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The green energy transition gained traction in Australia last year, but what other mining trends were important? Here's a macro view of the issues that came to the fore.

Click here to read the previous Australia mining trends article.

Following a 2020 in which the COVID-19 pandemic hit the world at every level, 2021 saw economies reopen and begin to recover, although uncertainty still remained high.

Australia’s mining sector benefited from this global economic rebound, and was also supported by high — but volatile — iron ore prices over the course of 2021.

As 2022 begins, the Investing News Network (INN) looks back at the main Australia mining trends in 2021, with comments from market watchers and a quarter-by-quarter recap.


Australia mining trends 2021: The year in perspective

The COVID-19 pandemic was well underway when 2021 kicked off, but optimism around vaccine rollouts supported the lifting of restrictions around the globe. Most commodities rebounded, with stocks also gaining and investments in certain sectors increasing on this overall positivity.

Speaking with INN about the main trends seen in 2021, Argonaut’s David Franklyn said the Australian mining sector has done incredibly well in terms of managing COVID-19.

“The key trend that we saw in 2021 was really the energy transition,” he said. “So we're expecting growing demand and awareness for the commodities that are aligned with that, in particular lithium, copper and nickel.”

In 2021, lithium prices hit record highs, with nickel and copper also having outstanding years in part due to momentum in the green energy transition. ASX-listed companies focussing on battery metals saw their share prices jump, with lithium stocks, nickel stocks and copper stocks all seeing gains.

At the beginning of the year, Franklyn, who is executive director and head of funds management at Argonaut, was expecting iron ore prices to peak and then fall, and this materialized in 2021 — iron ore prices were much higher than expected for the first nine months of the year before falling significantly.

The base metal touched a record high in May at over US$220 per tonne, but declined to an 18 month low of US$84.50 in November. Sluggish demand in China paired with rising supply boosted volatility in prices.

In other commodities, gold’s underperformance was a bit “unexpected,” considering the geopolitical risks globally. The precious metal's price fell from US$1,898 per ounce in January to the US$1,775 range by December.

Commenting on how the Australian resource sector performed in 2021, Jessica Amir, Saxo’s Australian market strategist, said 2021 was unprecedented for two reasons.

“On one hand, China announced it would plan to be emission free by 2060 and cut back on iron ore orders — which caused the iron ore price and iron ore stocks to plummet,” she told INN. “Inversely, energy (oil, gas and coal) had a record year of prices — from tighter supply from a lack of investment, as well as regulation.”

As the global economy began to recover from COVID-19, demand rose; this ultimately resulted in the current energy crisis — a supply/demand imbalance that is pushing up prices, Amir added.

Australia mining trends 2021: Quarterly highlights

Here’s a look at some of the trends seen in Australian mining in 2021, according to the country's Office of the Chief Economist (OCE), quarter by quarter.

January to March: Recovery expected

As 2021 kicked off, Australia's resource and energy exports were forecast to hit a record AU$296 billion in 2020 to 2021, which the OCE said was a strong result in the context of the COVID-19 pandemic.

“Australian miners have found their product in high demand, helped by the impact of government and central bank measures abroad,” the OCE said back in March.

As economies rebounded after strict lockdown restrictions due to COVID-19, the outlook for exports improved, with Australia set to capture the growth in demand for resources from new and low-emission technologies.

“Our projections suggest that by the end of the outlook period (2025-2026), a surge in exports earnings of metals used in technologies central to the world energy transition — copper, lithium and nickel — will replace the fall in thermal coal earnings arising from that transition,” the March report reads.

April to June: Outlook continues to improve

With the rollout of vaccines taking place in many countries around the world, the forecast for Australia’s mineral exports continued to improve during the April to June quarter.

“Ongoing success in managing COVID-19 and reduced supply disruptions are expected to restore global demand for resources and energy commodities over the five years,” the OCE explained back in June. “As prices moderate, Australia’s resource and energy exports are forecast to ease slightly to $288 billion in 2021 to 2022, and remain stable over the outlook period to 2025-26.”

Record iron ore prices supported export earnings during the period, while at the same time an increase in world steel production helped metallurgical coal companies.

