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Eye on Lithium: Ford slashes jobs to focus on US$50bn EV plans
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- Ford cuts 3,000 jobs within operations that build internal combustion engine vehicles to focus on EV push
- Arcadia releases 560% increase to resource at Bitterwasser Project
- Latin Resources first pass ‘sighter’ metallurgical test work returns recovery of 78.72% of lithium oxide
The second largest US-based automaker and the fifth largest in the world, Ford, has cut 3,000 jobs in the hope to fund its US$50 billion-dollar electric vehicle plans.
A spokesperson told Bloomberg that while the cuts will come primarily in the US, some positions in Canada and India are also being slashed mainly within Ford’s operations that build traditional internal combustion engine vehicles.
This comes hot on the heels of its goal to bring 2 million electric vehicles into production each year by 2026 – a massive jump from the 64,000 announced last year.
In September 2021, Ford revealed the largest ever US investment in electric vehicle production at one time by any automotive manufacturer – a US$11.4 billion investment to create an EV factory in Tennessee and twin battery plants in Kentucky.
But more recently, the company announced a series of MoU investments with companies such as Rio Tinto (ASX:RIO), Liontown Resources (ASX:LTR), Ioneer (ASX:INR) and graphite miner Syrah Resources (ASX:SYR) in a bid to secure the materials it needs to fill its EV orders in the future.
Here’s how ASX lithium companies are tracking today:
| CODE | COMPANY | PRICE | % TODAY | % WEEK | % MONTH | MARKET CAP |
|---|---|---|---|---|---|---|
| AM7 | Arcadia Minerals | 0.46 | 136% | 156% | 188% | $9,106,089 |
| AOA | Ausmon Resorces | 0.007 | 17% | 17% | 17% | $5,143,736 |
| ASN | Anson Resources Ltd | 0.195 | 11% | 26% | 50% | $179,884,659 |
| AX8 | Accelerate Resources | 0.04 | 11% | 3% | 21% | $9,736,520 |
| LNR | Lanthanein Resources | 0.042 | 11% | 50% | 180% | $36,587,372 |
| ARN | Aldoro Resources | 0.265 | 10% | 2% | 83% | $23,900,956 |
| LRS | Latin Resources Ltd | 0.12 | 9% | -4% | 46% | $214,352,078 |
| MRR | Minrex Resources Ltd | 0.06 | 9% | 2% | 71% | $58,980,059 |
| NWM | Norwest Minerals | 0.05 | 9% | 2% | 47% | $8,307,940 |
| PLL | Piedmont Lithium Inc | 0.885 | 8% | -5% | 62% | $432,608,056 |
| AAJ | Aruma Resources Ltd | 0.071 | 8% | -11% | 6% | $10,359,459 |
| SRZ | Stellar Resources | 0.015 | 7% | -12% | -6% | $11,750,237 |
| FRS | Forrestaniaresources | 0.16 | 7% | -3% | 7% | $5,004,196 |
| LPI | Lithium Pwr Int Ltd | 0.595 | 5% | -4% | 27% | $197,266,839 |
| PSC | Prospect Res Ltd | 0.105 | 5% | 0% | 110% | $46,225,946 |
| DRE | Dreadnought Resources Ltd | 0.105 | 5% | 19% | 106% | $304,103,355 |
| EPM | Eclipse Metals | 0.022 | 5% | -4% | 10% | $40,343,655 |
| SYA | Sayona Mining Ltd | 0.2875 | 5% | 5% | 60% | $2,282,165,378 |
| WCN | White Cliff Min Ltd | 0.012 | 4% | 0% | -11% | $7,516,439 |
| KGD | Kula Gold Limited | 0.024 | 4% | -14% | -16% | $4,949,040 |
| WR1 | Winsome Resources | 0.24 | 4% | -11% | 26% | $31,076,219 |
| MMG | Monger Gold Ltd | 0.37 | 4% | 19% | 61% | $14,214,200 |
| LTR | Liontown Resources | 1.7225 | 4% | -1% | 44% | $3,634,882,948 |
| AKE | Allkem Limited | 13.675 | 4% | 9% | 34% | $8,391,580,412 |
