
July 30, 2024
Jindalee Lithium Limited (Jindalee, the Company) is pleased to announce that battery-grade lithium carbonate has been successfully produced from ore from the McDermitt Lithium Project (the Project) (Figure 1). This marks an important milestone, with all steps of the processing flowsheet for the Project from ore beneficiation and leaching to purification and production of battery-grade lithium carbonate now validated (Figure 2).
HIGHLIGHTS:
- First production of Battery-Grade Lithium Carbonate (>99.5%) from test work completed at Hazen Research Inc. in collaboration with Fluor - lead engineer for the PFS underway at the McDermitt Lithium Project
- Production of Battery-Grade Lithium Carbonate marks a major milestone with all steps of the McDermitt flowsheet now validated
- Flowsheet for McDermitt is very similar to Lithium Americas’ Thacker Pass Project currently under construction 30km to the south of McDermitt
- Results will support the PFS, due for release in Q4 CY 2024
These findings, together with other recently identified value optimisation opportunities, will be incorporated in the Pre-Feasibility Study (PFS) currently underway and due for completion Q4 2024.
Fig 1 – McDermitt Lithium Carbonate
Jindalee’s CEO Ian Rodger commented:
"The successful production of battery-grade lithium carbonate from McDermitt ore is a major milestone for Jindalee. This achievement substantially de-risks our processing flowsheet and demonstrates the potential for McDermitt to supply high-quality lithium chemicals to the expanding US battery value chain.
We have been greatly encouraged by the exceptional results we have achieved since commencing the PFS metallurgical test work program with Fluor and Hazen in mid-2023 and anticipate that these results will meaningfully support the outcomes of the McDermitt Lithium Project PFS which is now due for release in Q4 CY 2024.”
Discussion
After investigating various alternatives, in March 2023 acid leaching with beneficiation (see Figure 2) was selected as the preferred flowsheet for the Project2. This decision followed a review of prior test work and high-level benchmarking of five comparator lithium projects by the global engineering, procurement, construction and maintenance company Fluor Corporation (Fluor), which indicated that acid leaching with beneficiation was expected to produce the best economic outcome for the Project. The resultant McDermitt flowsheet (Figure 2) is very similar to that utilised and extensively validated by Lithium Americas Corporation (TSX: LAC) at its Thacker Pass project, which is currently under construction and is also located in the McDermitt Caldera (~30km south of the McDermitt Lithium Project).
Fluor was subsequently appointed as lead engineer for the McDermitt PFS in June 20233, including managing an extensive bench scale metallurgical test work program at Hazen Research Inc. in Colorado, USA, aimed at validating the preferred flowsheet and providing data to inform the PFS (PFS Test Work). To date Jindalee has announced exceptional results from the McDermitt PFS Test Work including results from beneficiation test work in November 20234 and acid leaching in January 20245. Respective highlights include:
- Beneficiation: Beneficiation of a composite sample of McDermitt ore using attrition scrubbing (250μm cut-size), recorded 92.0% Li recovery with 25.3% mass rejection, demonstrating the excellent potential to remove acid consuming material and increase the Lithium grade of leach feed4.
- Acid Leaching: Excellent lithium (Li) extraction rates were achieved from sulphuric acid leaching of beneficiated McDermitt ore. Li extraction from composite samples averaged 93% (250μm) and 94% (75μm) using 500kg sulphuric acid per tonne of leach feed5.
Subsequent to the acid leaching test work described above, an additional 300 kg composite sample (250 µm, comprising Units 4, 6, 8, and 10) was leached, yielding lithium in solution (leachate) for downstream test work (post-leach process steps – see Figure 2). The purification of the lithium-rich solution was successfully completed, resulting in the first production of battery-grade lithium carbonate, assaying 99.8% Li₂CO₃ with acceptable levels of deleterious elements in accordance with a typical third-party contract specification. This achievement significantly de-risks the Project by demonstrating the effectiveness of all process steps of the flowsheet at bench scale. Reaching this milestone provides strong validation of the flowsheet developed for McDermitt.
This article includes content from Jindalee Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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16 April
Jindalee Lithium
Investor Insight
With compelling economic metrics demonstrated through its new prefeasibility study, Jindalee Lithium’s McDermitt Project presents a strong case for investors to gain exposure to this critical mineral and participate in the global clean energy transition.
Overview
Jindalee Lithium (ASX:JLL,OTCQX:JNDAF) is an Australia-based pure-play US lithium company focused exclusively on its 100-percent-owned McDermitt Lithium Project, currently one of the largest lithium deposits in the US, boasting a resource of 21.5 million tons (Mt) of lithium carbonate equivalent (LCE).
Backed by a newly released (November 2024) prefeasibility study (PFS) demonstrating very compelling economics, the McDermitt Project is poised to play a crucial role in meeting North America’s growing lithium demand for the lucrative battery value chain.
As the US continues to transition to energy independence, demand for lithium is expected to exponentially increase. Jindalee’s McDermitt Project, located in southeast Oregon, is a game-changer for North American lithium supply, critical for meeting the demands of the fast-growing electric vehicle, energy storage and defense sectors.
McDermitt also stands to significantly benefit from the US government’s policies and incentives to boost domestic supply of critical resources. In fact, in a move that signifies the US government's support of the McDermitt Lithium Project, the US Department of Energy's Ames National Laboratory signed a Cooperative Research and Development Agreement with Jindalee's subsidiary HiTech Minerals to develop cutting-edge extraction methods for the McDermitt Project. The Ames National Laboratory spearheads the DOE's Critical Materials Innovation Hub.
Key milestones in the US lithium resource space also provide significant insights into the future prospects for Jindalee’s project. Lithium Americas (TSX:LAC), for instance, has received a total of US$945 million investment from General Motors, which will fund the development, construction and operation of the Thacker Pass project in Humboldt County, Nevada. In October 2024 LAC closed a $2.3 billion loan from the US Department of Energy and in April 2025 announced the Final Investment Decision for Thacker Pass following a $250 million investment from Orion Resource Partners.
Another lithium resource developer in Nevada, Australia-based Ioneer (ASX:INR) has closed a US$996 million loan guarantee from the US Department of Energy to finance the development of its flagship Rhyolite Ridge lithium-boron project.
The US government has taken further action to bolster domestic critical mineral production. On 20 March 2025, President Trump issued a significant executive order titled "Immediate Measures to Increase American Mineral Production", underscoring the urgency and strategic imperative of increasing domestic supply chains for critical minerals. This order builds on previous initiatives by fast-tracking the permitting processes, prioritizing access to mineral-rich federal lands, clarifying regulatory frameworks, and mobilizing substantial financial resources – including Defense Production Act (DPA) funds – towards domestic mineral projects.
As one of the largest lithium resources in the US and situated on federal lands, Jindalee’s McDermitt Lithium Project stands to potentially benefit from these accelerated permitting processes and enhanced government support mechanisms. The clear commitment demonstrated by the US administration highlights the critical strategic advantage of domestically located mineral assets such as McDermitt, reinforcing its importance in securing robust domestic supply chains, essential for energy security
These are just a few examples of current market dynamics that point to a rapidly accelerating lithium resource development in the US.
An experienced management team, with the right blend of experience and expertise in geology, corporate administration and international finance, leads Jindalee to fully capitalize on the potential of its assets.