“The extent of any further disruption to Australian resource and energy commodity trade with China poses a downside risk to these forecasts,” the June report reads. “A spike in global inflation and a sharper than expected tightening of monetary policy by the major central banks also pose a downside risk.”

July to September: Iron ore price retreats

The second half of the calendar year started with a retreat in iron ore prices as China’s weaker demand put a stop to the price rally. Further pressure was expected due to a recovery in Brazilian supply.

“Australian iron ore prices look to have peaked, but coal prices have recovered all of their 2020 losses and more, as global shortages emerge,” the OCE said back in September.

The OCE expected that COVID-19 variants and delays in hitting vaccination goals would threaten a full global economic recovery, but was still optimistic about economic growth.

“Nevertheless, the outlook is for robust growth in the world economy over the 2021-2022 and 2022-2023 outlook period, as vaccination rates peak,” the report reads.

September to December: Price declines ahead

With eyes set on what might be ahead next year, the OCE said in its last report of 2021 that high prices, good volume growth and a weak Australian dollar were driving a surge in export earnings. However, some decline in prices was expected in 2022 on the back of supply increases and a moderation in demand growth.

“Iron ore prices have continued to decline, but remain at very profitable levels for most Australian miners,” the December report reads. “Coal and LNG prices have spiked, driven by ongoing shortages and strong demand.”

Projections by the OCE suggest that resource and energy export earnings will reach AU$381 billion in 2021 to 2022, but then fall back to around AU$310 billion in 2022 to 2023.

“In the coming two years, it is likely that the resources and energy sectors will make a significant contribution to real GDP growth, as producers lift output and exports in response to high prices and margins,” the report states.

Don’t forget to follow us @INN_Australia for real-time news updates!

Securities Disclosure: I, Priscila Barrrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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The Investing News Network (INN) spoke with analysts, market watchers and insiders about which trends will impact this sector in the year ahead.
✓ Trends   ✓ Forecasts    ✓ Top Stocks



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Rio Tinto Iron Ore Chief Executive, Simon Trott and Rio Tinto Managing Director of Port, Rail and Core Services, Richard Cohen, joined community members, local businesses and representatives from local government to celebrate the official opening of its new community ‘Hub’ in Karratha. Located on Ngarluma country in the heart of Karratha’s CBD, the new Rio Tinto Karratha Hub will make it easier for local …

Rio Tinto Iron Ore Chief Executive, Simon Trott and Rio Tinto Managing Director of Port, Rail and Core Services, Richard Cohen, joined community members, local businesses and representatives from local government to celebrate the official opening of its new community ‘Hub’ in Karratha.

Located on Ngarluma country in the heart of Karratha’s CBD, the new Rio Tinto Karratha Hub will make it easier for local people to connect with our busines.

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people walking past the display board of the sydney exchange square
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The Australian Securities Exchange is home to diverse companies and has a market cap of more than AU$2.5 trillion. Where did it all begin?

The Australian Securities Exchange (ASX) is headquartered in Sydney, Australia, and is home to over 2,100 companies. Led by some of the world's major resource, technology and financial corporations, the ASX boasted a domestic market cap of over AU$2.5 trillion as of the beginning of 2022.

The ASX acts as a market operator, clearing house and payments facilitator. It allows for the trading of a wide variety of securities, including shares, bonds, futures, options, exchange-traded funds, index derivatives and listed investment companies. The ASX mandates compliance with its operating rules and encourages high standards of corporate governance among Australia’s listed companies.

Ranked by market cap, the top 10 major stocks traded on the exchange are BHP Group (ASX:BHP), the Commonwealth Bank of Australia (ASX:CBA), CSL (ASX:CSL), National Australia Bank (ASX:NAB), Westpac Banking (ASX:WBC), Australia and New Zealand Banking Group (ASX:ANZ), Macquarie Group (ASX:MQG), Fortescue Metals Group (ASX:FMG), Wesfarmers (ASX:WES) and Telstra (ASX:TLS).


Depending on global market fluctuations, the ASX normally ranks as the 16th or 17th largest national stock exchange in the world. In addition, it's the largest interest rate derivatives market in Asia, and one of the largest in the world, with total futures and options contract exposure nearing AU$50 trillion.