| BNR | Bulletin Res Ltd | 0.135 | 4% | -4% | 13% | $38,036,843 |
| OCN | Oceanalithiumlimited | 0.68 | 4% | -2% | 45% | $21,958,875 |
| MLS | Metals Australia | 0.055 | 4% | -11% | 2% | $32,172,918 |
| NMT | Neometals Ltd | 1.38 | 4% | -1% | 31% | $734,620,856 |
| EMS | Eastern Metals | 0.145 | 4% | -6% | 7% | $5,411,875 |
| ESS | Essential Metals Ltd | 0.44 | 4% | -13% | 5% | $104,899,805 |
| AZI | Altamin Limited | 0.088 | 4% | 6% | -7% | $33,295,924 |
| AZL | Arizona Lithium Ltd | 0.089 | 3% | -11% | 9% | $206,995,598 |
| VUL | Vulcan Energy | 8.1 | 3% | -11% | 13% | $1,122,315,407 |
| GLN | Galan Lithium Ltd | 1.235 | 3% | -10% | 11% | $363,911,009 |
| EFE | Eastern Resources | 0.031 | 3% | -3% | 15% | $30,201,921 |
| TMB | Tambourahmetals | 0.16 | 3% | -9% | 10% | $6,384,853 |
| INR | Ioneer Ltd | 0.67 | 3% | -4% | 29% | $1,363,787,149 |
| JRL | Jindalee Resources | 2.8 | 3% | -1% | 9% | $156,070,788 |
| AS2 | Askarimetalslimited | 0.35 | 3% | -10% | 43% | $15,323,552 |
| AOU | Auroch Minerals Ltd | 0.071 | 3% | 6% | 13% | $25,606,714 |
| IGO | IGO Limited | 12.43 | 3% | 1% | 26% | $9,147,795,181 |
| IMI | Infinitymining | 0.18 | 3% | 16% | 38% | $10,062,500 |
| RGL | Riversgold | 0.036 | 3% | -5% | 29% | $26,989,756 |
| TYX | Tyranna Res Ltd | 0.036 | 3% | -3% | 89% | $81,807,623 |
| AGY | Argosy Minerals Ltd | 0.38 | 3% | -4% | 1% | $505,112,748 |
| MIN | Mineral Resources. | 63.3 | 3% | 5% | 35% | $11,695,509,342 |
| LIT | Lithium Australia | 0.082 | 3% | 0% | 14% | $82,832,746 |
| STM | Sunstone Metals Ltd | 0.043 | 2% | -12% | -14% | $109,050,750 |
| RAG | Ragnar Metals Ltd | 0.046 | 2% | -2% | 21% | $17,063,320 |
| CXO | Core Lithium | 1.385 | 2% | -7% | 31% | $2,353,899,707 |
| PLS | Pilbara Min Ltd | 3.34 | 2% | 5% | 33% | $9,739,194,262 |
| MXR | Maximus Resources | 0.05 | 2% | -11% | 0% | $15,626,383 |
| LLL | Leolithiumlimited | 0.5 | 2% | -12% | 18% | $483,461,887 |
| ZNC | Zenith Minerals Ltd | 0.3 | 2% | -3% | -5% | $101,704,872 |
| AML | Aeon Metals Ltd. | 0.0315 | 2% | 5% | 5% | $33,896,354 |
| CAI | Calidus Resources | 0.63 | 2% | -7% | 1% | $271,424,657 |
| GL1 | Globallith | 1.75 | 1% | -7% | 54% | $273,754,492 |
| TEM | Tempest Minerals | 0.0405 | 1% | -8% | -12% | $20,190,647 |
| MNS | Magnis Energy Tech | 0.455 | 1% | 3% | 38% | $436,649,167 |
| LIS | Lisenergylimited | 0.63 | 1% | -8% | -16% | $103,696,367 |
| LKE | Lake Resources | 1.1825 | 1% | -12% | 69% | $1,633,065,767 |
| RIO | Rio Tinto Limited | 97.68 | 0% | 2% | 1% | $36,252,975,459 |
| ADV | Ardiden Ltd | 0.008 | 0% | -11% | 0% | $21,346,683 |
| 1MC | Morella Corporation | 0.025 | 0% | -11% | 47% | $141,905,350 |
| AVZ | AVZ Minerals Ltd | 0.78 | 0% | 0% | 0% | $2,752,409,203 |
| EMH | European Metals Hldg | 0.81 | 0% | -15% | 8% | $96,958,730 |
| INF | Infinity Lithium | 0.14 | 0% | -7% | 4% | $58,101,829 |
| QPM | Queensland Pacific | 0.155 | 0% | 11% | 11% | $242,360,035 |
| RLC | Reedy Lagoon Corp. | 0.015 | 0% | -6% | -21% | $8,361,404 |
| TKL | Traka Resources | 0.006 | 0% | -14% | 9% | $4,132,647 |
| BMM | Balkanminingandmin | 0.185 | 0% | -8% | -8% | $6,058,750 |
| LEL | Lithenergy | 0.96 | 0% | -10% | 15% | $43,344,000 |
| CHR | Charger Metals | 0.52 | 0% | -2% | 8% | $16,942,138 |
| BYH | Bryah Resources Ltd | 0.027 | 0% | -4% | -16% | $7,539,844 |
| DTM | Dart Mining NL | 0.076 | 0% | -5% | 23% | $10,279,772 |
