Australia: Insatiable Lithium Demand

Bloomberg/Yahoo Finance headline: Insatiable Lithium Demand Fuels Investment Boom in Australia
Harry Brumpton and Annie Lee

Thu, August 4, 2022 at 10:43 PM·4 min read

https://finance.yahoo.com/news/insatiable-lithium-demand-fue…

Executives from Australia’s lithium industry were inundated by bankers and brokers at the Diggers & Dealers Mining Forum in the outback town of Kalgoorlie this week, talking up deals to secure some of the estimated $42 billion worth of investment needed for metal producers to meet their goals. Global automakers have snapped up producers’ shares on the open market, scrapped over supply agreements and even handed over cash for mine expansions.

“The appetite is insatiable,” Dale Henderson, chief executive officer of Pilbara Minerals Ltd., said in an interview. “Any producer in lithium is very popular at the moment.”

With all net growth in car sales last year coming from EVs, demand for the raw materials in batteries has ramped up suddenly. China dominates the lithium supply chain, so Western nations have sought to develop their own production. Miners in Australia – home to about half the world’s supply, according to the US Geological Survey – are now being courted by automakers waving checkbooks.

$LIT (Lithium etf) weekly chart shows an attempt to break out of Bull Flag pattern:

https://schrts.co/eBbCxXiT

$LIT monthly chart shows the 6 x 10 EMAs threatening a bullish crossover

https://schrts.co/HMJqwpUG

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