The Battle For Lithium – Reached New Heights

https://catchonpakistan.com/2022/05/24/the-battle-for-lithium-reached-new-heights/

LITHIUM metal is emerging with a very high hope in future, especially its requirement for the battery industry for electrical cars and mobile phones. In China, over the weekend, the battle for lithium reached new heights. On Saturday, an auction that lasted five days and six nights finally came to an end: A majority stake in a lithium mine in Sichuan province sold for $298.58 million) on JD.com’s auction platform — 596 times the opening price. The mine in question, located in a nominally Tibetan prefecture in Sichuan, China has reserves of around 724,000 tons of lithium.

From May 16 to 21, the auction for the lithium mine attracted 21 bidders who made a total of 3,448 bids, while an online audience of nearly a million people watched proceedings. Based on the successful bid, the purchase price of a single ton of Lithium Carbonate Equivalent (LCE) from the mine, i.e. the first commonly traded lithium intermediate in the value chain, would be about $758. But after adding the transaction commission and debt related to the transaction, the final price of $437.41 million yields a purchase price per ton of lithium of $1,111.This is significantly higher than other recent lithium mine acquisitions in recent days. Read More https://catchonpakistan.com/2022/05/24/the-battle-for-lithium-reached-new-heights/