Company Highlights
- Jindalee Lithium is focused on its wholly owned flagship McDermitt Lithium Project, one of the largest lithium deposits in the US.
- McDermitt’s new prefeasibility study shows strong project economics, including a US$3.23 post-tax NPV8 based on the first 40 years of a 63 year-year mine life.
- Jindalee is committed to strengthening the North American critical minerals supply chain by reducing US reliance on foreign lithium, thereby enhancing energy security.
- The company’s wholly owned US subsidiary HiTech Minerals Inc, has executed a strategic Cooperative Research and Development Agreement (CRADA) with Ames National Laboratory, which leads the US Department of Energy’s (DOE) Critical Materials Innovation (CMI) Hub.
- The company’s McDermitt deposit is sediment-hosted, an emerging style of lithium deposit with the potential to be a large scale, long-life, low-cost source of lithium.
- Ideally positioned to benefit from US administration’s push to increased domestic mineral production via permitting reformed increased funding.
- An experienced management team leads Jindalee towards capitalizing on the potential of its assets.
Key Project
McDermitt Lithium Project Economics
The economic metrics revealed in the PFS paint a compelling picture of the McDermitt Lithium Project's potential:
Production Capacity: The Project is set to produce 1.8 Mt of battery-grade lithium carbonate over its first 40 years, with an annual output forecast of 47,500 tons per annum (tpa) in the initial 10 years, tapering to 44,300 tpa over the first 40 years.
Financial Metrics: The Project boasts a net present value (NPV) of US$3.23 billion at an 8 percent discount rate, with an internal rate of return (IRR) of 17.9 percent. These figures underscore the Project’s strong economic viability.
Payback Period: Investors can expect a payback period of less than five years, a relatively short timeframe for a project of this magnitude.
Break-even Price: The break-even NPV price is approximately US$14,600/t of lithium carbonate, providing a buffer against market fluctuations.
The PFS estimates a total project cost of US$3.02 billion, which includes a prudent 21 percent contingency margin. This substantial investment is balanced by impressive profitability projections, including an EBITDA margin of 66 percent generating post-tax free cash flow of US$6.6 billion during the first decade of operations. With a pre-tax net operating cashflow margin of 17 percent at current spot prices, McDermitt shows strong cash generation potential.
These financial indicators suggest that McDermitt is not only economically viable but potentially highly profitable, positioning it as an attractive prospect for investors and strategic partners alike.
Project Overview
The McDermitt Project is located in Malheur County on the Oregon-Nevada border and is approximately 35 kilometres west of the town of McDermitt. The 100-percent-owned asset covers 54.6 square kilometres of claims at the northern end of the McDermitt volcanic caldera.
The Project is characterized by its unique sedimentary lithium deposits, primarily composed of lithium-bearing clays, a geological formation that sets McDermitt apart from many other lithium projects worldwide. This sedimentary nature of the deposit offers several advantages:
- Consistent grade distribution throughout the ore body
- Potential for large-scale, low-cost mining operations
- Amenability to environmentally friendly extraction methods
The lithium-rich clays at McDermitt are part of a broader geological context that includes volcanic tuffs and sedimentary rocks. This geological setting is indicative of a complex depositional history, which has resulted in the concentration of lithium in economically viable quantities.
The 2023 mineral resources estimate (MRE) for the McDermitt Project contains a combined indicated and inferred mineral resource inventory of 3 billion tons at 1,340 parts per million (ppm) lithium for a total of 21.5 Mt LCE at 1,000 ppm cut-off grade.
Project Highlights:
- Rare Sediment-hosted Lithium Deposits: The McDermitt asset supports low-cost mining operations due to its flat-lying sediments. This type of lithium deposit is amenable to low-cost mining operations, while still producing excellent metallurgical results.
- A 62 percent resource increase in early 2023: Compilation of the 2022 drilling results saw the estimated indicated and inferred resources at McDermitt increase to 3 billion tons at 1,340 ppm lithium, a 62 percent increase in contained lithium.
- Fluor recommended processing route: In March 2023, US engineering group Fluor reviewed all testwork undertaken at McDermitt and recommended beneficiation and acid leaching as the optimal processing route.
- Battery-grade lithium carbonate successfully produced in July 2024: The production is an important milestone validating all steps of the processing flowsheet for the project from ore beneficiation and leaching to purification and production of battery-grade lithium carbonate.
- Completion of the PFS outlines large scale, long life and low cost source of American made battery grade lithium chemicals (November 2024)
Management Team
Ian Rodger - Chief Executive Officer
Ian Rodger is a qualified mining business executive with almost 15 years of experience in various roles including as a mining engineer for Rio Tinto across two large greenfield mine developments, before successfully transitioning into mining corporate finance where he held Executive and Director positions at RFC Ambrian overseeing origination and management of numerous mandates across a range of corporate advisory roles. Rodger was the project director for Oz Minerals (ASX:OZL) where he made significant contributions to successfully define the value potential of the West Musgrave nickel/copper province through the delivery of a portfolio of growth studies. Most notably, he led technical, market and partnership development workstreams, successfully confirming value potential for producing an intermediate Nickel product for the battery value chain.
Rodger holds a Bachelor of Mining Engineering from the University of Queensland, a Masters of Mineral Economics from Curtin University and is also a graduate of the Australian Institute of Company Directors and member of the Australasian Institute of Mining and Metallurgy.
Lindsay Dudfield - Executive Director
Lindsay Dudfield is a geologist with over 40 years of experience in multi-commodity exploration, primarily within Australia. He held senior positions with the mineral divisions of Amoco and Exxon. In 1987, he became a founding director of Dalrymple Resources NL and spent the following eight years helping acquire and explore Dalrymple’s properties, leading to several greenfield discoveries. In late 1994, Lindsay joined the board of Horizon Mining NL (Jindalee Lithium’s predecessor) and has been responsible for managing Jindalee Lithium since inception. Lindsay is a member of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, the Geological Society of Australia and the Society of Economic Geologists. He is also a non-executive director of Jindalee spin-out companies Energy Metals (ASX:EME), Dynamic Metals (ASX:DYM) and Alchemy Resources (ASX:ALY).
Wayne Zekulich - Non-executive Chair
Wayne Zekulich was appointed to the board as Chair on 1 February 2024. He holds a Bachelor of Business and is a fellow of the Institute of Chartered Accountants. Zekulich is a consultant and non-executive director who has substantial experience in advising, structuring and financing transactions in the infrastructure and resources sectors. He was previously the head of Rothschild in Perth, chief financial officer of Gindalbie Metals Limited, chief development officer of Oakajee Port and Rail and a consultant to a global investment bank. Currently, he is chair of Pantoro (ASX:PNR) and non-executive director of the Western Australian Treasury Corporation. In the not-for-profit sector, he is the past chair of the Lester Prize and is a mentor in the Kilfinan program.
Darren Wates - Non-executive Director
Darren Wates is a corporate lawyer with over 23 years of experience in equity capital markets, mergers and acquisitions, resources, project acquisitions/divestments and corporate governance gained through private practice and in-house roles in Western Australia. Wates is the founder and principal of Corpex Legal, a Perth-based legal practice providing corporate, commercial and resources related legal services, primarily to small and mid-cap ASX listed companies. In this role, he has provided consulting general counsel services to ASX listed company Neometals (ASX:NMT), having previously been employed as legal counsel of Neometals. Wates holds Bachelor's degrees in Law and Commerce and a Graduate Diploma in Applied Finance and Investment.