History of the ASX: How the exchange began

The first Australian stock exchange was established in Melbourne in 1861. Over the course of the next few decades, five additional regional exchanges located in various Australian state capitals came into being: Sydney in 1871, Hobart in 1882, Brisbane in 1884, Adelaide in 1887 and Perth 1889.

The first interstate stock exchange conference was held in Melbourne in 1903; it brought together representatives of the Sydney, Brisbane, Melbourne and Adelaide stock exchanges. The remaining two in Hobart and Perth would soon join the annual event. The six state exchanges continued to trade independently of each other, however, until 1937, when the Australian Associated Stock Exchanges (AASE) was established.

This was a milestone that brought Australian stock trading into closer alignment with global standards through the implementation of uniform listing requirements, broker regulations and commission fees. The AASE also set official guidelines for government and corporate bond issues.

This led to the creation of the first Australian consolidated share price index in 1938; it was a forerunner to the establishment of the All Ordinaries Index (INDEXASX:XAO) in 1979. Commonly known as the "All Ords," the new index replaced the six regional indices and became Australia's first official national share price index.

Importantly, this act not only consolidated share trading into a single structural framework, but also created a comprehensive institutional benchmark that promoted greater visibility and clarity for domestic and international investors. The base value for the All Ordinaries Index was set at 500 and trading began on January 2, 1980.

Australian stock trading then entered the modern era with the foundation of the Australian Stock Exchange in 1987. The company came into being through legislation passed by the Parliament of Australia, which authorised the fusion of the six independent state-based exchanges into a single body.

In 1998, the ASX became a listed corporation, which transformed former exchange members into shareholders. The ASX floated its shares on its exchange at an initial price of AU$4, thus becoming the first stock exchange in the world to become a publicly traded company.

In 2000, the ASX took the critical step of replacing the All Ordinaries Index with the creation of the S&P/ASX 200 Index (INDEXASX:XJO), which immediately became the primary institutional benchmark for the Australian market. By joining forces with Standard & Poor's, long recognised as the global leader in ensuring liquid and efficient trading markets, the ASX helped raise its profile as one of the world's leading exchanges.

Finally, in 2006, the Australian Securities Exchange was created with the merger of the Australian Stock Exchange with the Sydney Futures Exchange. The new name — ASX Limited — was introduced to reflect the new entity's expanded product range. The Australian Securities Exchange has come to be known by its three-letter listing, ASX.

Today, the S&P/ASX 200 is the most widely followed Australian market index by professional investors, and consists of the top 200 companies on the ASX. The ASX 200 is commonly quoted alongside the All Ordinaries Index, which is a more broadly based market index consisting of the 500 largest companies on the exchange.

The metals and mining sector, led by global giants BHP, Fortescue and Rio Tinto (ASX:RIO), is the most heavily weighted portion of the ASX exchange. Accordingly, fluctuations in world commodities prices play a major role in share price movements in this sector, which has a relatively larger corresponding impact on the ASX as a whole.

History of the ASX: Major ASX index falls

As has been the case with virtually every major global stock exchange over the past century, the ASX and its forerunners have experienced their own series of major booms and busts.

On October 19, 1987, "Black Monday," a selloff in the US stock market driven by computerised trading, caused a global wave of panic selling that saw the All Ordinaries Index plunge 516 points, or more than 25 percent. The index fell by a staggering 50.5 percent from the beginning of October to November 13.

On November 2, 2007, the S&P/ASX 200 reached a record intraday trading high of 6,851.5 before plunging 54.5 percent in the year 2008 owing to the global financial crisis. The ASX 200 would go on to record its worst single-day trading loss in history on October 10, 2008, when it fell 8.3 percent.

Most recently, the S&P/ASX 200 set a new one-day trading loss on October 16, 2020, when it fell nearly 10 percent amid COVID-19 fears and news that the US Federal Reserve had cut interest rates to near zero.

Despite these major meltdowns, the ASX 200 reached an all-time closing day high of 7,628.9 on August 13, 2021.

Don’t forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Harold Von Kursk, currently hold no direct investment interest in any company mentioned in this article.

