COM TOP 50* ranking of the world’s most valuable miners reached a combined $1.42 trillion, up a healthy, if far from spectacular $48.7 billion over the course of 2023. Mining’s top tier is also worth $330 billion less than in March 2022.
Metal and mineral markets are volatile at the best of times – the nickel, cobalt and lithium price collapse in 2023 was extreme but not entirely unprecedented. Rare earth producers, platinum group metal watchers, iron ore followers, and gold and silver bugs for that matter, have been through worse.
The collapse of lithium and nickel prices is a rude awakening for Australia’s miners, but also reveals the challenges in the Albanese government’s ambition for greater domestic manufacturing.
The West Australian government’s budget is still flush with mining royalties thanks to iron ore. But although iron ore will continue to sustain the state’s finances, last year’s excited rhetoric about Australia instantly becoming home to a rich new resources boom in critical minerals is now looking distinctly threadbare.
In early 2023, WA politicians were marvelling that lithium royalties had suddenly grown to be worth $1 billion a year, for example, albeit a distant second to iron ore. Then minister for state development and now premier Roger Cook boasted of WA’s ambitions in critical minerals processing, extending from lithium hydroxide to nickel sulphate to battery manufacturing.
Open-pit mines are planned for Portugal’s northern region, worrying locals who say their livelihoods are at risk.
Covas do Barroso, Portugal – Paulo Pires walked up the hill with his flock of sheep and dogs on a warm day in August, as a stream of water gushed down an ancient irrigation channel that has been maintained by local communities over many generations. “There is a lot of wealth here,” said Pires, now resting in the shade of an oak tree by the flowing water.
For centuries, Covas do Barroso’s water, pastures and forests have been managed collectively to integrate farming, livestock and forestry in a sustainable manner. But Pires is worried. Savannah Resources, a company based in the United Kingdom, aims to develop Western Europe’s largest open-pit lithium mine in Barroso, bordering the Peneda-Geres National Park in northeastern Portugal.
Albemarle (NYSE: ALB), the world’s largest lithium producer, is said to have laid off more than 300 employees, or 4% of its total workforce, across its US and global operations.
The move, reported by The Information, comes as an oversupply of the ultra-light metal used in electric-vehicle (EV) batteries has caused prices to collapse. Lithium has plunged more than 80% from a late-2022 record high, with experts predicting that lithium carbonate prices in top consumer and producer China could fall by more than 30% this year from December 2023 levels.
The mining boom — which is concentrated in the provinces of Salta, Jujuy and Catamarca — is affecting this species’ nesting places. There are less than 80,000 of these beautiful flamingos left
The Andean flamingo has an elegant stride, with a grace that hypnotizes you. Its plumage is impressive: a mix of hot pink, white and black. Reaching more than three feet in height, these creatures nest in colonies during the summer, in the shallow wetlands of Puna — the Atacama Plateau — and the Andes of Chile, Bolivia and Argentina. This area is also known as the “lithium triangle.”
In Argentina, the rarest of all flamingo species is found mostly in the northern provinces — Salta, Catamarca and Jujuy — during the warmer months. These birds can also be found in the center of the country, mainly in Córdoba and Santa Fe. According to the National Mining Secretariat, there are 38 lithium projects in the country, of which 17 are in the large salt flats of the province of Salta.
Bolivian state-owned lithium company YLB has inked a new deal with a Chinese consortium to install a pilot plant at the vast Uyuni salt flat, which would use Direct Lithium Extraction (DLE) technology.
The project will see the construction of a 2,500 tonnes-per-year lithium carbonate facility that will be operated by the CBC consortium, formed by CATL, BRUNP and CMOC.
Demand from the energy transition was supposed to underpin strong prices for nickel and lithium. But the battery minerals slump appears to be entering a new phase.
The most interesting word in BHP’s December quarter operations update can be found on page 14 – “structural”. That’s how the mining giant describes the changes ripping through the nickel sector, and threatening the viability of its Nickel West project in Western Australia.
“The nickel industry is undergoing a number of structural changes and is at a cyclical low in realised pricing,” BHP said. “Nickel West is not immune to these challenges. Operations are being actively optimised, and options are being evaluated to mitigate the impacts of the sharp fall in nickel prices.” BHP also said it would consider whether it needed to take a writedown on the value of the Nickel West asset.
Albemarle (NYSE: ALB) said on Wednesday it would cut jobs and defer spending on projects, including a massive refinery project in South Carolina, as part of a wide-ranging plan to slash costs in light of falling lithium prices. The world’s top producer of the battery metal said it plans to spend $1.6 billion to $1.8 billion in 2024, down from about $2.1 billion it invested last year.
“The actions we are taking allow us to advance near-term growth and preserve future opportunities as we navigate the dynamics of our key end-markets,” chief executive Kent Masters said in the statement. “The long-term fundamentals for our business are strong and we remain committed to operating in a safe and sustainable manner.”
(Bloomberg) — A joint venture valued at $1.5 billion to $2 billion that wants to become Chile’s third lithium producer is in talks with investors to bankroll its project.
Simco Lithium, owned by a Singaporean investment fund and a Chilean business group, is exploring the sale of a non-controlling stake, said Sebastian Yang, a board member representing the Simbalik fund. While the around $600 million project is too small to appeal to major mining firms, there is interest from battery and electric-vehicle makers.