Paul Brown - Non-executive Director
Paul Brown has over 23 years of experience in the mining industry, most recently with Mineral Resources (ASX:MIN) where he was chief executive – lithium, and chief executive – commodities. Brown has held senior operating roles with Leighton, HWE and Fortescue (ASX:FMG) and has a strong track record in technical leadership, project/studies management, and mine planning and management. Brown is currently CEO of Core Lithium (ASX:CXO). He holds a Master in Mine Engineering.
Brett Marsh - VP Geology and Development (US)
Brett Marsh is an AIPG certified professional geologist and a registered member of the Society for Mining, Metallurgy and Exploration (SME) with over 25 years of diverse mining and geological experience. He has worked for and held senior leadership roles for Kastan Mining, Luna Gold, Kiska Metals, Newmont, Freeport-McMoRan, Phelps Dodge, ASARCO and consulted to deliver numerous NI 43-101 technical reports. Marsh has demonstrated the ability to deliver results in culturally diverse and geographically difficult environments, such as Brazil, Peru, Chile, Democratic Republic of Congo, Ghana, Tanzania, Indonesia, Australia, and has also worked in remote areas of Alaska. He has managed all phases of the mining lifecycle including greenfield and brownfield exploration, project development (including preliminary economic assessments, pre-feasibility and feasibility), project construction, mine operations, and environmental. He successfully led multi-cultural teams to develop business processes and implementation plans for many mine development and operational projects.Keep reading...Show less
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21 April
McDermitt Project Fast-Tracked Under U.S. FAST-41 Initiative
Jindalee Lithium (JLL:AU) has announced McDermitt Project Fast-Tracked Under U.S. FAST-41 Initiative
01 May
European Metals Receives US$36 Million Grant for Cinovec Lithium-Tin Project
European Metals Holdings (ASX:EMH,LSE:EMH,OTCQX:EMHXY) confirmed the approval of a US$36 million Just Transition Fund (JTF) grant for its Cinovec lithium-tin project on Monday (April 28).
The JTF is run by the European Commission, supporting projects that align with the economic diversification and reconversion of concerned territories such as Bulgaria, the Czech Republic and Hungary.
JTF states on its website that the number of supported projects varies annually, depending on the proposals. The grant also forms part of the European Union’s efforts to transition to clean energy and achieve climate goals.
Cinovec was chosen as it was designated as a strategic project under the Critical Raw Minerals Act in March, underlining its importance in Europe’s journey toward securing stable supply of critical raw minerals. It was also declared a strategic deposit by the Czech government, a designation that accelerates certain permitting processes.
"The grant funding will be utilised to fast track a number of critical path items with regards to the Cinovec Project,” commented European Metals Executive Chair Keith Coughlan in a press release. “This confirmation builds on recent project momentum and is another clear indicator of the support the European Union and the Czech government is willing to provide to assist in getting Cinovec into production in the timeliest manner possible."
Located approximately 100 kilometres northwest of Prague in the Ústí region of the Czech Republic, Cinovec was acquired by European Metals in 2014 through a 100 percent purchase of its exploration rights. It is said to host the largest lithium resource in Europe, and is regarded as one of the largest undeveloped tin resources in the world.
Once operational, it is expected to produce 29,386 tonnes per annum of battery-grade lithium oxide over a 25 year life.
As per a 2021 JORC-compliant resource estimate, Cinovec holds 708 million tonnes at an average grade of 0.42 percent lithium oxide for a total of 7.39 million tonnes of lithium carbonate equivalent.
The results of a definitive feasibility study for Cinovec are expected by mid-2025. Should the project successfully enter production, it could assist in supporting the EU's objective of achieving lithium self-sufficiency by 2030.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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01 May
Atlantic Lithium
Investor Insight
Atlantic Lithium is advancing Ghana’s first lithium mine at Ewoyaa, a fully permitted, strategically located project ready to supply global battery markets. With strong local support and a clear path to production, the company is positioned for near-term growth and long-term impact in the energy transition.
Overview
Atlantic Lithium (AIM:ALL,ASX: A11,GSE:ALLGH,OTCQX: ALLIF) is an Africa-focused lithium exploration and development company advancing its flagship Ewoyaa Lithium project through to production as Ghana’s first lithium mine.
Despite its long mining history, favourable regulatory climate and stable political backdrop, Ghana remains largely overlooked as an investment jurisdiction for battery metals. Situated on the West African coast, the country boasts a strong strategic location, between Europe, the Americas and Asia, to serve the global battery metals market. Ghana is also home to an abundance of mineral wealth, with c. 180,000 tonnes of estimated lithium resources.
Atlantic Lithium intends to produce spodumene concentrate capable of conversion to lithium chemicals for use in electric vehicle batteries and energy storage, aiming to support global decarbonisation.
A definitive feasibility study (DFS) released in June 2023 shows that Ewoyaa has demonstrable economic viability, low capital intensity and excellent profitability.
Through simple open-pit mining, three-stage crushing and conventional Dense Medium Separation (DMS) processing, the DFS outlines the production of 3.6 Mt of spodumene concentrate over a 12-year mine life, which will make it one of the largest spodumene mines by production capacity globally.
The Ewoyaa Lithium Project was awarded a Mining Lease in October 2023, an EPA Permit in September 2024, and a Mine Operating Permit in October 2024.
Having secured all of the permits required to begin construction, Atlantic Lithium currently awaits parliamentary ratification of the Ewoyaa Mining Lease, which was issued by the Ministry of Lands and Natural Resources in October 2023.
The JORC mineral resource estimate at Ewoyaa now stands at 36.8 million tons (Mt) at 1.24 percent lithium oxide, 81 of which is now in the higher confidence measured and indicated categories (3.7 Mt at 1.37 percent lithium oxide in the measured category, 26.1 Mt at 1.24 percent lithium oxide in the indicated category, and 7 Mt at 1.15 percent lithium oxide in the Inferred category).
The residents of the project-affected communities in Ghana’s Central Region have voiced their strong support from the advancement of the project towards production.
Atlantic Lithium’s Ewoyaa Lithium Project site
Project Funding
The development of the project is co-funded under an agreement with NASDAQ and ASX-listed Piedmont Lithium (ASX: PLL), under which Piedmont is required to contribute the first US$70m of Development Costs, as defined in the agreement, as sole funding to complete its earn-in to 50% of Atlantic Lithium's ownership of the project, with all Development Costs and other project expenditure equally shared by both Atlantic Lithium and Piedmont thereafter.
In accordance with the agreement, which is intended to result in the construction of the project and the achievement of initial spodumene production, Piedmont will earn the rights to 50 percent of all spodumene concentrate produced at Ewoyaa at market rates, providing a route to consumers through several major battery manufacturers, including Tesla.
The Minerals Income Investment Fund (MIIF), Ghana’s minerals sovereign wealth fund, has also agreed to invest US$27.9 million at project-level to acquire a 6% contributing interest in the project and Atlantic Lithium’s Ghana Portfolio. The project-level investment represents Stage 2 of its Strategic Investment in the company.
This follows Stage 1 of its Strategic Investment, comprising MIIF’s Subscription for US$5 million Atlantic Lithium shares, which was completed in January 2024, resulting in MIIF becoming a major strategic shareholder in the company.
