Hard rock lithium newcomer takes on China

Asia's Tech News Daily

Hard rock lithium newcomer takes on China

Lithium newcomer Winsome Resources intends to weaken China's dominance in the mineral needed for electric cars and batteries.

The lithium explorer and developer will make its Australian stock market debut on Tuesday as it targets production within five years at its hard rock lithium prospects in Quebec, Canada.

Perth-based managing director Chris Evans told AAP that Australia has traditionally relied on China to process the output from Western Australia's lithium mines.

“In the recent tensions with China, investors are interested in an Australian lithium story that doesn't involve China,” he said.

Lithium is on the critical minerals list of both the United States and Canada as both countries adopt more ambitious plans to decarbonise their economies, which will require a range of ingredients.

“North America is trying to very quickly develop its own internal battery supply chain – to produce the batteries but also source the raw materials,” Mr Evans said.

Quebec, in particular, has several hard rock lithium mines being developed.

“Canada is pretty much acting like the 51st state of America when it comes to critical minerals,” he said.

“We're very confident that within the next five years there'll be one if not two or three lithium conversion facilities built within Quebec, so we'll be able to have our product converted locally.”

Currently, Western Australia produces about half of the world's lithium as hard rock lithium concentrate.

Most is sent to China to be processed into lithium hydroxide or carbonate – the main lithium chemicals that go into batteries.

Mineral Resources' hard rock lithium mines at Mt Marion in the Goldfields and Wodgina in the Pilbara region make it one of the world's largest owners of hard rock lithium assets.

Pilbara Minerals is also jockeying to become a low-cost, long-term lithium producer.

A different process of producing lithium, from brines in vast salt lakes, is used by established ASX-listed lithium producer Orocobre.

Orocobre merged with Galaxy Resources in August to combine assets in Argentina's “Lithium Triangle” with Galaxy's Mt Cattlin lithium mine in Western Australia to create the world's fifth-largest lithium company.

Headquartered in Australia, Orocobre last month began to build a processing plant in Japan to convert lithium carbonate into battery grade lithium hydroxide, already looking at a future supply chain that doesn't rely on China.

More ambitious emissions reduction targets in Europe and North America have seen governments ramp up subsidies for electric cars to help take petrol and diesel vehicles off the road.

Canada plans to phase out sales of new petrol and diesel-powered cars and light trucks by 2035 as part of its plans to achieve net zero emissions by 2050, and has state and federal subsidies for buyers.

Most of the world's car makers have announced plans to go electric, but Japan's Toyota Toyota Motor Corporation is also adding hydrogen vehicles to its future fleet.

“The enemy is carbon, not internal combustion engines,” Toyota chief executive Akio Toyoda said earlier this month.

Toyota did not join a pledge made by some car makers at the Glasgow climate conference to work towards all new car sales being zero-emission by 2040 – and in some markets by 2035.

But North American giants Ford Motor and General Motors as well as Europe's Volvo, Mercedes-Benz, Jaguar Land Rover and China's EV maker BYD Co have signed up.

Australia was not a signatory but is pursuing its own future fuels strategy backed by a $250 million fund.

Federal priorities include access to public electric vehicle charging and hydrogen refuelling, safely plugging battery EVs into the electricity grid, heavy and long-distance vehicle technologies, and commercial fleets.

Brisbane start-up Evos launched a homegrown EV charger this month, targeting government fleets as the NSW, South Australian and Tasmanian governments plan electric vehicle-only fleets by 2030.

From 2024, the European Union will bring in new rules on lithium batteries, which will require disclosure of their carbon footprint.

The World Economic Forum has said it is concerned the production of the raw materials that go into EV batteries, including lithium, cobalt, nickel and manganese, can be carbon intensive.

“In Quebec, 99 per cent of all power is hydro power, which means we can harness that. We have hydro power lines passing through our claims,” Mr Evans said.

“We'll have a low carbon footprint product that will hold us in good stead for onselling that to end users.”

He said there was no doubt over the next decade the world would need 10 times as much lithium as it produced today.

“There's more than enough room for all the lithium plays to get into production over the next 10 years,” he said.

Many people who invest in new mining stocks like to be gamblers.

“Winsome means pleasant or attractive, so it's a nice word and a play on words – you win some,” he said.

Mr Evans said he planned two to three years of exploration and resource development, followed by an 18-month to two-year period of construction and starting production.

