Pic: RichLegg / E+ via Getty Images
Eye on Lithium: Half a Chinese lithium mine just sold for US$300 million at auction
Mining
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- A 54.3% stake in Yajiang Snowway sold for around AU$424 million
- The company’s Sichuan spodumene asset has estimated reserves of 24.9 million tonnes
- Xantippe exercises option to acquire Luz Maria tenement in Argentina
All your ASX lithium news for Tuesday, May 24
The global rush for to secure lithium supplies just ramped up, with an auction for a controlling stake in a Chinese lithium mine scoring 3,448 bids over the weekend.
The 54.3% stake in Yajiang Snowway Mining Development, which owns the mine in Sichuan, a southwestern province in China, sold for about 2 billion yuan (around US$300million).
The insane price was nearly 600x higher than the starting price of around 3.35 million yuan.
The fierce bidding was joined by 21 participants and lasted five days – and 980,000 people watched online.
Spodumene assets strategically important
“We believe the auction price indicates a bullish Chinese primary market for future lithium prices as well as the strategic importance of Sichuan spodumene assets,” Daiwa Capital Markets’ analysts Dennis Ip and Leo Ho said in a note.
Yajiang Snowway is undergoing a bankruptcy process, and its Dechenonba lithium mine has estimated reserves of 24.9 million tonnes and a planned 1-million-ton capacity per year.
Here’s how ASX lithium stocks were tracking today:
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| Code | Company | Price | % Month | % Week | % Today | Market Cap |
|---|---|---|---|---|---|---|
| RAS | Ragusa Minerals Ltd | 0.13 | 51% | 73% | 30% | $12,565,783.00 |
| PAM | Pan Asia Metals | 0.51 | -7% | 17% | 11% | $33,882,976.24 |
| MQR | Marquee Resource Ltd | 0.11 | -24% | 16% | 10% | $31,174,848.50 |
| IPT | Impact Minerals | 0.011 | -24% | 5% | 10% | $21,904,615.86 |
| ADV | Ardiden Ltd | 0.012 | -17% | -8% | 9% | $29,351,688.92 |
| ESS | Essential Metals Ltd | 0.585 | -15% | 16% | 8% | $132,738,877.44 |
| QXR | Qx Resources Limited | 0.052 | -28% | 6% | 8% | $41,249,391.41 |
| LEL | Lithenergy | 1.36 | 37% | 17% | 7% | $57,340,500.00 |
| KTA | Krakatoa Resources | 0.08 | -38% | -2% | 7% | $25,853,243.78 |
| MMG | Monger Gold Ltd | 0.33 | 13% | 16% | 6% | $7,750,000.00 |
| A8G | Australasian Metals | 0.415 | -18% | 15% | 6% | $16,056,492.66 |
| LIS | Lisenergylimited | 0.665 | -4% | 13% | 6% | $103,696,366.88 |
| MLS | Metals Australia | 0.1 | -38% | 10% | 5% | $41,325,232.37 |
| FRS | Forrestaniaresources | 0.2 | -46% | -11% | 5% | $5,338,772.76 |
| EMS | Eastern Metals | 0.21 | -7% | 31% | 5% | $7,120,000.00 |
| RAG | Ragnar Metals Ltd | 0.045 | -10% | 22% | 5% | $16,304,950.23 |
| AM7 | Arcadia Minerals | 0.23 | -26% | 10% | 5% | $7,698,350.00 |