Rio Tinto is progressing an innovative new technology to deliver low-carbon steel, using sustainable biomass in place of coking coal in the steelmaking process, in a potentially cost-effective option to cut industry carbon emissions. Over the past decade, Rio Tinto has developed a laboratory-proven process that combines the use of raw, sustainable biomass with microwave technology to convert iron ore to metallic …

Rio Tinto is progressing an innovative new technology to deliver low-carbon steel, using sustainable biomass in place of coking coal in the steelmaking process, in a potentially cost-effective option to cut industry carbon emissions.

Over the past decade, Rio Tinto has developed a laboratory-proven process that combines the use of raw, sustainable biomass with microwave technology to convert iron ore to metallic iron during the steelmaking process. The patent-pending process, one of a number of avenues the company is pursuing to try to lower emissions in the steel value chain, is now being further tested in a small-scale pilot plant.

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Lord Nelson Delivers Further Thick Gold Mineralisation Including an Outstanding Intercept of 67m @ 2.3 g/t gold

Extensional drilling continues to highlight the continuity of thick gold mineralisation below the shallow Lord Nelson pit

Alto Metals Limited (ASX: AME) (Alto or the Company) is pleased to report further high-grade gold assay results from RC drilling below the Lord Nelson pit, as part of the ongoing major RC drilling program at its 100% owned, ~900km2 Sandstone Gold Project, in Western Australia.


Highlights

  • Latest assays from the ongoing major drilling program at the Company’s flagship Sandstone Gold Project highlight further thick, high-grade gold mineralisation at the Lord Nelson deposit, hosted within the +3km Lords granodiorite, including a stand-out intercept of 67m @ 2.3 g/t gold from 172m (SRC 576).
  • Significant new results received from extensional RC drilling below the Lord Nelson pit include:
    • 67m @ 2.3 g/t gold from 172m, incl. 6m @ 5.4 g/t gold from 179m (SRC 576)
    • 19m @ 1.5 g/t gold from 185m, inc. 1m @ 17.8 g/t gold from 198m (SRC 582)
    • 12m @ 1.4 g/t gold from 50m, incl. 1m @ 10.2 g/t gold from 59m; and 11m @ 1.0 g/t gold from 84m (SRC 580)
    • 11m @ 1.3 g/t gold from 156m, and 6m @ 3.0 g/t gold from 215m (SRC 579)
  • SRC576 followed up on the recently announced SRC432 which returned 45m @ 3.2 g/t gold from 161m and has extended thick high-grade mineralisation a further 20m down dip. Another RC hole, collared 20m west of SRC576 has been completed and results are pending.

  • Assays are currently pending for a further 5,025m of RC drilling, including at the Juno Lode located 600m south of Lord Nelson, targeting dip and strike extensions of known gold mineralisation including SRC443, which recently returned 13m @ 5.1g/t gold from 162m.
  • Interpretation of the recently completed gravity survey over the Lord Corridor is almost complete, which will assist in targeting the ‘damage zone’ of the Lords granodiorite and the high-grade mineralisation along the ultramafic footwall at depth.
  • Drilling is now underway at the Indomitable Camp, within the +20km NW/SE Indomitable/Vanguard/Havilah Trend, as part of the updated mineral resource planned for the second half of this year.
  • Alto’s major 60,000m drilling program planned for 2022, is targeting both resource growth and exploration, focusing on existing resources and a number of advanced regional prospects.
  • The current JORC 2012 Mineral Resource Estimate at the Sandstone Gold Project is 12.4Mt @ 1.6 g/t gold for 635,000oz. These resources are shallow, defined to a depth of less than 200m and remain open.
Alto’s Managing Director, Matthew Bowles said:
These are excellent initial results from our ongoing major drilling campaign and, on the back of the recent update of our open pit gold resource to 635,000oz, once again demonstrates the significant growth potential we see at the Lords Corridor and our entire Sandstone Gold Project.

A particular stand-out from these latest results is SRC576 returning 67m @ 2.3 g/t gold, highlighting the continuity of thick high-grade mineralisation within the current pit-shell at Lord Nelson.

