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Creating A Lithium Cartel In South America May Drive Away Investments, Warns Ana Cristina Cabral-Gardner, CEO Of Sigma Lithium Resources.
Currently, Argentina, Bolivia, Brazil, and Chile are evaluating the possibility of creating a group to expand lithium processing capacity in the region, aiming to transform a larger amount into batteries and enter the electric vehicle manufacturing.
However, Cabral-Gardner warns that this initiative could be detrimental to the countries involved, as lithium is an abundant mineral, and in similar past initiatives, there were strategic mistakes that were very costly.
Furthermore, the CEO of Sigma Lithium Resources emphasizes that taxes on cobalt and lithium in Congo and Chile are an example that the creation of a cartel may drive away investments and be harmful to the countries. According to her, there is a lot of capital available to invest in lithium, and any exclusive initiative may penalize the involved countries.
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The search for lithium supply in the past two years has increased the price of lithium carbonate by more than six times and spodumene by almost ten times. However, the imminent supply from countries like China, Australia, and Chile, combined with slower demand from Chinese manufacturers, has reduced prices. Goldman Sachs estimates that spot prices for lithium carbonate will fall to US$ 34,000 per ton in the next 12 months, down from an average of US$ 53,304 this year.
The lithium miner Sigma Lithium is about to begin the production at its Grota do Cirilo mine, located in Minas Gerais. According to CEO Cabral-Gardner, the company remains optimistic despite recent market declines, stating that lithium is abundant, and low-cost producers will perform well.
During the first production phase, Grota do Cirilo will generate up to 270,000 tons per year of high-purity battery-grade lithium concentrate, equivalent to about 36,700 tons per year of lithium carbonate equivalent. The TSX Venture Exchange in Canada highlighted Sigma Lithium as one of the top-performing companies on its 2023 Venture 50 list.
Additionally, there are rumors that Tesla is considering acquiring the miner. Bloomberg reported this information last month, which led to Sigma’s stock gaining value on the stock exchange. As a result, expectations are that the company’s lithium production could attract even more investors and accelerate the development of the production chain.
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