| ASN | Anson Resources Ltd | 0.125 | -4% | 14% | 4% | $123,349,480.20 |
| M2R | Miramar | 0.125 | -38% | 0% | 4% | $7,667,105.40 |
| AKE | Allkem Limited | 13.52 | 6% | 18% | 4% | $8,276,801,956.28 |
| ZEO | Zeotech Limited | 0.053 | -17% | -5% | 4% | $77,770,688.97 |
| PLS | Pilbara Min Ltd | 2.92 | 5% | 12% | 4% | $8,364,904,082.33 |
| LTR | Liontown Resources | 1.345 | -14% | 8% | 4% | $2,838,931,631.41 |
| GLN | Galan Lithium Ltd | 1.485 | -23% | 7% | 4% | $435,291,087.66 |
| INF | Infinity Lithium | 0.135 | -23% | 0% | 4% | $53,951,698.58 |
| 1MC | Morella Corporation | 0.028 | -26% | 8% | 4% | $139,757,777.62 |
| LPD | Lepidico Ltd | 0.029 | -26% | 7% | 4% | $179,476,807.69 |
| LRV | Larvottoresources | 0.31 | -39% | 3% | 3% | $12,362,250.00 |
| WC8 | Wildcat Resources | 0.032 | -9% | -3% | 3% | $20,003,454.54 |
| LRD | Lordresourceslimited | 0.34 | 21% | 31% | 3% | $10,158,924.93 |
| VMC | Venus Metals Cor Ltd | 0.175 | -13% | -5% | 3% | $25,683,376.11 |
| BNR | Bulletin Res Ltd | 0.18 | -23% | 6% | 3% | $50,765,942.50 |
| ZNC | Zenith Minerals Ltd | 0.37 | -16% | 1% | 3% | $123,805,495.80 |
| RDT | Red Dirt Metals Ltd | 0.57 | -1% | 31% | 3% | $167,339,604.56 |
| CHR | Charger Metals | 0.575 | -23% | 3% | 3% | $18,245,379.60 |
| MIN | Mineral Resources. | 61.105 | 1% | 11% | 2% | $11,283,963,563.88 |
| IGO | IGO Limited | 11.92 | -12% | 12% | 2% | $8,822,170,021.45 |
| NMT | Neometals Ltd | 1.325 | -25% | -3% | 2% | $710,147,432.82 |
| AOU | Auroch Minerals Ltd | 0.089 | -36% | -2% | 2% | $31,433,256.51 |
| BYH | Bryah Resources Ltd | 0.045 | -21% | -6% | 2% | $9,953,115.70 |
| NWM | Norwest Minerals | 0.047 | -15% | 12% | 2% | $8,307,939.80 |
| MRR | Minrex Resources Ltd | 0.054 | -24% | 4% | 2% | $53,461,921.98 |
| FTL | Firetail Resources | 0.325 | -19% | 7% | 2% | $19,770,400.00 |
| MM1 | Midasmineralsltd | 0.335 | -4% | 24% | 2% | $17,964,581.25 |
| RIO | Rio Tinto Limited | 111.06 | -2% | 6% | 1% | $40,648,175,433.00 |
| AGY | Argosy Minerals Ltd | 0.41 | -15% | 9% | 1% | $548,676,512.91 |
| AVZ | AVZ Minerals Ltd | 0.78 | -28% | 0% | 0% | $2,752,409,203.44 |
| JRL | Jindalee Resources | 3.43 | -27% | -7% | 0% | $196,809,853.38 |
| PLL | Piedmont Lithium Inc | 0.83 | -15% | 11% | 0% | $437,883,764.00 |
| QPM | Queensland Pacific | 0.165 | -6% | 14% | 0% | $257,996,166.62 |
| RLC | Reedy Lagoon Corp. | 0.029 | -17% | 16% | 0% | $15,902,359.67 |
| TKL | Traka Resources | 0.008 | -20% | -11% | 0% | $5,510,196.49 |
| TON | Triton Min Ltd | 0.029 | -15% | 4% | 0% | $36,504,741.13 |
| BMM | Balkanminingandmin | 0.3 | -15% | 5% | 0% | $9,825,000.00 |
| AAJ | Aruma Resources Ltd | 0.077 | -33% | 0% | 0% | $12,086,035.73 |
| FG1 | Flynngold | 0.145 | -6% | 7% | 0% | $9,288,852.25 |
| GSM | Golden State Mining | 0.068 | -19% | 5% | 0% | $7,059,396.34 |