| FG1 | Flynngold | 0.1 | 0% | 4% | 0% | $6,406,105 |
| GSM | Golden State Mining | 0.063 | 0% | 0% | 26% | $7,371,895 |
| LRV | Larvottoresources | 0.24 | 0% | -6% | 17% | $9,967,800 |
| MMC | Mitremining | 0.1275 | 0% | 11% | 2% | $3,453,350 |
| SHH | Shree Minerals Ltd | 0.009 | 0% | -10% | 0% | $11,146,382 |
| TSC | Twenty Seven Co. Ltd | 0.003 | 0% | 0% | 0% | $7,982,442 |
| WML | Woomera Mining Ltd | 0.015 | 0% | -17% | 0% | $10,302,496 |
| CRR | Critical Resources | 0.046 | 0% | -22% | 7% | $68,448,701 |
| PNN | Power Minerals Ltd | 0.48 | 0% | -19% | 3% | $29,538,605 |
| MTM | Mtmongerresources | 0.145 | 0% | 21% | 32% | $5,438,955 |
| QXR | Qx Resources Limited | 0.03 | 0% | -17% | 0% | $25,780,870 |
| ENT | Enterprise Metals | 0.01 | 0% | -9% | -9% | $6,529,807 |
| KAI | Kairos Minerals Ltd | 0.028 | 0% | -7% | 17% | $54,994,618 |
| AVW | Avira Resources Ltd | 0.005 | 0% | 0% | 43% | $10,593,950 |
| NVA | Nova Minerals Ltd | 0.86 | 0% | -1% | 14% | $154,973,965 |
| RMX | Red Mount Min Ltd | 0.007 | 0% | 17% | 0% | $11,496,547 |
| RDT | Red Dirt Metals Ltd | 0.51 | 0% | 13% | 46% | $155,322,757 |
| A8G | Australasian Metals | 0.3 | 0% | 13% | 30% | $12,351,148 |
| MQR | Marquee Resource Ltd | 0.075 | 0% | -14% | 6% | $23,671,319 |
| LSR | Lodestar Minerals | 0.007 | 0% | -13% | 8% | $12,169,061 |
| VKA | Viking Mines Ltd | 0.008 | 0% | 0% | 0% | $8,202,067 |
| SRI | Sipa Resources Ltd | 0.045 | 0% | 2% | 18% | $9,226,116 |
| VMC | Venus Metals Cor Ltd | 0.175 | 0% | 3% | 3% | $28,013,770 |
| RAS | Ragusa Minerals Ltd | 0.245 | 0% | 32% | 236% | $31,197,018 |
| G88 | Golden Mile Res Ltd | 0.032 | 0% | 7% | 14% | $6,519,444 |
| WC8 | Wildcat Resources | 0.029 | 0% | 0% | 21% | $18,712,909 |
| THR | Thor Mining PLC | 0.009 | 0% | -10% | 0% | $9,680,080 |
| CZL | Cons Zinc Ltd | 0.024 | 0% | 9% | 26% | $9,296,588 |
| XTC | Xantippe Res Ltd | 0.009 | 0% | -18% | 13% | $73,131,612 |
| LRD | Lordresourceslimited | 0.21 | 0% | 0% | -2% | $6,674,770 |
| WMC | Wiluna Mining Corp | 0.205 | 0% | 0% | 0% | $74,238,031 |
| DAF | Discovery Alaska Ltd | 0.079 | 0% | 44% | 65% | $17,714,541 |
| FTL | Firetail Resources | 0.285 | 0% | 14% | 21% | $17,608,013 |
| IR1 | Irismetals | 0.82 | 0% | 22% | 169% | $49,913,400 |
| DAL | Dalaroometalsltd | 0.09 | 0% | -9% | -18% | $2,688,750 |
| TKM | Trek Metals Ltd | 0.077 | 0% | 10% | 12% | $23,916,982 |
| CY5 | Cygnus Gold Limited | 0.2 | 0% | -17% | 33% | $29,437,063 |
| WES | Wesfarmers Limited | 47.16 | 0% | -2% | -1% | $53,607,966,642 |
| PGD | Peregrine Gold | 0.825 | -1% | -9% | 88% | $31,923,849 |
| PAM | Pan Asia Metals | 0.465 | -1% | -4% | 22% | $34,742,514 |
| EUR | European Lithium Ltd | 0.087 | -1% | -2% | 14% | $123,221,047 |
| SCN | Scorpion Minerals | 0.08 | -1% | 19% | 18% | $26,878,327 |
| KTA | Krakatoa Resources | 0.062 | -2% | 0% | 3% | $21,716,725 |
| LPD | Lepidico Ltd | 0.0285 | -2% | -8% | -8% | $188,708,546 |
| TUL | Tulla Resources | 0.52 | -2% | -2% | -3% | $84,914,942 |
| MM1 | Midasmineralsltd | 0.25 | -2% | 0% | 32% | $14,568,600 |
| GW1 | Greenwing Resources | 0.245 | -2% | -16% | 9% | $30,811,837 |
| GT1 | Greentechnology | 0.68 | -2% | -12% | -1% | $128,067,402 |
| KZR | Kalamazoo Resources | 0.22 | -2% | -20% | 0% | $32,668,734 |
| EVR | Ev Resources Ltd | 0.03 | -3% | -12% | 3% | $28,705,506 |
