Weekly News Update: Another Busy Week!

It was another busy week in the Lithium world!  We’ve got you covered with all the latest updates in our weekly news update below.  

  • The London Metal Exchange (LME) is planning on adding contracts for Lithium and other related battery metals.  Currently, Lithium does not trade over any exchange and prices are set in the marketplace between Producers and their customers.  
  • Orocobre’s latest quarterly report came out on 10/27.  There were a number of interesting key points.  They are as follows:  
    • “no significant new supply from the majors is thought to have entered the market during the quarter, resulting in sustained market tightness.”
    • Lithium prices continue to rise.  The average price per tonne of Carbonate which the company received was $11,190 an increase of 5% compared to the previous quarter.  
    • It is the “Company’s expectation that any new lithium supply to enter the market during this time will be quickly absorbed, keeping prices above US$10,000 per tonne FOB in the short term.”  
    • Overall, Orocobre’s struggles continued in this quarter.  Their production decreased and their costs to produce increased.  
  • According to Reuters, China’s Chongqing Changan to stop selling combustion-engine cars and will invest more than $15 billion in a “new energy strategy.”  
  • India’s biggest carmaker, Maruti Suzuki India, announced that they would begin producing Electric Vehicles
  • Bloomberg covered the Australian Lithium supply marketplace in the following piece found here.  Altura, featured on our site a few weeks ago, is up 100% since we featured them.  Pilbara, another great Australian miner, is one which we plan to feature shortly.  
  • Nissan unveiled an electric car concept that is more powerful than its iconic GT-R sportscar.  
  • The UK government was covered by a bloomberg piece that discussed a draft law that would require gas retailers to install more charging points.
  • Toshiba announced development of its next generation battery which would have a range of 198 miles after charging for only six minutes!  
  • Saudi Aramco Oil CEO said it would be decades before Electric Vehicles become real threat.
  • Bloomberg stated there is a mad dash for Lithium which stretched from Congo to the Cornall.
  • BMO initiated on ALB with a price target of $160.  You can find our thoughts on ALB here. 
  • ICYMI, our 2019 supply update was published on Thursday.  You can find it here. 

 

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