The world is in desperate need for lithium supply. In fact, according to a new report from Wood Mackenzie, as highlighted by Oil Price, the battery sector will need nearly 800 kt. LCE of lithium to come online in the next five years. “The market analyst’s prediction is based on its own Accelerated Energy Transition (AET) scenario, which sees global warming limited to 2.5 degrees Celsius and which presents the idea of the electric vehicle market requiring over 1 million tonnes LCE in 2025.” In addition, demand is only likely to surge with electric vehicle demand. According to Chile’s state mining agency, Cochilco, as noted by Argus Media, it “anticipates that combined demand for the metal will be at 1.79mn t/yr by 2030, as compared with 317,000t today — most of which will come from the EVs market.”
Fueling even more upside for lithium, Albemarle Corp., the largest lithium producer in the world, lithium demand could increase by 599% between 2019 and 2025, according to Grand View Research. All of that is creating substantial opportunity for lithium companies, such as E3 Metals Corp. (TSXV: ETMC)(OTC:EEMMF), Lithium Americas Corp. (NYSE:LAC)(TSX:LAC), Tesla Inc. (NASDAQ:TSLA), Albemarle Corporation (NYSE:ALB), and General Motors Company (NYSE:GM).
E3 Metals Corp. (TSXV:ETMC)(OTC:EEMMF) BREAKING NEWS: E3 Metals Corp., an emerging lithium developer and leading lithium extraction technology innovator, today announced it hosted the Energy Minister, Sonya Savage, from the Government of Alberta at the Company’s offices in Calgary. During this visit, the Government announced it has assembled a five-member panel of experts from the metals and mining industry whose strategic advice will help government unlock the province’s vast mineral potential, including lithium. The panel will support the province in its efforts to diversify its economy and become a world leader in mineral resource production.
“We are very happy to host the Minister of Energy at our offices today. This announcement solidifies the province’s commitment for the development of critical minerals. E3 Metals is on the forefront of lithium development in Alberta, a critical mineral that can be produced on the backbone of the oil industry. Alberta has a skilled energy labour force already in place that is well positioned to support an emerging minerals sector. As E3 Metals works to commercialize lithium production in Alberta, we are excited to participate in this broader effort to position Alberta as an international player in a world increasingly focused on battery materials.” Commented Chris Doornbos, President and Chief Executive Officer of E3 Metals.
According to Sonya Savage, Minister of Energy, Government of Alberta, “A successful post-pandemic recovery requires a strong and diversified economy. Guided by the experience of our advisory council, we are designing a new mineral strategy that will place Alberta at the cutting edge of critical mineral exploration and development. Doing so will encourage investment and create jobs for Albertans, supporting our long-term economic recovery.”
Today’s announcement by the Province complements the Canada–U.S. Joint Action Plan on Critical Minerals Collaboration, which focuses on securing and developing critical mineral supply chains. Lithium, graphite, cobalt and rare earth elements, all of which play an important role in the production of lithium-ion batteries and the energy storage sector, are listed as critical minerals. To date, many other developed economies have put in place a critical minerals strategy including the European Union, Japan, Korea and Australia.
E3 Metals continues to develop its 6.7 million tonne of lithium carbonate equivalent inferred mineral resource in south-central Alberta, alongside the advancement of its direct lithium extraction (DLE) technology with strategic development partner Livent Corporation.
Other related developments from around the markets include:
Lithium Americas Corp. (NYSE:LAC)(TSX:LAC) announced that it has completed the previously announced transaction with Ganfeng Lithium Co., Ltd. in respect of their joint venture company, Minera Exar S.A. Minera Exar owns 100% of the Caucharí-Olaroz lithium project currently under development in Jujuy, Argentina. On closing, Ganfeng Lithium subscribed for new shares of Minera Exar for cash consideration of US$16 million increasing its interest from 50% to 51%, with Lithium Americas owning the remaining 49%. In addition, Lithium Americas received US$40 million in cash from the proceeds of a non-interest-bearing loan from Ganfeng Lithium. For more details on the Transaction, please refer to the Company’s press release dated February 7, 2020. “The Transaction with Ganfeng Lithium further strengthens our long-term partnership in Argentina as we work together to bring Caucharí-Olaroz into production,” commented Jon Evans, President and CEO. “With an additional US$40 million in cash on our balance sheet and over US$200 million in available capital to fund our share of Caucharí-Olaroz, Lithium Americas remains in a strong financial position as we advance both of our projects."
Tesla Inc. (NASDAQ:TSLA) produced over 82,000 vehicles and delivered approximately 90,650 vehicles in its second quarter. “While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels. Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q2 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.”
Albemarle Corporation (NYSE:ALB), a leader in the global specialty chemicals industry, announced that it will release its third quarter 2020 earnings after the NYSE closes on Wednesday, Nov. 4, 2020. The company will hold its conference call to discuss third quarter 2020 results on Thursday, Nov. 5, at 9:00 a.m. ET. This call will be webcast and can be accessed through Albemarle Corporation's website.
General Motors Company (NYSE:GM) is teaming up with Uber to help accelerate the rideshare industry’s transition to an all-electric, zero-emissions future by offering drivers on Uber’s platform special pricing on the purchase of a new electric vehicle and charging accessories. “Improving access to EVs for on-demand service providers can help reduce overall tailpipe emissions in cities across the country and help accelerate widespread EV adoption,” said Sigal Cordeiro, GM executive director of Sales and Marketing for Global Innovation. “Our collaboration with Uber will facilitate drivers’ switch to an EV, empowering these drivers, their passengers and communities to experience electric vehicles and contribute to cleaner air in our cities.” For current eligible drivers on the Uber platform in the United States and Canada, GM will extend the same discount it offers its employees on the purchase of a new 2020 Chevrolet Bolt EV. U.S. drivers will also have access to 20 percent below MSRP on Bolt EV accessories, including at-home charging equipment. Starting in Los Angeles and Denver, well-qualified drivers with Uber Diamond-tier status will also be eligible for special financing through a pilot program with GM Financial.
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