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Shepstone Management Company, Inc.
Readers pass along a lot of stuff every week about natural gas, fractivist antics, emissions, renewables, and other news relating to energy. As usual, emphasis is added.
China is playing the U.S. like a violin:
China’s Ganfeng Lithium, one of the world’s top producers of the battery metal, is going ahead with the takeover of Bacanora Lithium (LON: BCN) as the Mexico-focused explorer and developer has accepted a sweetened £284.8 million (about $391m) cash offer…
Beijing announced last year a development plan for the so-called new energy vehicle (NEV) industry in 2021-35. It is targeting a 20% share of NEVs in the country’s total vehicles sales by 2025, which supports the demand for battery materials in the long run.
Gangfen paid C$353 million ($278m) in July for Canada’s Millennial Lithium, which has the Pastos Grandes project in Argentina. The previous month it had paid $130 million for half the Goulamina lithium mine in Mali.
The Chinese miner is also advancing a planned C$353 million ($280m) acquisition of Argentina-focused Millennial Lithium, which will give it control of four of Latin America’s biggest lithium deposits, hosting combined lithium carbonate equivalent resources of 43.5 million tonnes, based on figures from Mining Intelligence.
Gangfend is simultaneously exploring setting up a batteries plant in Argentina, where is developing the Cauchari-Olaroz lithium brine project, in the country’s northwestern Jujuy province.
An International Energy Agency (IEA) report published in May recommended governments to start stockpiling battery metals, noting that lithium demand could increase 40-fold in the next 20 years. IEA executive director Fatih Birol said this would become an “energy security” issue.
Whose energy security is the question and it isn’t that of the U.S., which has the natural gas and oil to ensure such security but is being sold out by corporatists and politicians invested in green eggs and scam. China desperately wants us to buy and then we’ll be at their mercy for lithium. It’s not hard to follow.
Hat Tip: C.K.
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