The price of lithium has surged on the back of growing global demand for high-tech devices, storage batteries and electric cars.
Lithium Australia recently took advantage of the positive sentiment by completing a $6.55 million share placement during one of the worst weeks in trading history.
It is a stark contrast to a major price drop in key bulk mineral commodities like coal and iron ore. Managing director Adrian Griffin says the demand for lithium will only grow, especially for lithium-ion batteries.
“I think we’re talking about a paradigm shift in the way people think about power,” Mr Griffin said.
“That means renewables (renewable energy) and it means a move to portable power, and it doesn’t matter if it’s your laptop, your mobile phone, your car, or even your city.
“The types of power being generated in the future are going to require storage and lithium gives you the ability to store that power.”
Adrian Griffin said lithium is traded as either a carbonate or a hydroxide, and the market is hungry for both.
“The lithium carbonate spot price at the moment about $US10,000 (AUD$14,362) a tonne and the spot price for lithium hydroxide is about $US14,000 ($20,110) a tonne,” he said.
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