Additional Lithium Mines Still Needed to Satisfy Rising Battery Storage, EV Demand

Despite a present oversupply of lithium that took the price of the metal down this year, analysts say there’s still solid long-term demand that will pull the market back up. Backed by a boom in electric vehicles (EVs), components for lithium-ion batteries including lithium and cobalt, there’s still a scramble to secure supplies for consumers such as battery makers—leading to a cry for new mines to shore up future supplies. “There is certainly no shortage of potential supply and there are already a huge number of projects out there,” said Alex Laugharne, principal consultant at research firm CRU to Reuters. For now, analysts at CRU expect the lithium market to be in surplus by 22,000 tonnes in 2018, with demand expected to reach 277,000 tonnes. Where tomorrow’s lithium is going to come from, is still up for grabs. The lithium consumers will be looking towards the lithium sector itself to give hope for future supplies, with companies that include Albemarle Corporation (NYSE: ALB), FMC Corporation (NYSE: FMC), Neo Lithium Corp. (OTC: NTTHF) (TSX.V: ... Click here to view full article