| IMI | Infinitymining | 0.16 | -27% | -3% | 0% | $9,200,000.00 |
| MMC | Mitremining | 0.145 | -22% | 0% | 0% | $3,927,339.50 |
| SHH | Shree Minerals Ltd | 0.01 | -33% | 0% | 0% | $12,222,368.92 |
| CRR | Critical Resources | 0.081 | -23% | 11% | 0% | $120,496,648.14 |
| KGD | Kula Gold Limited | 0.033 | -30% | -8% | 0% | $7,100,795.86 |
| LRS | Latin Resources Ltd | 0.125 | -34% | 19% | 0% | $241,102,230.75 |
| SCN | Scorpion Minerals | 0.105 | 40% | 21% | 0% | $34,842,275.16 |
| AZI | Altamin Limited | 0.096 | 13% | -1% | 0% | $37,604,808.19 |
| ENT | Enterprise Metals | 0.014 | -36% | 0% | 0% | $9,025,055.97 |
| KAI | Kairos Minerals Ltd | 0.027 | -10% | 4% | 0% | $52,976,524.26 |
| STM | Sunstone Metals Ltd | 0.053 | -25% | -10% | 0% | $136,445,660.15 |
| PGD | Peregrine Gold | 0.49 | -4% | 10% | 0% | $18,760,467.81 |
| AVW | Avira Resources Ltd | 0.005 | -23% | 0% | 0% | $10,593,950.00 |
| NVA | Nova Minerals Ltd | 0.665 | -13% | 9% | 0% | $119,834,519.53 |
| SRZ | Stellar Resources | 0.023 | -21% | 0% | 0% | $19,303,960.40 |
| LSR | Lodestar Minerals | 0.01 | -33% | 0% | 0% | $17,384,373.48 |
| AOA | Ausmon Resorces | 0.009 | -10% | 13% | 0% | $7,715,604.09 |
| VKA | Viking Mines Ltd | 0.009 | -25% | 0% | 0% | $9,227,325.88 |
| SRI | Sipa Resources Ltd | 0.039 | -20% | 0% | 0% | $7,995,967.32 |
| THR | Thor Mining PLC | 0.013 | -19% | 4% | 0% | $13,753,238.41 |
| CZL | Cons Zinc Ltd | 0.024 | -20% | -8% | 0% | $8,432,587.51 |
| MXR | Maximus Resources | 0.071 | -17% | -3% | 0% | $22,571,309.53 |
| XTC | Xantippe Res Ltd | 0.011 | -21% | 10% | 0% | $84,513,625.89 |
| WMC | Wiluna Mining Corp | 0.565 | -37% | 0% | 0% | $119,392,943.93 |
| AUN | Aurumin | 0.175 | -8% | -8% | 0% | $19,114,069.10 |
| GW1 | Greenwing Resources | 0.32 | -32% | 2% | 0% | $39,439,151.68 |
| TYX | Tyranna Res Ltd | 0.009 | 50% | 13% | 0% | $11,811,246.00 |
| CXO | Core Lithium | 1.325 | -5% | 12% | 0% | $2,304,029,654.92 |
| PSC | Prospect Res Ltd | 0.945 | -1% | 0% | -1% | $414,837,158.35 |
| CAI | Calidus Resources | 0.835 | -18% | 2% | -1% | $337,929,486.72 |
| VUL | Vulcan Energy | 7.45 | -16% | 4% | -1% | $988,654,625.90 |
| EMH | European Metals Hldg | 0.97 | -22% | -2% | -1% | $137,961,425.70 |
| GT1 | Greentechnology | 0.87 | -21% | 10% | -1% | $119,884,160.00 |
| WR1 | Winsome Resources | 0.42 | -16% | 9% | -1% | $57,423,447.45 |
| MNS | Magnis Energy Tech | 0.4 | -14% | 1% | -1% | $391,426,558.25 |
| EUR | European Lithium Ltd | 0.078 | -26% | 3% | -1% | $109,250,177.24 |
| LPI | Lithium Pwr Int Ltd | 0.56 | -34% | -2% | -2% | $199,012,563.36 |
| INR | Ioneer Ltd | 0.545 | -18% | 12% | -2% | $1,160,671,178.10 |
| EPM | Eclipse Metals | 0.0265 | -24% | 2% | -2% | $51,870,413.15 |
| LKE | Lake Resources | 1.475 | -30% | 2% | -2% | $2,002,766,089.94 |