MIIF’s Strategic Investment is intended to expedite the development of the project towards production.
In addition, noting that Ewoyaa is one of the most advanced undeveloped hard rock lithium projects globally, Atlantic Lithium continues to engage with parties across the battery metals supply chain who express inbound interest in lithium products from Ewoyaa.
In doing so, Atlantic Lithium aims to expedite and de-risk the development of the Project, realise attractive terms for any offtake contracted and secure well-credentialled partners that will support the company's and Ghana's objectives of supplying lithium into the global market.
Ghana
Ghana is a well-established mining region with access to reliable, existing infrastructure and a significant mining workforce. There are currently 16 operating mines in the country.
Already the largest taxpayer and employer in Ghana’s Central Region, Atlantic Lithium is expected to provide direct employment to over 900 personnel at Ewoyaa and, through its community development fund, whereby 1 percent of revenues will be allocated to local initiatives, will deliver long-lasting benefits to the region and Ghana.
Through its proven lithium discovery, exploration and evaluation methodologies, Atlantic Lithium has the potential to capitalise on its extensive exploration portfolio and deliver upon its objectives of becoming a leading producer of lithium in West Africa.
Company Highlights
- A lithium exploration and development company operating in West Africa, Atlantic Lithium is set to deliver its flagship Ewoyaa Lithium Project as Ghana’s first lithium-producing mine.
- The June 2023 definitive feasibility study for the Ewoyaa Lithium Project indicates the production of 3.6 Mt of spodumene concentrate over a 12-year mine life (steady state production of 365,000 tonnes per annum), making it one of the largest mines by production capacity globally.
- The project was awarded a Mining Lease in October 2023, an EPA Permit in September 2024, and a Mine Operating Permit in October 2024. The project is funded under a co-development agreement with Piedmont Lithium.
- The DFS confirms Ewoyaa’s robust commercial viability and profitability potential, driven by the project’s low capital and operating cost profile.
- The project has an updated mineral resource estimate of 36.8 Mt at 1.24 percent lithium oxide.
- Atlantic Lithium holds a portfolio of lithium projects within 509 sq km and 774 sq km of granted and under-application tenure across Ghana and Côte d'Ivoire respectively.
Key Assets
Ewoyaa
Ewoyaa
Atlantic Lithium's flagship Ewoyaa Lithium Project is situated within 110 kilometres of Takoradi Port and 100 kilometres of Accra, with access to excellent infrastructure and a skilled local workforce.
Atlantic Lithium has been granted a Mining Lease, an EPA Permit and a Mine Operating Permit in respect of the project in October 2023, September 2024 and October 2024, respectively. The company is currently advancing the project towards production.
Highlights:
- Promising DFS Results: Atlantic Lithium's DFS reaffirmed Ewoyaa’s low capital and operating profile and robust profitability. Highlights include:
- Estimated 12-year life of mine, producing 3.6 Mt spodumene concentrate.
- 365 ktpa steady state production
- Robust US$675/t All in sustaining cost and US$377 C1 cash cost.
- Favourable Location: The project's starter pits are positioned within one kilometre of its processing plant. Additionally, Ewoyaa has access to reliable existing infrastructure, located within 800 metres from the N1 highway and adjacent to grid power.
- Promising Reserves: Ewoyaa's current mineral resource estimate (as of July 2024) at is 36.8 Mt at 1.24 percent lithium oxide, of which 81 percent is now in the higher confidence measured and indicated categories (3.7 Mt at 1.37 percent lithium oxide in the measured category, and 26.1 Mt at 1.24 percent lithium oxide in the indicated category, and 7 Mt at 1.15 percent lithium in the inferred category).
- Potential for Further Exploration: There remains significant exploration potential within the company’s 509km2 tenure in Ghana.
- Strong Partnerships: Atlantic Lithium has an offtake deal with Piedmont Lithium, which itself has offtake agreements with both Tesla and LG Chem. Ghana’s Minerals Income Investment Fund has also agreed a Strategic Investment in the company to expedite the development of the project.
- Positive Presence: Atlantic Lithium will generate significant economic benefits for the region. Once operational, the project is expected to employ over 900 personnel and deliver significant value to Ghana, including through taxes, royalties, employment and local procurement.
Côte d'Ivoire
Atlantic Lithium wholly owns two contiguous exploration licences covering an area of c. 771 square kilometres in the mining-friendly jurisdictino of Côte d'Ivoire, which borders Ghana on the West African coast. The two licences offer the company with exclusive rights to apply its proven lithium exploration expertise over new, untested and highly prospective tenure, where the company considers there to be significant lithium discovery potential. The licences, which are located within 100 kilometres of the country's economic capital, Abidjan, are incredibly well-served, with extensive road infrastructure, well-established cellular network and
Management Team
Neil Herbert - Executive Chairman
Neil Herbert is a fellow of the Association of Chartered Certified Accountants and has over 30 years of experience in finance. He has been involved in growing mining and oil and gas companies, both as an executive and as an investor, for over 25 years.
Until May 2013, he was co-chairman and managing director of AIM-quoted Polo Resources, a natural resources investment company. Prior to this, Herbert was a director of resource investment company Galahad Gold, from which he became finance director of its most successful investment, the start-up uranium company UraMin, from 2005 to 2007. During this period, he worked to float the company on AIM and the Toronto Stock Exchange in 2006, raised US$400 million in equity financing and subsequently negotiated the sale of the group for US$2.5 billion.
Herbert has held board positions at a number of resource companies where he has been involved in managing numerous acquisitions, disposals, stock market listings and fundraisings. He holds a joint honours degree in economics and economic history from the University of Leicester.
Keith Muller - Chief Executive Officer
Keith Muller is a mining engineer with over 20 years of operational and leadership experience across domestic and international mining, including in the lithium sector. He has a strong operational background in hard rock lithium mining and processing, particularly in DMS spodumene processing.
Before joining Atlantic Lithium, he held roles as both a business leader and general manager at Allkem, where he worked on the Mt Cattlin lithium mine in Western Australia and, prior to that, Muller served as operations manager and senior mining engineer at Simec.
Muller holds a Master of Mining Engineering from the University of New South Wales and a Bachelor of Engineering from the University of Pretoria. He is also a member of the Australian Institute of Mining and Metallurgy, the Board of Professional Engineers of Queensland, and the Engineering Council of South Africa.
Amanda Harsas - Finance Director and Company Secretary
Amanda Harsas is a senior finance executive with a demonstrable track record and over 25 years’ experience in strategic finance, business transformation, commercial finance, customer and supplier negotiations and capital management. Before joining Atlantic Lithium, she worked in several sectors, including healthcare, insurance, retail and professional services, across Asia, Europe and the U.S. Harsas holds a Bachelor of Business from the University of Technology, Sydney and is a member of Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors.
Kieran Daly - Non-executive Director
Kieran Daly is the executive of Growth and Strategic Development at Assore. He holds a BSc Mining Engineering from Camborne School of Mines (1991) and an MBA from Wits Business School (2001) and worked in investment banking/equity research for more than 10 years at UBS, Macquarie and Investec, prior to joining Assore in 2018.
Daly spent the first 15 years of his mining career at Anglo American’s coal division (Anglo Coal) in a number of international roles including operations, sales and marketing, strategy and business development. Among his key roles were leading and developing Anglo Coal's marketing efforts in Asia and to steel industry customers globally. He was also the Global Head of Strategy for Anglo Coal immediately prior to leaving Anglo in 2007.
