Lithium Stocks News

## ORL.TO

April 19, 2021 Orocobre Ltd. ORL 0.51% agreed to buy rival Australian miner Galaxy Resources Ltd. GXY 6.09% in an all-stock deal that would create a $3 billion miner and one of the world’s biggest producers of lithium, a commodity used in batteries for electric vehicles and other high-tech products.

## AN.V (Arena Minerals)

Arena Minerals has two main projects: Argentina-based Antofalla and an 80 percent stake in the Atacama asset in Chile. The former is a lithium brine property that covers 6,000 hectares and the latter is a 7,000 hectare package focused on copper.

Last Wednesday (February 3), the company announced a $2.8 million non-brokered private placement financing led by top lithium producer Ganfeng Lithium (OTCQX:GNENF,HKEX:1772). Arena’s share price rose 375 percent on the news to close last week at C$0.19.

#### 锂矿讨论

From Chen - 2021-02-14

* 2015至今，全球锂需求增加约 15万吨碳酸锂当量。而供给端，南美盐湖和澳大利亚的锂矿，于 2017 年开始大量投产，根据统计，澳大利亚新增锂辉石项目 5 个，新增产能近 130 万吨，折合碳酸 锂当量约 16 万吨，大于 2015 年以来锂盐需求增长。可见，2015 年以来，随着新项目投产，锂的供需格局逐步由供给不足转变为供给宽松。
* 我大概看过研究报告，2021年预计供大于求的产量是26万吨LCE，2022年几乎持平，因为过去2年的增产项目，除了在建全停了。这个26万吨LCE大概折合50-60万电动车
* 长周期看，随着电动车的需求增大，锂的需求也会加大，这个没有大的问题。但是，矿业的特点是，其布局一般会早于股市的反应，因为有一大批盯着矿业的资金、机构和生产方，他们盯的是大宗贸易、资源垄断，因此，供需平衡在产业方面会很早就被挖掘出来，只要在矿业资源方面不是紧缺的，也因此通常不会及时在股市中反应出稀缺性。想在股市上面立竿见影会比较难。但是，全球资源如果出现稀缺的，那就另当别论了。
* 对，矿业上出现稀缺，都是某个大矿发洪水了，地震了，大罢工啥的. 正常也就是平平稳稳
* 我个人觉得这次锂是不一样的，因为电车普及的速度和锂的需求增长，会超出想象。2021年多出来的产能相当于60万电车，粗略看一下，Tesla和几个欧洲大厂就差不多消化了。而且明年又是在2021年基础上的40-50%。锂矿的扩产还是需要时间，新矿要18个月。 而且锂的50+%是动力电池，这个上游需求增长对下游要求是非常显著，不像镍或者铝铜，电池只占全部需求的10-20%。
* 有您一定的道理，这主要看电动车是不是达到预期。新况要18月以上，主要是现有产能可能会很快跟上需求。总的来说，比较安全，但是期望很快在股市中见效或者爆发性增长就不敢肯定了。

From W:

* 我对矿业研究不深入，但在加拿大这些年看了太多中资企业来投资矿业，在我印象中，除了武钢曾在加拿大投资的一个铁矿石项目中赚到钱，中投投资TEC曾经浮盈数十亿美元但最终也基本是打平退出，其他矿企、钢企在加拿大矿业、油气领域的投资基本以亏损收尾。这边矿业不好投，主要原因是矿虽然是富矿，但基础设施（铁路、公路、能源），劳动力（工会）、原住民，环保组织等非公益性组织的影响力，以及政府的政策不连续不稳定性，直接导致开发成本奇高。我之前投过一家叫nemaska的锂矿企业，当时也是冲着电动汽车的需求，矿本身基础设施方便，既有自己的矿有自建选矿厂，加上软银投了1亿美金，所以才跟进去的，但没想到这样的企业几年下来还是债台高筑，破产了之。据说复星，天齐锂业也都套在其中，但企业资产还是不错的，有传言重组的股东中有Elon musk的背景。之前还有破产的加拿大锂业，协调过包括天津物产等集团收购，但都没成功。全球矿业投资还是比较难得。
* 中国官方海外投资基本全是血淋的教训。只有李嘉诚投的可以跟，最后都是都狂赚。

