Benchmark Minerals Week: Cathodes Notes from the Floor

This year’s Cathodes event, held as part of Benchmark Minerals Week, just wrapped up, and it was a busy event for the Investing News Network. 

There was no shortage of industry experts and company CEOs to talk to, and of course there were presentations and panels to take in as well.

If you weren’t able to make it to the event, which run from October 24 to 25, don’t worry — here’s a quick look at the main highlights of the show. Scroll on to read more about what happened on the floor, and stay tuned for our upcoming written and audio coverage.

Cathodes 2018: Day 1

The conference started early on October 24, with Benchmark Mineral Intelligence Managing Director Simon Moores giving a keynote presentation on the state of the industry.

#Cathodes kicks off with a keynote presentation by @sdmoores on the state of the industry #Benchmark2018 pic.twitter.com/XH1t93uBZI

— Resource Investing (@INN_Resource) October 24, 2018

“For the first time ever battery capacity in the pipeline is over 1 TWh” says @sdmoores #Benchmark2018

— Benchmark Minerals (@benchmarkmin) October 24, 2018

“#Lithium and #cobalt prices have felt negative sentiment despite short, medium and long term demand pile up,” says @sdmoores at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

“This year has been a year where the generalist investors lost their nerve but it has also been a year where the industry’s trajectory intensified,” says @sdmoores at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

Another morning highlight was the welcome address given by the guest of honor Michael Austin of BYD North America.

“Money never sleeps, stay relevant or die,” Michael Austin of @BYDCompany gives the welcome address at #Cathodes #Benchmark2018 pic.twitter.com/hMporVGE3P

— Resource Investing (@INN_Resource) October 24, 2018

“The revolution is happening in China because the tyranny of the oil industry doesn’t have a grip like it does in the Western World.” Michael Austin, BYD, on the electric vehicle revolution. #ElectricVehicles #Benchmark2018

— Benchmark Minerals (@benchmarkmin) October 24, 2018

“The tipping point for electric buses has already occurred” says Michael Austin, BYD, on electric buses in China. #Benchmark2018

— Benchmark Minerals (@benchmarkmin) October 24, 2018

The next keynote presentation was given by Rob Privette of Umicore (EPA:UMI), who shared his insight on developing cathode capacity outside of Asia.

“The future will require a volume perspective and a purity perspective,” says Robert Privette of @UmicoreGroup at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

“#Cathode material volume will see double digit growth over the next 10 years,” says Robert Privette of @UmicoreGroup at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

“Ethical sourcing is a non-negotiable, the market needs clean, sustainable practices throughout the supply chain,” says Robert Privette of @UmicoreGroup at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

The last presentation of the first session was from Sam Jaffe of Cairn ERA, who shared his forecast for cathode demand, prices and costs.

@samjaffe, MD, Cairn Era, presents on #cathodes and the 21st century lithium ion battery industry. #Benchmark2018

— Benchmark Minerals (@benchmarkmin) October 24, 2018

The global average battery cell price is currently $186 USD according to @samjaffe #Benchmark2018

— Benchmark Minerals (@benchmarkmin) October 24, 2018

After a short networking break, the second session, focused on raw material supply, kicked off with Albermarle’s (NYSE:ALB) Eric Norris.

“Only a few producers today have demonstrated the ability to produce battery grade #lithium that enable safe, high-performance and long-life batteries,” says Eric Norris of @AlbemarleCorp at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

“Bringing #lithium products to the EV market is lengthy and complex. If the raw material is not right, nothing is going to be right thereafter,” says Eric Norris of @AlbemarleCorp at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

Looking over to cobalt supply, Michael Insulan, senior market analyst at Eurasian Resources Group, talked about sustainable battery-grade cobalt production.

“There are a lots of unknowns in the space right now,” says Michael Insulan of Eurasian Resources Group to start his presentation about sustainable #battery-grade #cobalt production at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

“The #EV revolution is still in the very early stages, the next 2-3 years will be crucial,” says Michael Insulan of ERG at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

To wrap up the session, Anton Berlin of Norilsk Nickel (MCX:GMKN) shared his outlook for the nickel market.

“In the short term, in our outlook for the #nickel market deficits will persist,” says Anton Berlin of @NornickelGroup at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

“Demand from the #battery sector is going to be the second biggest segment for the market, with double-digit growth,” says Anton Berlin of @NornickelGroup at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

During lunch, attendees had the chance to choose between two workshops. The lithium-focused workshop was chaired by Benchmark Mineral Intelligence Senior Analyst Andrew Miller and featured lithium expert Joe Lowry of Global Lithium, Mike Tamlin of Neometals (ASX:NMT) and Jerko Zuvela of Argosy Minerals (ASX:AGY).

Meanwhile, the cobalt- and nickel-focused workshop was chaired by Benchmark Mineral Intelligence Analyst Caspar Rawles and featured Dr. Ian Pringle of Battery Metals (ASX:BTM), Dan Carroll of Freeport Cobalt, Todd Coy of Kinsbursky Brothers and nickel expert Jim Lennon of Red Door Research.