| FFX | Firefinch Ltd | 0.945 | -14% | 9% | -2% | $1,139,899,708.27 |
| ARN | Aldoro Resources | 0.215 | -28% | -2% | -2% | $21,826,989.58 |
| TMB | Tambourahmetals | 0.21 | -22% | 2% | -2% | $8,856,408.57 |
| DRE | Dreadnought Resources Ltd | 0.042 | -5% | 8% | -2% | $122,063,392.69 |
| AML | Aeon Metals Ltd. | 0.037 | -36% | -3% | -3% | $35,824,837.74 |
| EFE | Eastern Resources | 0.037 | -26% | 0% | -3% | $37,788,591.98 |
| GL1 | Globallith | 1.65 | -21% | 1% | -3% | $268,993,543.92 |
| AX8 | Accelerate Resources | 0.035 | -29% | -10% | -3% | $9,484,520.36 |
| MTM | Mtmongerresources | 0.145 | -34% | -9% | -3% | $5,439,004.95 |
| KZR | Kalamazoo Resources | 0.3525 | -25% | 2% | -3% | $52,995,946.51 |
| ALY | Alchemy Resource Ltd | 0.027 | 0% | 35% | -4% | $26,686,073.60 |
| G88 | Golden Mile Res Ltd | 0.053 | -21% | -4% | -4% | $11,205,293.77 |
| LIT | Lithium Australia | 0.086 | -18% | -1% | -4% | $93,164,870.16 |
| EVR | Ev Resources Ltd | 0.042 | -29% | 8% | -5% | $40,743,299.12 |
| WCN | White Cliff Min Ltd | 0.02 | -31% | 0% | -5% | $13,725,670.60 |
| AS2 | Askarimetalslimited | 0.495 | -28% | 1% | -5% | $21,621,391.48 |
| DTM | Dart Mining NL | 0.069 | -9% | 15% | -5% | $9,087,837.89 |
| TEM | Tempest Minerals | 0.05 | -50% | -19% | -6% | $26,738,897.98 |
| RMX | Red Mount Min Ltd | 0.0075 | -21% | -6% | -6% | $13,138,910.86 |
| RGL | Riversgold | 0.044 | -39% | 7% | -6% | $26,857,966.42 |
| AZL | Arizona Lithium Ltd | 0.145 | -22% | 4% | -6% | $346,071,477.86 |
| PNN | PepinNini Minerals | 0.485 | -42% | -8% | -7% | $31,949,987.68 |
| WML | Woomera Mining Ltd | 0.0205 | -34% | 3% | -7% | $15,110,327.45 |
| SYA | Sayona Mining Ltd | 0.2175 | -40% | -15% | -7% | $1,687,945,673.08 |
| DAF | Discovery Alaska Ltd | 0.075 | 88% | 79% | -10% | $18,528,479.93 |
| TSC | Twenty Seven Co. Ltd | 0.003 | -25% | -25% | -25% | $10,643,255.62 |
| IR1 | Irismetals | 0.4 | -37% | -37% | -37% | $31,878,000.00 |
A total of 46 stocks were in the green today, with 39 flatlining and 39 in the red.
Who’s got news out today?
The company has exercised its option to acquire the Luz Maria lithium brine tenement in Argentina, known as the Carachi Pampa project, which has a total area of ~3,400 Hectares in close proximity to Lake Resources (ASX:LKE) Kachi project.
“In exercising the option to acquire the Luz Maria tenement, Xantippe has increased its holding by 3,383 hectares in the Latin American lithium triangle,” MD Richard Henning said.
“Together with La Sofia, Rita, and Rita I, XTC now holds almost 12,400 hectares.
“The Company’s objective is to produce a ESG Lithium product using direct lithium extraction (DLE) which requires a smaller environmental footprint, provides optimal yield and efficient use of water.”
XTC plans to get exploration underway ASAP once the necessary approvals are secured.
