Eye on Lithium: By 2040, all of the lithium mined last year will only meet one month’s demand
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All your lithium news, Friday October 14.
According to the latest data out of Benchmark Mineral Intelligence (BMI), the world needs more than twenty times the amount of lithium mined last year to meet demand by 2050.
This means annual production of 11.2 million tonnes LCE will be needed by 2050 with energy storage making up two-thirds of battery demand by that date, the price reporting agency highlights.
“The long term path for lithium is set, yet the supply chain scaling challenge has just begun,” Simon Moores, chief executive of Benchmark, says.
“What this data shows is that we are at just the beginning of a generational challenge, not one that’s going to be solved in the 2020s.”
By 2040, all of the lithium mined last year will only meet one month’s demand, even with the supply from recycled batteries.
“Lithium miners and refiners not only have to sensitively scale their supply base within the economics of today and near-term future,” Moores said.
“But they also attempt to plan for a world lithium ion economy that is an order of magnitude bigger than today.”
57 lithium companies finished in the green, 52 fell flat, and 22 tumbled into red territory.
The Northern Territory’s Mineral Titles Office has granted Ragusa the EL33148 tenement for a period of six years.
Part of the wider NT Lithium Project, the company says it plans to rapidly accelerate development within the proven lithium district as drilling operations continue.
A lithium exploration program is now underway ahead of submission to the Mining Management Plan for Exploration – seeking approval to conduct drilling works in the newly granted tenement area.
RAS will also engage with key stakeholders and seek approval prior to conducting exploration works, which will set out to target lithium bearing pegmatite rocks using a combination of geological mapping, geochemical sampling, and reconnaissance drilling.
Two drilling campaign are underway at Winsome’s Cancet and Adina Lithium Projects in Quebec, Canada.
At Cancet a heli-portable reverse circulation (RC) rig has mobilised set to target an estimated 3,500m across 20 new pegmatites.
The estimated six-week program will also drill targets where gravity anomalies have been identified, as well as confirm mineralisation extensions to the main dyke following recent stripping and channel sampling.
A 5,000m drilling program is also underway at the Adina Project where exploration is focusing on infill holes across previously identified mineralisation, as well as testing new mineralisation following rock chip sample assay results.
Drilling will also investigate gravity anomalies at Adina, which have the potential to reveal under cover extensions to the known pegmatites.
The company continues to receive enquiries regarding Aldoro’s (ASX:ARN) recent mineral resource estimate at the Niobe Rubidium-Lithium Project, which completely surrounds BNR’s Mt Farmer tenement application.
Bulletin’s tenement application (E59/2413) has more than 5km strike of the potential greenstone host to the Rubidium bearing pegmatite unit.
BNR says it originally applied for E59/2413 for its gold and tantalum potential and the tenement application is progressing through the DMIRS tenement grant process.
Positive results have been received from alkali salt roasting of McDermitt ore in Oregon, USA.
Lithium phosphate (Li3PO4) assaying 58,880 ppm (5.89%) Li has been produced from roasting and sequential leaching of a composite sample of McDermitt ore assaying 1,460 ppm Li.
Lithium phosphate has been shown to be a potential precursor chemical for production of Lithium Iron Phosphate (LFP) batteries.
LFP batteries currently comprise 25% of the Li-ion battery market and are expected to grow to 40% by 2030 due to improved battery configurations increasing range performance.
Whilst the company has not committed to a particular processing route, JRL says it is delighted with the results from the initial alkali salt roasting test-work, which suggest a viable alternative processing route to sulphuric acid leaching.
Test-work to develop the most cost effective and energy efficient flow sheet for McDermitt is continuing, with further results to be announced when received.