Christelle Van Der Merwe - Non-executive Director
Christelle Van Der Merwe is a senior manager in the growth & strategic development team at Assore. She has been a geologist for Assore since 2013 and is involved with the strategic and resource investment decisions of the company. Van Der Merwe is a member of SACNASP, the GSSA and AUSIMM.
Jonathan Henry - Independent Non-executive Director
Jonathan Henry is an experienced non-executive director, having held various leadership and board roles for nearly two decades. Henry has significant expertise working across capital markets, business development, project financing, key stakeholder engagement, and the reporting and implementation of ESG-focused initiatives. Henry has a wealth of experience projects towards production and commercialisation to deliver shareholder value.
Henry previously served as non-executive chair and executive chair of Giyani Metals Corporation, a battery development company advancing its portfolio of manganese oxide projects in Botswana, executive chair and non-executive director at Ormonde Mining, non-executive director at Ashanti Gold Corporation, president, director and chief executive officer at Gabriel Resources and various roles, including chief executive officer and managing director, at Avocet Mining. He holds a BA (Hons) in Natural Sciences from Trinity College, Dublin.
Michael Bourguignon – Head of Capital Projects
Michael Bourguignon is a distinguished project management professional with a rich history of leading significant initiatives in the mining and energy sectors. Most recently, he served as the COO at Evolution Energy Minerals in Tanzania, where he managed the optimisation and update of the Definitive Feasibility Study, managed the Front-End Engineering Design package, and oversaw the completion of the Relocation Action Plan and other community-related works.
Prior to this, Bourguignon worked with Rio Tinto in Australia as a consulting construction manager, as well as Glencore’s Mopani Copper Mines in Zambia, where he was the project director for the Mopani Synclinorium Concentrator, and Syrah’s Balama Graphite Mine in Mozambique, where he was project director. He has also previously worked in Ghana and Cote d’Ivoire with Perseus Mining. Bourguignon holds an MBA from Murdoch University and is a member of the Australian Institute of Project Management.
Andrew Henry – General Manager, Commercial and Finance
Andrew Henry is an accomplished general manager with over a decade’s experience in the operational mining sector, specialising in strategy, planning and analysis, contracts, large-scale project development and site operations.
Before joining Atlantic Lithium, Henry held the role of commercial manager at global lithium chemicals company Allkem and, prior to that, he spent over four years with major gold mining company Newcrest Mining.
Henry holds a Bachelor of Commerce from the University of South Australia and is a member of CPA Australia.
Ahmed-Salim Adam – General Manager, Operations
Ahmed-Salim Adam is an experienced mining general manager with over 15 years of experience leading various large-scale projects in Ghana across all stages of mine development, production, and closure, with a focus on safety and sustainability.
Adam has previously held a number of leadership roles, including as senior consultant of Metallurgy at GEOMAN Consult Ltd, as a director for FGR Bogoso Prestea’s Refractory Project and as general manager at Golden Star Resources.
He holds a MPhil Minerals Engineering and a Bachelor of Science (Hons) in Mineral Engineering, both from the University of Mines and Technology, Ghana. He is also a member of The Institute of Materials, Minerals and Mining (IOM3) in the United Kingdom and the Australasian Institute of Mining and Metallurgy (AusIMM) in Australia.
Belinda Gethin – General Manager, Corporate Finance and Company Secretary
Belinda assumed the role of general manager, corporate - finance and company secretary in January 2024, having initially joined the company as financial reporting manager in June 2023. To her role at Atlantic Lithium, Gethin brings a wealth of experience in all aspects of statutory, financial and corporate reporting, including the preparation of financial statements and accounting for complex transactions. Before joining Atlantic Lithium, Gethin worked as the chief financial officer for Lumus Imaging and, prior to that, as the group reporting manager at Healius. Gethin is a chartered accountant and holds a Bachelor of Commerce from UNSW in Sydney, Australia.
Iwan Williams – General Manager, Exploration
Iwan Williams is an exploration geologist with over 20 years' experience across a broad range of commodities, principally iron ore, manganese, gold, copper (porphyry and sed. hosted), PGE's, nickel and other base metals, as well as chromitite, phosphates, coal and diamond.
Williams has extensive southern and West African experience and has worked in Central and South America. His experience includes all aspects of exploration management, project generation, opportunity reviews, due diligence and mine geology. He has extensive studies experience, having participated in the delivery of multiple project studies including resource, mine design criteria, baseline environmental and social studies and metallurgical test-work programmes. He is very familiar with working in Afric,a having spent 23 years of his 28-year geological career in Africa. Williams is a graduate of the University of Liverpool.
Abdul Razak – Exploration Manager, Ghana
Abdul Razak has extensive exploration, resource evaluation and project management experience throughout West Africa with a strong focus on data-rich environments. He has extensive gold experience, having worked throughout Ghana with AngloGold Ashanti, Goldfields Ghana, Perseus and Golden Star, as well as international exploration and resource evaluation experience in Burkina Faso, Liberia, Ivory Coast, Republic of Congo, Nigeria and Guinea.
Razak is an integral member of the team, managing all site activities including drilling, laboratory, local teams, geotech and hydro, community consultations and stakeholder engagements and was instrumental inthe establishment of the current development team and defining Ghana’s maiden lithium resource estimate.
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30 April
Atlantic Appeals for Fiscal Re-evaluation for Ewoyaa Lithium Project
Atlantic Lithium (ASX:A11,LSE:AAL,OTCQX:ALLIF) is appealing to the Ghanaian government to re-evaluate fiscal terms regarding its flagship Ewoyaa lithium project, which is located in the country.
The company’s board of directors acknowledged media reports on the situation in a press release late last week, saying it wants to ensure the successful development of the asset.
Atlantic notes that lithium prices have significantly declined since the mining lease for Ewoyaa was granted in October 2023, and is urging officials to adjust fiscal terms based on current price levels. Lithium prices remained low in 2024, and the downtrend has continued in 2025, with some price segments falling to four year lows.
Adam Webb, head of battery raw materials at Benchmark Mineral Intelligence, said at the Benchmark Summit in March that lithium carbonate prices are expected to remain about where they are, at US$10,400 per metric ton.
“But if we look further ahead, from 2026 onwards, that market is switching into the deficit, albeit quite small to start with, and that will end up being supportive of prices,” he explained at the Toronto-based event.
Australian spot spodumene concentrate prices have also declined.
Starting the year at the US$990 per metric ton level, values contracted through the first quarter of 2025 and are now sitting at the US$765 level, a 23.5 percent drop from January 2024's price of US$1,000.
Atlantic said that despite this price environment, it is dedicated to “working in a spirit of partnership” with the Ghanaian government and its host communities to ensure that Ewoyaa becomes a reality.
The project is set to be Ghana’s first lithium-producing mine, and could become one of the top 10 largest spodumene concentrate producers globally. A resource estimate updated in July 2024 outlines 36.8 million metric tons at 1.24 percent lithium oxide, while a June 2023 definitive feasibility study shows Ewoyaa has the capacity to produce 3.6 million metric tons of spodumene concentrate over a 12 year mine life.
“While current lithium prices present headwinds, we believe that through collaboration and prudent fiscal measures, we can advance Ewoyaa to production and deliver lasting value for all stakeholders,” said Executive Chair Neil Herbert.
