Just this week, plans were announced for two massive battery plants in NSW on the site of coal-fired power plants.
Furthermore, PayPal founder Peter Thiel revealed he had invested in a Canadian-listed play, Rock Tech Lithium, which is planning a US$400 million (A$517 million) lithium factory in Germany to support the planned European battery industry.
Another deal sending out large ripples through the sector is between Mr Musk’s Tesla and China’s Sichuan Yahua Industrial Group which will see the Chinese company supply up to 17,600t per year of lithium hydroxide for the batteries in the US-made electric vehicles.
It has been a long, slow climb back from 2018 when lithium prices collapsed due to oversupply and a rush of exploration companies into the space.
Two years ago, the market judged that all the hype about lithium demand and batteries had been overdone and the growth in demand had been underwhelming.
LCE and lithium hydroxide prices fell by more than 50%, taking the ASX-listed lithium companies down with them.
Serious shortfalls predicted
But industry analysts are now predicting a serious shortfall in lithium carbonate and lithium hydroxide supply beyond 2025
Just this week, US lithium major Albemarle Corporation warned that, unless lithium prices rebound to a level which will encourage miners to develop and expand projects, there may not be enough lithium supply to meet demand by 2025, at which time electric vehicle battery demand is expected to have tripled from its present level.
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