A number of assays are currently pending, including from follow up drilling at Juno which are eagerly anticipated, as they targeted the up and down dip extensions of the new lode. We will then be then looking to test deeper primary targets within the Lords Corridor. In the meantime, our next phase of drilling is underway at Indomitable Camp, the first of our many near-mine regional targets, as we continue to focus on resource growth and exploration.

We see this a great start to another exciting year ahead and look forward to updating shareholders on further results from our ongoing drill program, over the coming weeks and months ahead.

Click here for the full ASX Release

This article includes content from Alto Metals Limited , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AME:AU
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Australian lithium miners continued to move ahead with their projects during the year's third financial quarter.

After hitting all-time highs in 2021, lithium prices started to stabilise in 2022's first quarter.

China’s lockdown measures to battle COVID-19 have disrupted the supply chain and impacted domestic demand in recent weeks, but this is expected to be temporary, according to William Adams of Fastmarkets.

“The lithium market is very tight. We don't see that easing anytime soon,” he said during a recent webinar about risks in the battery metals market. “We think the underlying fundamentals and the trends are still very strong.”


During the third quarter of the financial year, Australian lithium miners continued to move ahead with their projects, and despite the increased volatility in the markets, many ASX lithium stocks saw share price gains as well.

Perth-based Pilbara Minerals' (ASX:PLS,OTC Pink:PILBF) production for the quarter was 81,431 dry metric tonnes (dmt), slightly down compared to the previous three months, but within guidance. The company said the main factor impacting output was higher COVID-19 cases, which resulted in staff and contractor shortages.

“COVID-19 has (and may continue in the near term) to cause operational delays, including staffing shortages for both shut-down and operating staff (mining and processing),” the company said in a statement. Even so, Pilbara has decided to maintain its production guidance in the range of 340,000 to 380,000 dmt.

During its fourth battery material exchange auction, the company saw the highest bid ever at US$5,650 per dmt for a cargo of 5,000 dmt of spodumene, showing the critical shortage in lithium raw material supply.

Western Australia-focused Pilbara, which owns the lithium-tantalum Pilgangoora operation, has partnerships with Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460), General Lithium, Great Wall Motor Company (OTC Pink:GWLLF,HKEX:2333), POSCO (NYSE:PKX), CATL (SZSE:300750) and Yibin Tianyi.

Shares of Pilbara were trading at AU$2.53 on May 10, down 28.13 percent year-to-date, but up more than 100 percent compared to this time last year.

For its part, leading Australian lithium and iron ore miner Mineral Resources (ASX:MIN,OTC Pink:MALRF) saw its Mount Marion mine’s production reach 104,000 dmt during the quarter; it also shipped 94,000 dmt of spodumene concentrate. The company is maintaining its full-year production guidance at 450,000 to 475,000 dmt.

In April, Mineral Resources and partner Ganfeng agreed to optimise production and upgrade Mount Marion's processing facilities. Spodumene concentrate capacity at the operation is expected to increase from 450,000 dmt per year to 600,000 dmt annually.

“The decision to upgrade the plant reflects an expectation that the lithium market outlook will remain extremely strong for the foreseeable future,” the company said in a press release. A second stage increase, expected to be completed by the end of 2022, will see capacity rise further to reach 900,000 dmt.

Aside from Mount Marion, the company holds interests in Wodgina in partnership with another top producer — Albemarle (NYSE:ALB). The companies decided to restart Wodgina last year as a result of soaring global lithium demand. The mine produced its first spodumene concentrate on May 12.

“(We have) also agreed to review the state of the global lithium market towards the end of this calendar year to assess timing for the start-up of Train 3 and the possible construction of Train 4,” the company said. Each train has a nameplate capacity of 250,000 dmt of 6 percent product.

Mineral Resources’ share price was down 10.71 percent on May 10, trading at AU$52.71. That said, the stock is up 9.11 percent year-on-year.

During the March quarter, Argentina-focused Allkem (ASX:AKE,OTC Pink:OROCF) outlined its plans to increase lithium production threefold by 2026 and become a top three chemicals supplier.

In Western Australia, the company owns the Mount Cattlin mine, which produced 48,562 dmt of spodumene concentrate and shipped 66,011 tonnes in the March quarter.