Atlantic said it is working closely with the Ghanaian government and local communities to progress the project to production and ensure long-term benefits for Ghana, such as critical revenue, local employment and skills development.
In August 2023, Piedmont Lithium (ASX:PLL,NASDAQ: PLL) committed to funding Ewoyaa, acquiring a 22.5 percent stake in the project. The company continues to assist Atlantic in advancing the project.
Speaking with the media earlier this week, Atlantic Lithium CEO Keith Muller said that there is “no doubt” in his mind that Ewoyaa will be built.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Atlantic Lithium is a client of the Investing News Network. This article is not paid-for content.
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28 April
USD 36 Million Just Transition Fund Grant Approved for Cinovec Project
European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) (“European Metals” or the “Company”) is pleased to announce the following update in relation to grant funding by the European Union for the Cinovec Project (“Cinovec” or “the Project”).
Highlights
- Czech selection panel of the managing authority for the EU Just Transition Fund (“JTF”) has approved a CZK 800 million (US$ 36 million) grant to the Cinovec Project.
- JTF grant is conditional on the Project Environmental Impact Assessment (“EIA”) being submitted by 31st December 2025 and approval of the EIA by the Czech Ministry of Environment by 30th June 2026.
- The Cinovec Project is a Strategic Project under the EU Critical Raw Materials Act (“CRMA”).
- Cinovec mineral deposit is designated a Strategic Deposit by the Czech government for the purposes of the Czech Construction Code.
Just Transition Fund
Further to the Project being declared a “Strategic Project” under the (refer to the Company’s ASX/AIM releases dated 26/25 March 2025) (“Cinovec Declared a Strategic Project Under EU Critical Raw Materials Act”), the final approval of financial support for the Project under the JTF represents a further important confirmation of support from European and Czech institutions.
The terms and conditions of the JTF grant will be detailed in the contract between the grant provider (Czech Ministry of Environment) and the beneficiary, the Cinovec Project holding company, Geomet s.r.o.
The contract will detail milestones, including the EIA and construction permitting timetable, as well as the conditions for advance payments and reimbursement of costs incurred by the beneficiary. The conditions will also include how the Project's progress will be reported to the Czech Ministry of Environment which is the managing authority for JTF projects.
Keith Coughlan, Executive Chairman, commented:“We welcome this final confirmation of the significant JTF grant. The grant funding will be utilised to fast track a number of critical path items with regards to the Cinovec Project. This confirmation builds on recent project momentum, and is another clear indicator of the support the European Union and the Czech government is willing to provide to assist in getting Cinovec into production in the timeliest manner possible.”
Strategic Project Status
The declaration of the Cinovec Project as a Strategic Project under the CRMA represents confirmation of the advanced stage of development of the Project. The Definitive Feasibility Study (“DFS”) for the Project is progressing towards completion in mid-2025, with the EIA to be completed and submitted for approval by the end of 2025. It is expected that the Czech Ministry of Environment will approve the EIA by mid-2026, with final construction permitting expected to follow within the required time frame of 24 months as set out in CRMA.
Being named a Strategic Project means that the project is considered highly important for ensuring a secure and sustainable supply of critical raw materials in Europe. Such projects must have a credible timeframe and production volumes and have to be implemented with the highest ESG credentials. These projects are essential for the green and digital transition, as well as for the resilience of the defence and aerospace sectors. The Cinovec Project, comprising of the largest hard rock lithium resource in the EU by far, is vital to achieve the EU’s objectives on Climate Change.
Click here for the full ASX Release
This article includes content from European Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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24 April
7 Biggest Lithium-mining Companies in 2025
For a long time, most of the world's lithium was produced by an oligopoly of US-listed producers. However, the sector has transformed significantly in recent years.
Interested investors should cast a wider net to look at global companies — in particular those listed in Australia and China, as companies in both countries have become major players in the industry.
While Australia has long been a top-producing country when it comes to lithium, China has risen quickly to become not only the top lithium processor and refiner, but also a major miner of the commodity. In fact, China was the third largest lithium-producing country in 2024 in terms of mine production, behind Australia and Chile.
Chinese companies are mining in other countries as well, including top producer Australia, where a few are part of major lithium joint ventures. For example, Australia’s largest lithium mine, Greenbushes, is owned and operated by Talison Lithium, which is 51 percent controlled by Tianqi Lithium Energy Australia, a joint venture between China’s Tianqi Lithium (SZSE:002466,HKEX:9696) and Australia’s IGO (ASX:IGO,OTC Pink:IPDGF). The remaining 49 percent stake in Talison is owned by Albemarle (NYSE:ALB). Joint ventures can offer investors different ways to get exposure to mines and jurisdictions.
Mergers and acquisitions are common in the lithium space, with the biggest news in the industry recently being Rio Tinto's (ASX:RIO,NYSE:RIO,LSE:RIO) acquisition of Arcadium Lithium for US$6.7 billion in March of this year. The acquisition transforms Rio Tinto into a global leader in lithium production with one of the world’s largest lithium resource bases.
As for Chile, the country's lithium landscape is changing following the December 2024 announcement that as a part of its National Lithium Strategy toward public-private partnerships, the government opened up the process of assigning special lithium operation contracts to a total of 12 priority areas.
All in all, lithium investors have a lot to keep an eye on as the space continues to shift. Read on for an overview of the current top lithium-producing firms by market cap. Data was current as of April 4, 2025.
Biggest lithium-mining stocks
1. Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO)
Market cap: US$99.83 billion
Share price: AU$112.70
Rio Tinto, a global powerhouse in the resource sector for decades, is mostly known for its iron and copper production. However, in recent years, the mining giant has been expanding its position in the world’s lithium market.
In March 2025, the company cemented its position as one of the biggest lithium-producing companies in the world with the US$6.7 billion all-cash acquisition of Arcadium Lithium, the lithium giant formed after the US$10.6 billion merger of lithium majors Allkem and Livent.
Following the acquisition, Rio Tinto is consolidating Arcadium's portfolio with its own lithium projects under the name Rio Tinto Lithium. Arcadium's portfolio includes the Salar del Hombre Muerto and Olaroz lithium brine operations in Argentina, as well as the Mount Cattlin hard-rock mine in Western Australia, which is entering care and maintenance in the second half of this year. It also has lithium hydroxide production capacity in the US, Japan and China.
At the time, Rio Tinto said it will increase its lithium carbonate equivalent production capacity to over 200,000 metric tons (MT) annually by 2028.
Lithium acquisitions are not new to Rio Tinto. In 2022, it acquired the Rincon project in Argentina from Rincon Mining. Rincon has an expected annual capacity of 53,000 MT of battery-grade lithium carbonate over a 40 year mine life, although Rio Tinto plans to expand production at the site to 60,000 MT per year. A pilot battery-grade lithium carbonate plant is scheduled for completion in H1 2025.
As of March 2025, Rio Tinto is also reportedly in talks to develop the Roche Dure lithium deposit in the Democratic Republic of Congo, one of the world's largest hard-rock lithium deposits.
2. SQM (NYSE:SQM)
Market cap: US$10.93 billion
Share price: US$37.05
SQM has five business areas, ranging from lithium to potassium to specialty plant nutrition. Its primary lithium operations are in Chile, where it is a longtime producer, and it is also working to bring production online in Australia.
