Lithium stocks slide amid Asian supply, SQM’s Corfo talks
Jan. 16, 2018 11:57 AM ET|By: Carl Surran, SA News Editor
Top lithium stocks are weak in today's trade, as supply addition talks are coming from Toyota buying a stake in Orocobre and Chinese investment to increase capacity.
The selloff also is occurring ahead of Sociedad Quimica y Minera’s (SQM-7.3%) upcoming talks with Chile’s government development agency Corfo; SQM fell as much as 8.7%, while currently ALB-3.9% and FMC-2.4%.
Toyota's (NYSE:TM) Tsusho unit will invest $232M to take a 15% stake in Orocobre, primarily for the expansion of the Olaroz facility which will more than double capacity to 42.5K metric tons/year, in the latest move by an Asian automaker to secure battery metals as the industry accelerates its development of electric vehicles.
Source: Bloomberg First Word
