Billionaire mining scion John Hancock’s wealth is surging off the back of record highs in iron ore prices. But from its current elevated levels, even he admits there is a limit to the upside for the key steel-making ingredient. “You aren’t going to see the iron ore price go up multiples from here,” Hancock says.
Interest in the lithium mining sector has soared with each new announcement of a major car maker’s plans to go fully electric or major economies announcing multibillion-dollar investments to push the electrification and decarbonisation of their transport infrastructure.planned $4 billion mergerFor more evidence of just how hot lithium’s prospects are right now - after years in the doldrums - you only need to look at Hancock’s substantial stake in Vulcan Energy Resources.
Australia’s lithium sector has provided investors with a rollercoaster ride over the past decade with a China-driven boom petering out in 2019 thanks to a drop in that country’s demand incentives just as fresh supply came online in Australia - the largest source of lithium. And the automakers will need to deal with large reputable suppliers with global scale, not one-project wonders, says Galaxy’s chief executive Simon Hay of the merger with Orocobre to create a global player.
Tesla CEO Elon Musk. The car maker’s demand for lithium by 2030 exceeded the entire industry’s projections.In November, the UK brought forward plans to phase out petrol cars to 2030, matching Germany’s target. The industry got another major kick-along in late January when GM announced its path to purely e-vehicles by 2035.will include $US174 billion worth of spending to encourage Americans to switch to e-vehicles.
“Because the geothermal pays for itself, we should be one of the lowest operating cost lithium operations out there,” says Wedin.
Greenies Like To Gloss Over The Fact That Lithium Is A Mined Rare Earth Metal Which Is Causing Wars. Batteries Are NOT Green Energy. The Processes To Mine, Create And Recycle Them Causes Pollution.