In Chile, SQM sources brine from the Salar de Atacama; it then processes lithium chloride from the brine into lithium carbonate and hydroxide at its Salar del Carmen lithium plants located near Antofagasta.
Chile's aforementioned National Lithium Strategy has created some uncertainty for SQM, but the government has stated that it will respect its current contracts, which run through 2030. In May 2024, the state-owned mining company Codelco and SQM formed a joint venture in which Codelco will hold a 50 percent stake plus one share to give it majority control. As of 2031, the state will begin receiving 85 percent of the operating margin of the new production from SQM’s operations.
Outside of South America, SQM owns and operates the Mount Holland lithium mine and concentrator in Australia; the mine hosts one of the world’s largest hard-rock deposits. Mount Holland is a joint venture with Wesfarmers (ASX:WES,OTC Pink:WFAFF), which took over Australian lithium-mining company Kidman Resources in 2019.
Overall, the company sees its total sales volumes from all its lithium operations increasing by 15 percent this year.
SQM has a long-term supply deal with Hyundai (KRX:005380) and Kia (KRX:000270) to provide lithium hydroxide for electric vehicle batteries from its future lithium hydroxide supply. SQM also has supply agreements with Ford Motor Company (NYSE:F) and LG Energy (KRX:373220).
3. Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460,HKEX:1772)
Market cap: US$7.5 billion
Share price: US$2.51
Founded in 2000 and listed in 2010, Ganfeng Lithium has operations across the entire electric vehicle battery supply chain. Even though it is relatively new compared to some companies on the list, Ganfeng has become one of the world’s largest producers of both lithium metals and lithium hydroxide. This is due to its strategy of investing heavily in overseas projects to secure long-term lithium resources, with its first such investment in 2014.
Ganfeng has interests in lithium resources around the world, from Australia to Argentina, China and Ireland; its operations include a 50/50 joint venture with Mineral Resources for the Mount Marion mine in Western Australia. In Argentina, the company has 51 percent stake in Lithium Americas’ (TSX:LAC,NYSE:LAC) Caucharí-Olaroz lithium brine project.
Ganfeng has a controlling interest in Mexico-focused Bacanora Lithium and its Sonora lithium project; it also has a 50 percent stake in a lithium mine in Mali, as well as a 49 percent stake in a salt lake project in China owned by China Minmetals. It owns the private company LitheA, which holds the rights to two lithium salt lakes in Argentina's Salta province.
Ganfeng purchased Leo Lithium’s (ASX:LLL,OTC Pink:LLLAF) Goulamina project in Mali in May 2024 and brought it into production in December. Goulamina has a mine capacity of 506,000 MT of spodumene per year. The company’s goal is to double that capacity to 1 million MT per year.
In February 2025, Ganfeng brought its US$790 million Mariana project in Argentina into production. The Mariana mine is situated on the Llullaillaco salt flat, and has the capacity to produce 20,000 MT of lithium chloride per year.
Ganfeng has supply deals with companies such as Tesla (NASDAQ:TSLA), BMW (OTC Pink:BMWYY,ETR:BMW), Korean battery maker LG Chem (KRX:051910), Volkswagen (OTC Pink:VLKAF,FWB:VOW) and Hyundai.
4. Albemarle (NYSE:ALB)
Market cap: US$6.92 billion
Share price: US$58.88
North Carolina-based Albemarle is dividing into two primary business units, one of which — the Albemarle Energy Storage unit — is focused wholly on the lithium-ion battery and energy transition markets. It includes the firm's lithium carbonate, hydroxide and metal production.
Albemarle has a broad portfolio of lithium mines and facilities, with extraction in Chile, Australia, China and the US. Looking first at Chile, Albemarle produces lithium carbonate at its La Negra lithium conversion plants, which process brine from the Salar de Atacama, the country’s largest salt flat. Albemarle is aiming to implement direct lithium extraction technology at the salt flat to reduce water usage.
Albemarle’s Australian assets includes the MARBL joint venture with Mineral Resources (ASX:MIN,OTC Pink:MALRF). The 50/50 JV owns and operates the Wodgina hard-rock lithium mine in Western Australia. Albemarle wholly owns the on-site Kemerton lithium hydroxide facility. The company’s other Australian joint venture is the aforementioned Greenbushes mine, in which it holds a 49 percent interest alongside Tianqi and IGO.
As for the US, Albemarle owns the Silver Peak lithium brine operations in Nevada's Clayton Valley, which is currently the country’s only source of lithium production. In its home state of North Carolina, Albemarle is planning to bring its past-producing Kings Mountain lithium mine back online, subject to permitting approval and a final investment decision. The mine is expected to produce around 420,000 MT of lithium-bearing spodumene concentrate annually.
Albemarle has received US$150 million in funding from the US government to support the building of a commercial-scale lithium concentrator facility on site. The US Department of Defense has given the company a US$90 million critical materials award to boost its domestic lithium production and support the country's burgeoning EV battery supply chain.
5. Tianqi Lithium (OTC Pink:TQLCF,SZSE:002466,HKEX:9696)
Market cap: US$6.61 billion
Share price: 30.26 Chinese yuan
Tianqi Lithium, a subsidiary of Chengdu Tianqi Industry Group, is the world’s largest hard-rock lithium producer. The company has assets in Australia, Chile and China. It holds a significant stake in SQM.
In Australia, Tianqi, as mentioned, has a significant position in the Greenbushes mine and Kwinana lithium hydroxide plant through the Tianqi Lithium Energy Australia JV with IGO. The hydroxide plant, which is one of the world's largest fully automated battery-grade lithium hydroxide facilities, processes feedstock from Greenbushes with a capacity of 24,000 MT per year.
Construction work for the Phase 2 expansion at Kwinana, which would have doubled its capacity, was terminated in January 2025 due to the current low-price environment for lithium making it economically unviable.
Tianqi Lithium Energy Australia updated the total mineral resources at Greenbushes in February 2025 to 440 million MT at an average grade of 1.5 percent lithium oxide, and its total ore reserve estimate to 172 million MT grading 1.9 percent lithium oxide.
In March 2025, Tianqi Lithium announced collaborations with a number of academic research institutions including the Institute for Advanced Materials and Technology of the University of Science and Technology Beijing on the research and development of next-generation solid-state battery materials and technology.
6. PLS (ASX:PLS,OTC Pink:PILBF)
Market cap: US$2.92 billion
Share price: AU$2.92
PLS, formerly named Pilbara Minerals, operates its 100 percent owned Pilgangoora lithium-tantalum asset in Western Australia. The operation entered commercial production in 2019 and consists of two processing plants: the Pilgan plant, located on the northern side of the Pilgangoora area, which produces a spodumene concentrate and a tantalite concentrate; and the Ngungaju plant, located to the south, which produces a spodumene concentrate.
PLS has recently completed a few critical expansion projects at Pilgangoora. Its P680 expansion, for a primary rejection facility and a crushing and ore-sorting facility, was completed in August 2024. The P1000 expansion, targeting a spodumene production increase at the site to 1 million MT per year, was completed in January 2025 ahead of schedule and within budget. The company says the ramp-up to full capacity is expected to be completed in the third quarter of 2025.
PLS and its joint venture partner Calix are developing a midstream demonstration plant at Pilgangoora using Calix's electric kiln technology to reduce the carbon footprint of spodumene processing, decreasing transport volumes and improving value-add processing at the mine. After garnering a AU$15 million grant from the Western Australian Government, construction of the project is expected to be completed in the fourth quarter of 2025.