“There is a move to #nickel-rich chemistries, but when people talk about 811 cathode, is it truly 100% 811? The answer is probably no, it’s most likely a blend” says Dan Carroll of Freeport Cobalt at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

“#Cobalt demand is expected to be 118-120k MT co in 2018, and will be highly dependent on growth of x-EV and the migration to higher #nickel #cathode,” says Dan Carroll of Freeport Cobalt at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

“#Nickel use in batteries is growing by 30% per year from a low base,” says Jim Lennon of Red Door Research at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

“Heavy sustaining capital investments are needed to maintain #nickel sulfide production,” says Jim Lennon of Red Door Research at #Benchmark2018

— Resource Investing (@INN_Resource) October 24, 2018

In the afternoon, many companies had the opportunity to share about their projects, including: Pilbara Minerals (ASX:PLS), eCobalt Solutions (TSX:ECS), Core Exploration (ASX:CXO), Anson Resources (ASX:ASN), Lake Resources (ASX:LKE) and First Cobalt (TSXV:FCC).

To wrap up day one, Lennon of Red Door Research gave a presentation on the nickel market outlook.

Cathodes 2018: Day 2

The second day of the event started with a presentation from BYD’s Yi Pan, which shared his thoughts on the progress and prospects for electric vehicle batteries.

BYD to reach 28GWh by 2018. New Qinghai lithium ion battery plant to be biggest contributor to new demand. #Benchmark2018 – BYD at Cathodes 2018

— Simon Moores (@sdmoores) October 25, 2018

“If cobalt and lithium hydroxide price goes down we would say goodbye to LFP batteries in EVs. If NCM price is a high for a long time both LFP and NCM is possible.” BYD on EVs at Cathodes 2018 #Benchmark2018

— Simon Moores (@sdmoores) October 25, 2018

NCM cathode prices is now nearly triple of LFP cathode. Three years ago it was almost at the same level. – BYD at Cathodes2018 #Benchmark2018

— Simon Moores (@sdmoores) October 25, 2018

Another morning highlight was a presentation from Julia Attwood of Bloomberg New Energy Finance, who talked about the outlook for stationary storage.

“We are expecting #energy storage systems to reach 120 GW by 2030,” says Julia Attwood of BNEF at #Benchmark2018

— Resource Investing (@INN_Resource) October 25, 2018

“The utility-scale project pipeline suggests a promising few years,” says Julia Attwood of BNEF at #Benchmark2018

— Resource Investing (@INN_Resource) October 25, 2018

Session five, which was focused on demand, continued with a presentation from Nano One Materials’ (TSXV:NNO) Dan Blondal on the development of cathode requirements.

Dan Blondal, Nano One, expects next generation cathodes to use nickel-rich NMC materials #Benchmark2018 pic.twitter.com/3VxWO8R4VQ

— Benchmark Minerals (@benchmarkmin) October 25, 2018

The cathode market should be in the $20 billions by the mid 2020s says Dan Blondal of Nano One #cathodes #Benchmark2018

— Benchmark Minerals (@benchmarkmin) October 25, 2018

“Cobalt and nickel aren’t going away anytime soon. No matter agressive or conservative adoption of new cathodes, there is upside for cobalt and nickel way out into the future.” @NanoOne_NNO’s Dan Blondal holding the floor at Cathodes 208 #Benchmark2018

— Simon Moores (@sdmoores) October 25, 2018

Microsoft (NASDAQ:MSFT) was also present at Cathodes this year, with Director of Battery Technologies Jeff Bruce speaking on consumer electronics.

Microsoft states that 2017 was the first year that the xEV market consumed more GWh of capacity than the consumer electronics market. #Benchmark2018

— Chris Berry (@cberry1) October 25, 2018

Another much-awaited presentation was by Henrik Fisker of Fisker, who talked about developments in electric cars and energy storage.

“From 2025 there will be no more car companies. Everyone will move into being mobility companies” – says @henrikfisker #EVs #benchmark2018 pic.twitter.com/IlsOfX0kWg

— Benchmark Minerals (@benchmarkmin) October 25, 2018

> @henrikfisker holds court at Cathodes 2018 and calls for EV producers to come together to share the purchasing of some components to help the supply chain scale. #Benchmark2018 pic.twitter.com/R6pazQoVl3

— Simon Moores (@sdmoores) October 25, 2018

After a networking break, other companies had the chance to share about their projects and developments, including: Galaxy Resources (ASX:GXY), Standard Lithium (TSXV:SLL), Neo Lithium (TSXV:NLC), Celsius Resources (ASX:CLA), Sigma Lithium (TSXV:SGMA) and Piedmont Lithium (ASX:PLL).

To wrap up the session, Benchmark’s Rawles gave a keynote presentation on the state of lithium-ion battery megafactories.

After lunch, and to close the event, attendees had the chance to participate in two roundtables, where discussions focused on responsible raw materials and future technologies.

The Investing News Network was busy during the two-day event, conducting interviews with companies and experts including: Lowry of Global Lithium, Chris Berry of House Mountain Partners, Lennon of Red Door Research, Pilbara Minerals, Galaxy Resources, First Cobalt, Howard Klein of RK Equity and Jaffe of Cairn ERA, among many others. Interviews will be posted over the next week or so, so stay tuned!

You can also click here to read our overview of the Graphite+Anodes component of Benchmark Minerals Week.

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:, eCobalt Solutions, First Cobalt and Neo Lithium are clients of the Investing News Network. This article is not paid-for content.