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The Investing News Network looks back at what happened in the lithium and cobalt sectors in the month of July.
In July, cobalt and lithium continued to make news headlines around the world. Here, the Investing News Network looks at the major events, announcements and developments in the battery metals space.
Top cobalt producer Glencore (LSE:GLEN), which published its quarterly results this week, received a subpoena from the US Department of Justice, which the company is still reviewing.
Meanwhile, S&P Global Market Intelligence released a report saying “peak cobalt” is not on the horizon and that the Democratic Republic of Congo can continue to produce at the current rate for over 30 years.
Also in July, the debate about increasing nickel content in lithium-ion batteries continued, but analysts predict that even if it happens, demand for cobalt will still jump in the coming decade.
In the lithium sector, top producers and junior companies published plenty of announcements last month. At the beginning of July, Nemaska Lithium (TSX:NMX) signed a deal with LG Chem (KRX:051910) to supply battery-grade lithium hydroxide. Also in North America, Piedmont Lithium (ASX:PLL) released the results of a scoping study for its North Carolina project and finally chose a site for its chemical plant.
Looking over to Australia, Pilbara Minerals (ASX:PLS) produced the first coarse concentrate at its Pilgangoora project. Meanwhile, Altura Mining (ASX:AJM) produced the first concentrate at its project in Western Australia, and Talison Lithium approved an expansion plan for its Greenbushes project.
For its part, Chile’s SQM (NYSE:SQM) said it was seeking government approval for a US$450-million lithium carbonate plant expansion. The miner also experienced some management changes when its CEO resigned for personal reasons. Another top lithium producer, Albemarle (NYSE:ALB), surprised the market when its lithium president left to join a cobalt miner in Chile. Finally, FMC (NYSE:FMC) announced it will rebrand its lithium business as Livent.
In other news, the London Metal Exchange is looking to launch a lithium contract next year and said it’s getting closer to doing so.
In June, the Investing News Network had the chance to attend the Lithium Supply and Markets conference in Las Vegas. You can click here for our full Lithium Supply and Markets playlist on YouTube.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Nemaska Lithium is a client of the Investing News Network. This article is not paid-for content.