The company made a move to expand its footprint in Brazil in August 2024 with the acquisition of Latin Resources (ASX:LRS,OTC Pink:LRSRF) and its Salinas lithium project. The project's resource estimate, which covers the Colina and Fog's Block deposits, stands at 77.7 million MT at 1.24 percent lithium oxide. The AU$560 million deal was approved by the Western Australia Government in January 2025.
PLS and joint venture partner POSCO (NYSE:PKX) launched South Korea's first lithium hydroxide processing plant in late 2024, which will be supplied with spodumene from Pilgangoora. PLS also has offtake agreements with companies such as Ganfeng, Chengxin Lithium Group, and Yibin Tianyi Lithium Industry.
7. Mineral Resources (ASX:MIN,OTC Pink:MALRF)
Market cap: US$2.59 billion
Share price: AU$18.95
Australia-based Mineral Resources (MinRes) is a commodities company that mines lithium and iron ore in the country. As mentioned, both of MinRes’ lithium mines are joint ventures with other companies on this list. In addition to the Wodgina mine in Western Australia, which is operated under the MARBL joint venture with Albemarle, MinRes holds a 50 percent stake in Albemarle's Qinzhou and Meishan plants in China.
MinRes owns 50 percent of the Mount Marion lithium operation, which is a joint venture with Ganfeng Lithium. Production of lithium concentrate began at Mount Marion in 2017, and all mining is managed by MinRes, which also has a 51 percent share of the output from the spodumene concentrator at the site. MinRes completed the expansion of Mount Marion's spodumene processing plant in 2023. Currently, the plant has an annual production capacity of 600,000 MT spodumene concentrate equivalent.
However, in late August 2024, in light of lithium's low demand environment, MinRes decided to reduce its operations at Mount Marion to between 150,000 and 170,000 MT of spodumene production in its financial year 2025 compared to the 218,000 metric tons of output achieved in its financial year 2024.
MinRes acquired the Bald Hill lithium mine, which is also located in Western Australia, in 2023. The company released an updated mineral resource estimate in November 2024 of 58.1 MT at 0.94 percent lithium oxide, up 168 percent from the prior June 2018 estimate. In the same news release, MinRes announced that it would have to place the mine on care and maintenance until global lithium prices improve. The final shipment of Bald Hill spodumene concentrate was made in December 2024.
Other lithium companies
Aside from the world’s top lithium producers, a number of other large lithium companies are producing this key electric vehicle raw material. These include Sigma Lithium (TSXV:SGML,NASDAQ:SGML), Liontown Resources (ASX:LTR,OTC Pink:LINRF), Jiangxi Special Electric Motor (SZSE:002176), Yongxing Special Materials Technology (SZSE:002756), Sinomine Resource (SZSE:002738) and Youngy (SZSE:002192).
FAQs for investing in lithium
Is lithium a metal?
Lithium is a soft, silver-white metal used in pharmaceuticals, ceramics, grease, lubricants and heat-resistant glass. It’s also used in lithium-ion batteries, which power everything from cell phones to laptops to electric vehicles.
How much lithium is there on Earth?
Lithium is the 33rd most abundant element in nature. According to the US Geological Survey, due to continuing exploration, identified lithium resources have increased to about 115 million metric tons worldwide. Global lithium reserves stand at 30 million MT, with production reaching 240,000 MT in 2024.
How is lithium produced?
Lithium is found in hard-rock deposits, evaporated brines and clay deposits. The largest hard-rock mine is Greenbushes in Australia, and most lithium brine output comes from salars in Chile and Argentina.
There are various types of lithium products, and many different applications for the mineral. After lithium is extracted from a deposit, it is often processed into lithium carbonate, lithium hydroxide or lithium metal. Battery-grade lithium carbonate and lithium hydroxide can be used to make cathode material for lithium-ion batteries.
What country produces the most lithium?
The latest data from the US Geological Survey shows that the world’s top lithium-producing countries are Australia, Chile and China, with production reaching 88,000 metric tons, 49,000 metric tons and 41,000 metric tons, respectively.
Global lithium production reached 240,000 metric tons of lithium in 2024, up from 204,000 MT in 2023, according to the US Geological Survey. About 87 percent of the lithium produced currently goes toward battery production, but other industries also consume the metal. For example, 5 percent is used in ceramics and glass, while 2 percent goes to lubricating greases.
Who is the largest miner of lithium?
The world's largest lithium-producing mine is Talison Lithium and Albemarle's Greenbushes hard-rock mine in Australia, which put out 1.38 million MT of spodumene concentrate in the fiscal year 2024. The top-producing lithium brine operation was SQM's Salar de Atacama operations in Chile, with 2023 production of 166,000 metric tons of lithium carbonate.
Who are the top lithium consumers?
The top lithium-importing country is China by a long shot, and second place South Korea is another significant importer. China is also the top country for lithium processing, and both are home to many companies producing lithium-ion batteries.
Why is lithium so hard to mine?
The different types of lithium deposits come with their own challenges.
For example, mining pegmatite lithium from hard-rock ore is known for being expensive, while extracting lithium from brines requires vast amounts of water and processing times that can sometimes be as long as 12 months. Lithium mining also comes with the difficulties associated with mining other minerals, such as long exploration and permitting periods.
What are the negative effects of lithium?
Both major forms of lithium mining can have negative effects on the environment. When it comes to hard-rock lithium mining, there have been incidents of chemicals leaking into the water supply and damaging the local ecosystems; in addition, these operations tend to have a large environmental footprint.
As mentioned, lithium brine extraction requires a lot of water for the evaporation process, but it's hard to understand the scope without numbers. It's estimated that approximately 2.2 million liters of water are required to produce 1 metric ton of lithium, and that can sometimes mean diverting water from communities that are experiencing drought conditions. This form of lithium extraction also affects the condition of the soil and air.
Will lithium run out?
Although future demand for lithium is expected to keep rising due to its role in green energy, the metal shouldn't run out any time soon, as companies are continuing to discover new lithium reserves and are developing more advanced extraction technologies. Additionally, there are companies working on technology to recycle battery metals, which will eventually allow lithium from lithium-ion batteries to re-enter the supply chain.
What technology will replace lithium?
Researchers have been working on developing and testing a variety of lithium alternatives for batteries. Some of these options include hydrogen batteries, liquid batteries that could be pumped into vehicles, batteries that replace lithium with sodium or magnesium and even batteries powered by sea water. While nothing looks ready to replace lithium-ion batteries right now, there is potential for more efficient or more environmentally friendly options to grow in popularity in the future.
How to buy a lithium stock?
Investors are starting to pay attention to the green energy transition and the raw materials that will enable it.
When it comes to choosing a stock to invest in, understanding lithium supply and demand dynamics is key, as there are unique factors to watch for in lithium stocks. The main demand driver for lithium is what happens in the electric vehicle industry, which is expected to keep growing, and also the energy storage space. Analysts remain optimistic about the future of lithium, with many predicting the market will be tight for some time.
Investors interested in lithium stocks could consider companies listed on US, Canadian and Australian stock exchanges. They can also check out our guide on what to look for in lithium stocks today.
This is an updated version of an article first published by the Investing News Network in 2016.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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24 April
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