“Four to five years is reasonable, and these things can always be fast-tracked.”

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Qld youth jail plan ditched after backlash

A Queensland police watch house will not be converted into a youth jail after the state government scrapped the plan following a community backlash. Youth Justice Minister Leanne Linard said ... Read more »

NT police probe Darwin bush camp death

Police investigating a woman's death in a Darwin bush camp say they have not ruled out foul play. The woman died about 12.30am on Monday in scrubland in the northern ... Read more »

Sydney ferries beset by 43 defects

The NSW government's transport woes are continuing after it was revealed there were more than 40 defects in a new fleet of ferries. The 10 smaller River Class ferries have ... Read more »

Vic male nurse banned from health sector

A male nurse jailed for sexually assaulting a patient and recording videos of colleagues undressing at a Melbourne hospital has been banned from nursing for at least 10 years. Sean ... Read more »

ACT records 1601 new cases, one death

The death toll from COVID-19 in the national capital has risen to 19 after a woman in her 50s became the ACT's latest fatality with the virus. Canberra recorded 1601 ... Read more »

'They failed him': family protest in Dubbo

Standing in the shadow of Dubbo hospital, Ricky Hampson Sr's voice begins to crack when remembering his son. “His spirit is inside me today,” Mr Hampson Sr said, his voice ... Read more »

Masks back in WA as Omicron cases grow

Western Australia is bracing for a possible surge in COVID-19 cases as the highly infectious Omicron variant spreads in the community. Face masks are again being enforced in Perth and ... Read more »

ASX gains limited before China GDP data

Australian shares were mostly higher but gains were being limited by losses for materials shares. The ASX was only a little higher on Monday, following mixed results for US markets ... Read more »

Gas-fired robbery cheats Aussies: report

A “gas-fired robbery” is underway in an offshore heist that is cheating Australians out of a much-needed tax windfall, a report says. “What if you gave your house to a ... Read more »

Wesfarmers H1 has Kmart sales setback

Wesfarmers is on course for first-half earnings which will satisfy investors but the coronavirus has crippled Kmart and Target. The group on Monday reported first-half net profit after tax should ... Read more »

Terror plotter faces death threat charge

Terror-plotter Alo-Bridget Namoa, who continued to access Islamic State material after her release from prison, is back in custody accused of making a death threat. The 24-year-old is due to ... Read more »

Life expectancy rising through pandemic

Lockdowns helped Australian life expectancy increase more than any other country throughout 2020 and make it “one of the safest places in the world”, a new study has found. Researchers ... Read more »

SA expands regional RAT roll out

South Australia's first regional collection site for COVID-19 rapid antigen tests has been opened in the state's Riverland. The new site is in the old Glossop High School and the ... Read more »

'Significant concerns' at RAT prices: ACCC

The consumer watchdog is “significantly concerned” about the skyrocketing prices of COVID-19 rapid antigen tests. The ACCC said at the “extreme end” it had received reports of RATs costing up ... Read more »

NSW records 17 deaths, 29,504 COVID cases

NSW has reported 29,504 new COVID-19 cases along with a further 17 virus-related deaths. Hospital numbers continue to rise, with the state's hospitals now caring for 2776 COVID-19 patients – ... Read more »

NZ air force flight to assess Tonga damage

A New Zealand Defence Force aircraft has left Auckland on a reconnaissance flight to assess damage in Tonga, around 36 hours after the mammoth volcanic blast. Communication to the remote ... Read more »

Rules for Djokovic needed to be upheld: PM

Prime Minister Scott Morrison has declared border rules needed to be upheld after unvaccinated tennis star Novak Djokovic was ejected from Australia. The world No.1 flew out of the country ... Read more »

Blue Mountains girl, 9, missing four days

The search for nine-year-old Charlise Mutten has resume after the NSW girl went missing from a home four days ago. Charlise's parents say they last saw the girl on Thursday ... Read more »

This is the winner of Maestro

After his win, he gave one more encore and the rapper took home the golden baton. Rosario Mussendijk, as Sor is called in full, also defeated Plien van Bennekom, Eva ... Read more »

Broker Stijn Francis about the consequences of Operation Zero for football: ‘The culture has not changed at all'

‘A change of mentality in football? Forget it.’ Former professional player, ex-lawyer and football broker Stijn Francis remains little hopeful about the future of his sector, even after the prosecution’s ... Read more »