## Lithium + Battery + EV ETF:

* **LIT**
	+ **Global X Lithium & Battery Tech ETF;**

* **BATT**
	+ **The Amplify Lithium & Battery Technology ETF** **(BATT)** is currently on a PE of 34.3. It is a broad based fund also worth considering. On their website they state: "BATT is a portfolio of companies generating significant revenue from the development, production and use of lithium battery technology, including: 1) battery storage solutions, 2) battery metals & materials, and 3) electric vehicles. BATT seeks investment results that correspond generally to the EQM Lithium & Battery Technology Index (BATTIDX).
	+ https://amplifyetfs.com/batt.html

## Lithium Still Wins by Joe Larry

* https://www.linkedin.com/pulse/lithium-still-wins-part-one-joe-lowry/
* https://xueqiu.com/5379738397/178886810
* https://www.globallithium.net/articles
* 2020年Q4中国现货价格的飙升证明，库存早已被消耗，而价格超过上一个周期最低点的三倍
* 碳酸锂和氢氧化锂的需求对比 过去几年盛行的“氢氧化锂优势论“大部分都已被证伪。然而相较于碳酸锂，氢氧化锂仍将持续保持更高的增长速度，尽管基数要低得多。但是，磷酸铁锂电池的成本和寿命优势决定了氢氧化锂不会成为锂电池中最主要的锂化合物。毕竟只有镍含量大于0.6的NMC三元电池才需要用到氢氧化锂。而当固态电池成为主流时，锂生产商又将面临新的适应挑战，毕竟市场唯一不变的就是变化本身
* ORL.TO: 低价锂盐厂商代表Orocobre在最近一个季度将碳酸锂平均价格从3,200美元/公吨上调至5,700美元/公吨，预计下一季度价格在7,500美元/公吨左右。
* 在上次锂供应短缺时期，质量标杆雅宝无法满足全部下游需求时，Orocobre的锂盐产品以可观的溢价出售，而到了供应过剩的时期，Orocobre的产品价格是主流市场中电池级锂盐价格的三分之一。大量生产低端产品，签订不明智的销售订单，这背后忽略的问题是产品质量
* 2021年碳酸锂需求将会是2016年和2017年总和的两倍以上。2022年锂需求将增长超过10万公吨LCE。2025年在15%的纯电动汽车渗透率下，供需缺口会进一步扩大。
* MIN. AX: Mineral Resources还会出售DSO吗？不会了，Chris Ellison（MRL CEO）通过与雅宝的合作对出售增值锂盐产品的好处深信不疑. Mineral Resources在锂矿业务方面表现良好, 并将受益于与雅宝和赣锋的合作
* 至2025年，目前西澳大利亚地区所有锂矿项目都需要满产。事实上，勘探锂矿项目、获得开采权、筹集资金至最终投产比起建造电极厂要花费更漫长的时间
* 电池供应链本土化已成为世界关注的问题。但是在欧洲和美国，锂供应链的投资金额远远落后于电池产能投资。本土化理应创造更多的锂项目投资机会
* ALB, SQM, LTHM, ORL.TO: 只要秉持谨慎的投资决策，四大巨头雅宝、赣锋、SQM和天齐将在未来十年内蓬勃发展。Galacobre（我为银河资源和Orocobre的合并企业起的绰号）和Livent也有可能做得很好，不过鉴于Livent矿产资源的禀赋在四大巨头面前略逊一筹，我对它后续的盈利能力并不看好。对这两家企业来说，最好的结局无疑是被行业内或者是进入锂行业的巨头收购，这将使它们能够更迅速地投资和扩张
* LAC, SLL.V, 在中小型锂盐厂商中，LAC是我最看好的，因为公司在阿根廷Cauchari盐湖和美国Thacker Pass拥有两个世界级的锂项目。LAC是赣锋的重要合作伙伴，并拥有一流的管理团队。我也希望Standard Lithium和Lanxess的合作能够使直接锂萃取（DLE）技术实现真正意义上的商业规模化
* PLS.AX, PILBF: Pilbara Minerals收购Altura后，巩固了其作为最大的锂精矿独立生产商的地位，希望公司能够早日参与锂化学品的生产
* 锂供应不足将至少在未来几年延缓可再生能源电动运输和储能领域的发展，然而，即使会对能源转型的速度产生负面影响，锂行业投资者也会赚的盆满钵满，这是欧洲和北美电池厂商、汽车公司和政府对自身的战略疏忽所付出的代价

