Ann: Change in substantial holding, page-29

Thank you. That confirms my hypothesis that EVs sold later this year will be supplied with the cheaper Li from last year. Surely, if the savings are passed on, that should result in even greater sales of EVs, and more demand for batteries and Li.

This destocking cannot continue forever?
Going to the table at

https://hotcopper.com.au/posts/72199688/single

we see that new global EVs will require 874,782 tonnes LCE for 2024. But the batteries must come from LCE produced in 2023.

The same table shows an estimate that LCE global production in 2025 is 1,140,000, of which 787,000 is for EVs.

So using the same ratio 1140000/787000, the total global production of LCE for 2023 must have been 1,267,155 tonnes to be able to supply the EVs in 2024. That corresponds to 13 Pilgangoora sized mines at P680.

Where were these mines last year?

My figures are screaming big shortage of Li.

Could this have been supported by excess stock purchased at top price in late 2022?

Or is China getting large supplies from its mines in China and Africa that we don't know about?

Or is there some scam going on?

Or maybe my maths is way out?

Or the assumptions and/or quoted references are wrong?