AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- The lithium industry is not hot as it was in 2021.
- Some lithium companies like Allkem Limited and Mineral Resources Limited are on their way to speeding up lithium production.
The lithium industry is not hot as it was in 2021 as concerns over a possible dramatic drop in the price of the battery-making material in the near future have dampened enthusiasm of the investors.
There are many ASX-listed companies which are already producing lithium. These include Allkem Limited, Mineral Resources Limited, Pilbara Minerals Limited and Vulcan Energy Resources Limited. The shares of these companies are trading in the red zone today.
On the other hand, ASX 200 Materials Index was also 5.49% or 977.70 points down at 16,830.20 points at 3.01 PM AEST.
Allkem Limited
Allkem (ASX:AKE) is an Argentina-based mineral exploration, and production business focused on lithium and potash exploration. The company was formed in 2021 after the merger of Galaxy Resources and Orocobre.
Allkem intends to triple its lithium production by 2026 and maintain a 10% share of the global lithium market over the next ten years.
Shares of Allkem were trading 7.38% lower at AU$10.04 each on ASX today at 3.18 PM AEST. The company's shares have fallen around 3.5% on a YTD basis.
Also Read: SYA, CXO, PLS, PLL, INR: How did these ASX lithium stocks perform today?
Source: © Leimaneagita | Megapixl.com
Mineral Resources Ltd
Mineral Resources Ltd (ASX:MIN) is an Australian mining services firm with hard-rock lithium and iron ore resources in its portfolio.
On 2 June 2022, the company announced that it had signed an agreement with MQR to have the lithium rights at MQR's West Spargoville Project (WSP).
On May 24, 2022, Buru Energy Limited (ASX:BRU) and Mineral Resources' wholly-owned subsidiary Energy Resources Limited (EnRes) had announced that they would farm out Buru's interest in L20-1 in the onshore Carnarvon Basin to EnRes.
Under the farmout conditions, Buru will assign a 25% permit interest and operatorship of L20-1 to EnRes, giving Buru a 25% permit interest and EnRes a 75% permit interest.
On the other hand, Mineral Resources has agreed to speed up the commencement of production at Wodgina's Train 2. With a nameplate capacity of 250,000 dry metric tonnes, the first spodumene concentrate from this train is scheduled for July 2022.
Shares of Mineral Resources were trading at AU$54.74 per share, down 3.64% on ASX at 3.27 PM AEST today. The company's shares have fallen around 2% YTD.
Source: © Secretside | Megapixl.com
Pilbara Minerals Limited
Australian mineral exploration firm Pilbara Minerals (ASX: PLS) has Pilgangoora lithium-tantalum project in Western Australia.
Pilbara Minerals and Calix (ASX: CXL) announced on 1 June 2022 that they have reached an agreement on key commercial conditions for the formation of a Joint Venture to develop a Demonstration Plant and potentially commercialise the (Mid Stream) technology.
Shares of Pilbara were trading at AU$2.13 apiece, down 5.56% on ASX today at 3.38 PM AEST. The company's shares have fallen over 33% YTD.
Vulcan Energy Resources Limited
Vulcan Energy Resources Limited (ASX:VUL) is a European geothermal energy and exploration company. The firm is looking for lithium, copper, and zinc deposits. Vulcan Energy Resources Limited was established in 2018 in Perth, Australia.
It owns a stake in the Zero Carbon Lithium project and the Vulcan Lithium project in Germany's Upper Rhine Valley. Vulcan Energy intends to start its first lithium commercial plant in 2024.
Shares of Vulcan Energy were 11.28% down, trading at AU$5.71 per share on ASX today at 3.47 PM AEST. The company's shares have recorded negative growth of around 45% YTD.
Also Read: How did Core Lithium (ASX:CXO) stock perform on YTD basis?