## GM /geothermal brine

July 4, 2021 News

And so, as the industry shifts more toward EV, so comes new infrastructure - and that's exactly what General Motors is planning, according to a new report from Reuters. The major U.S. automaker is now investing in a U.S. lithium project that could become the largest in the country by 2024.

It makes GM one of the first automakers to develop its own source of lithium. The company said last week it will be making a "multimillion-dollar investment" and will help develop Controlled Thermal Resources (CTR) Ltd's Hell's Kitchen geothermal brine project near California's Salton Sea.

It is estimated that up to 60,000 tons of lithium could come from the Hell's Kitchen project by 2024. This is enough to make "roughly 6 million EVs". It would make the site the largest U.S. producer of lithium.

## 澳大利亚锂矿Altura / AJM.ASX / ALTAF

澳大利亚锂矿Altura在去年10月份宣布被破产管理公司KordaMentha接管后，一直处于停产状态，作为锂精矿产能22万吨，折碳酸锂当量2.75万吨LCE，占比全球锂供给产能5%的龙头企业，不该缺席如今高景气度的新能源汽车产业链。终于Altura于上周宣布复产，其一期产能20万吨也将全部上线Pilabra拍卖平台。

## **PLL :** **Piedmont completes NAL acquisition with eye toward lithium production hub**

* Piedmont Lithium (NASDAQ:PLL) and Sayona Mining say they have completed their acquisition of North American Lithium after gaining the necessary court and regulatory approvals.
* Piedmont and Sayona, which is 18.8% owned by Piedmont, made a joint C$196M bid to acquire NAL, which halted spodumene production at its mine in 2019; in 2018, NAL produced 114K tons of spodumene vs. a nameplate capacity of 180K tons.
* The companies say combining NAL and Authier creates a potential lithium production hub in the Abitibi region of Quebec, and studies are underway for the future restart of lithium production.
* Piedmont's plans to develop a mine in North Carolina that would become one of the largest U.S. sources of lithium for electric vehicle batteries recently were slowed by a 60-day moratorium on new approvals for mining and quarrying activities.

## Sibanye (NYSE:SBSW) Buys 50% of Potential Future Largest US Lithium Mine for $490M

Precious metal miner Sibanye-Stillwater (NYSE:SBSW) has bought a 50% stake in the ioneer Ltd. (INR.ASX) Rhyolite Ridge mine in Nevada. The lithium-boron project has the potential to become the largest lithium mine in the US,

This is Sibanyes’ third investment this year, after Eramet acquired a 30% stake in the Cone Lithium mine in Finland and Eramet’s purchase of a nickel processing plant in Normandy. The deal, one of the largest lithium deals in the US, and comes amid growing concerns about more investment as demand for the metal outstrips supply and efforts to combat climate change could be delayed. The companies say they will form a joint venture to develop Rhyolite Ridge lithium mine 355 km north of Las Vegas.

Ioneer will remain the operator of the project, leveraging Sibanye’s (NYSE:SBSW)experience as the world’s largest platinum group metals (PGM) miner to develop the project. Silbanye-Stillwater has agreed to underwrite a strategic placement of new common shares of Ioneer for $70 million, representing 7.1% of the share capital after the placement.

Once operational, the Nevada mine is expected to produce 2,200 tons of lithium hydroxide, which is used in most Tesla batteries and will fuel the electric vehicle boom for other automakers as well.