“Strong conditions in the spodumene market are supporting advanced discussions for spodumene concentrate pricing in the June quarter of approximately US$5,000 per dmt SC6 percent CIF on sales of approximately 50,000 tonnes,” the company told investors in a note.

In Argentina, Allkem operates the Salar de Olaroz and is developing the Sal de Vida lithium brine. Additionally, in partnership with Toyota Tsusho (TSE:8015), Allkem is building a 10,000 tonne per year lithium hydroxide plant in Naraha, Japan. The company also owns the James Bay lithium pegmatite project in Canada.

On May 10, shares of Allkem were changing hands for AU$10.95, down 2.23 percent year-to-date, but up over 55 percent year-on-year.

Although its main focus is nickel, Independence Group (ASX:IGO) joined the lithium party last year after it bought a stake in Tianqi Lithium’s Australian assets. The companies, in joint venture, now control the majority of the biggest lithium mine in the world — Greenbushes.

Production at the mine was up 5 percent quarter-on-quarter at 270,464 tonnes of spodumene concentrate. By 2025, Greenbushes is expected to add around 800,000 tonnes per year to its output capacity.

IGO has seen its share price decline 4.63 percent year-to-date, trading at AU$11.34 on May 11. However, the stock is up 47.27 year-on-year.

Don’t forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

person holding lit light bulb over desk next to ascending stacks of coins

At the recent RIU Resources Round-Up event in Sydney, Harry Fisher of CRU Group shared key factors battery metals investors should keep an eye out for.

After 2021's big price increases for raw materials, all eyes are on what may happen next in the electric vehicle (EV) market ― the main driver of demand for battery metals such as lithium and cobalt.

EV sales had a stellar year in 2020, even as the world suffered through the brunt of the COVID-19 pandemic, and 2021 brought strong sales numbers as well.

“EV sales doubled last year alone, and we're expecting them to surpass 10 million this year,” Harry Fisher of CRU Group told the audience at the RIU Resources Round-Up in Sydney last week.


CRU Group is forecasting that EV penetration will reach 20 to 22 percent by 2026 ― that would translate to an additional 17 million in annual sales compared to today.

“Since 2017, we've had more than 50 percent annual growth for EV demand each year, and over the next 20 years EV battery demand will increase by more than 10 times,” Fisher said.

The analyst shared with the audience the main themes he believes will continue to be front and centre in discussions surrounding the battery metals industry.

“We've seen incredible price performance, particularly for lithium, and also for cobalt and nickel, in the last really 18 months, but even more so this year,” Fisher said. “I don't think many of us expected prices to go as high as they have gone, particularly for lithium and nickel.”

Lithium prices have increased north of 400 percent since 2021, with nickel prices on the London Metal Exchange reaching a historical high of more than U$100,000 per tonne earlier this year. These high levels have been hitting EV producers, many of which have increased prices.

“In the last week or so, we've seen that the battery producers' Q1 margins have fallen substantially, so they're really feeling the heat of this, and that is starting to have some tangible effects in the market,” Fisher said.

All in all, CRU is expecting prices to level off the current peak, but to remain strong in the medium term on the back of demand from the EV sector.

Another big theme to keep an eye on is the increasing regionalization of supply chains. Even though EV and battery makers in Europe and North America have made announcements about setting up gigafactories, there has not been a lot of movement in the upstream and the midstream parts of the supply chain.

Around 40 percent of lithium supply comes from South America, with another 45 percent coming from top-producing country Australia. For cobalt, 70 percent of supply comes from the Democratic Republic of Congo. But all that output ends mostly in China ― which controls over 70 percent of the midstream.

“That's obviously not ideal from a supply security perspective, but it also means the supply chains aren't particularly efficient from a cost perspective,” Fisher said. “Also, from a safety perspective, moving around battery chemicals, precursor batteries — it makes a lot more sense to have the upstream and midstream closer to market.”

With EV demand expected keep soaring, there’s a lot more that needs to be done to strengthen supply chains.

“We need to start seeing more investment to support the EV markets, and to prevent them from relying solely on China and Asia for all of their battery materials,” Fisher said.

Don't forget to follow us @INN_Australia for real-time news updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

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