| ZEO | Zeotech Limited | 0.059 | -3% | -6% | 9% | $93,019,844 |
| AUN | Aurumin | 0.13 | -4% | -19% | -16% | $15,164,401 |
| ALY | Alchemy Resource Ltd | 0.018 | -5% | -5% | 6% | $18,108,407 |
| IPT | Impact Minerals | 0.008 | -6% | -11% | 0% | $21,091,650 |
| TON | Triton Min Ltd | 0.027 | -7% | -10% | 17% | $36,504,741 |
| M2R | Miramar | 0.125 | -7% | 25% | 19% | $8,665,200 |
61 lithium companies finished in the green, 52 fell flat and 18 ended the day in the red zone.
Who’s got news out?
ARCADIA MINERALS (ASX:AM7)
Biggest lithium winner today is AM7 with a huge 560% increase in resources totalling 287,000t of LCE at the Bitterwasser Lithium-in-Clay Project in Namibia.
The company says this is equivalent to a 1% lithium hard rock resource of 11.6Mt, with the resource identified within the first 12m from surface, open at depth and covering only one of the known 14 exposed clay pans in the area.
“These factors along with the potential for further pans obscured by mobile Kalahari dunes, have the potential to expand the Bitterwasser lithium resource substantially,” CEO Philip le Roux says.
“Additionally, the Cyclone Test Work and early tests around leachability of the ore using low cost lixiviants, suggests the potential of feeding a comparatively competitive leach plant with higher grade material.
“This will now be investigated through our association with the University of Stellenbosch in producing a bench-scale lithium carbonate product for battery grade use”.
LATIN RESOURCES (ASX:LRS)
LTR’s first pass ‘sighter’ metallurgical test work has wrapped up on drill core from the high-grade Salinas Lithium Project.
Results have returned high recoveries of 78.72% of lithium oxide and production of an extremely high-grade concentrate (up to 65.7%) from simple heavy liquid separation (HLS).
The ability to achieve such high recoveries using an uncomplicated liberation process at a relatively coarse crush eliminates the need for complex and costly floatation processing to produce a very high-quality, industry standard concentrate.
Importantly for Latin Resources (ASX:LRS), this could substantially reduce both capital costs and ongoing operational costs which could grant the Salinas project in Brazil very attractive economics.
“We are seeing lithium recovery rates and concentrate grades from simple HLS processing that are well above industry standards,” executive director Chris Gale says.
“This points to strong potential for production of a premium lithium product and therefore premium pricing for our product.”
AURIC MINING (ASX:AWJ)
Auric is planning a 220-hole aircore drilling program to test for Chalice gold mine analogues as well as other minerals including nickel, lithium, and rare earth elements at its Chalice West and Jeffrey Find Projects.
A drilling contract with Kalgoorlie-based drilling contractor, Kennedy Drilling, has been executed with a rig scheduled for a mid-October start date.
At the Chalice West area, the company says 85 holes will expand the extent of known greenstone units, including some with associated nickel-in-soils anomalism.
In addition, a hand-held XRF instrument will be used in the field to scan all samples for a range of elements that will include nickel and proxies for lithium and rare earth elements.
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