Aust flight to assess Tonga tsunami damage

Australia will send a surveillance flight to help Tonga assess tsunami damage after an underwater volcano eruption. The P-8 plane is set to reach Tongan airspace by 9am on Monday ... Read more »

Brussels is fighting the tech giants, start-ups are already jumping in the gap

Brussels is working on two new laws to control the power of Big Tech restrict. Not everyone waits patiently for this to happen: start-ups, young fast-growing companies, are responding to ... Read more »

Victoria begins mass RAT dole out

Victorian health and emergency workers, community groups and people with pre-existing health conditions will begin receiving their share of millions of free rapid antigen tests on Monday. The state received ... Read more »

Deloitte upbeat on outlook despite Omicron

A prominent economist expects Australian economic growth to remain above average in 2022, despite the challenges from the COVID-19 Omicron strain and faced with a softer Chinese economy, its number ... Read more »

Enforcement has to clear full Greek restaurant in Roermond

Photo: ANP Greek Restaurant Irodion in Roermond had to ask the guests in the restaurant to leave the business immediately on Saturday evening. The restaurant had been ordered to do ... Read more »

Chased car knocks police car off the road

Photo: ANP A police car was knocked off the road in Alphen aan den Rijn on Saturday evening during a chase and collided with a lamppost. The officers in the ... Read more »

Charges laid over Brisbane CBD stabbing

A man has been charged with attempted murder after a 52-year-old was stabbed in the neck in Brisbane. Police said emergency services discovered the 52-year-old man with a “significant stab ... Read more »

Search continues for girl missing in NSW

Police divers have joined a large-scale search for a nine-year-old girl who has been missing in the NSW Blue Mountains since Thursday. Charlise Mutten was last seen at a property ... Read more »

News alarm: Torchlight in Groningen + Djokovic really has to go

Good morning! Did you sleep in on Sunday? In this News Alarm we tell you the latest news of this weekend and you can read what will happen today. Weather ... Read more »

End of soap: Novak Djokovic loses appeal and has to leave Australia immediately

In recent weeks, Australia has been captivated by the saga surrounding the world’s number one. Djokovic was told on Friday that he must still leave the country because he has ... Read more »

Two men charged over Sydney stabbing

Two men have been charged after a 40-year-old man was stabbed in the neck and died in hospital following a fight in Sydney's west. Police say they were called upon ... Read more »

Woolies hits back over supply criticisms

Woolworths has returned serve after Australia's largest union body claimed the supermarket giant turned a blind eye as one of its main suppliers had COVID-positive employees keep working. ACTU president ... Read more »

Brewhaha as COVID lockdowns decimates beer sales

Australians haven’t been able to drown their sorrows at a pub during the coronavirus pandemic. Australian Tax Office figures show that pubs and clubs sold 40 million fewer pints of ... Read more »

Tory fury as BBC 'breaches impartiality over Partygate': Newsnight airs 'horror video' packed with clips of angry MPs calling for Boris Johnson to quit over lockdown party scandal

BBC at centre of impartiality row over Newsnight video detailing Partygate Show opened with angry politicians' quotes and clips of PM Boris JohnsonSir Iain Duncan Smith slammed BBC for limited coverage of Keir Starmer claims Read more »

Aussie farmers keen to harvest knowledge

Australian farmers are increasingly embracing the role of global research in helping improve their lot. A Curtin University-led review has found demand high for the expansion of an online international ... Read more »

Beforepay's debut raises money and worry

Beforepay has been helping Australians get their salaries early and now investors can own a slice of the alternative lending action. “Get access to your wages instantly. It's quick and ... Read more »

Marielle (46): ‘I don't know if this is a good salary for my age'

SalaryHow much do you earn? We ask a Dutch person every week. Today: Marielle (46) works 32 hours a week as a deputy director at a primary school. What do ... Read more »

Woolies lashed for supplier's virus policy

Woolworths has been lashed by a union for turning a “blind eye” to one of its main suppliers forcing COVID-19 positive employees to keep working alongside their virus-free colleagues. ACTU ... Read more »

Djokovic to face last-ditch legal battle

Read more »

Tsunami warning for east coast, islands

An underwater volcano eruption near Tonga has sparked a tsunami warning for parts of Australia's east coast and Lord Howe, Norfolk and Macquarie islands. The Bureau of Meteorology said the ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic