Lithium Price Skyrockets As New Mines Open
As lithium price skyrockets, a South America company is building new lithium mines in Brazil. Specifically Blue Sky Lithium will increase its commercial production of high-quality lithium hydroxide LiOH in 2023.
Additionally LiOH demands increases as production of electric vehicle batteries grows. Due to global lithium supply shortage that has sent prices for the metal rocketing up 180% in 2022.
Blue Sky Lithium Mining announcing it will start commissioning the Iguatu and Minas Gerais projects this month. In addition BLSX goal is to have lithium hydroxide ready for shipping by the end of March 2023.
At the same time, the South America based group plans to double its targeted annual output to about 8,000 tonnes of lithium hydroxide.
Blue Sky Lithium is working to place itself among the top four global lithium producers. For example, US-based Albemarle, SQM of Chile and Chinese group Ganfeng Lithium top companies.
To illustrate lithium prices have risen 200% to over $75,000 a tonne since the start of 2021. A very tight market has carmakers in a panic to secure lithium supplies. Furthermore lithium a commodity that, along with cobalt and nickel, is vital for electric vehicle manufacturing.
Lithium High Demand Limited Supply High Profits
For example Blue Sky Lithium Mining Reports third-quarter revenue more than quadrupled. Thus the high demand, and price for lithium, is true white gold rush.
Investor enthusiasm rockets 200% rise in lithium spot price this year. Thus the global high price of lithium offers BLSX many opportunities to grow in the Brazilian market. For example Blue Sky Lithium Brazilian developments are among the first next generation hard rock lithium mining operations.
“Blue Sky Lithium is uniquely ready in the Brazil market as one of the few lithium projects coming online in 2023. Its all about the timing when we have this record high pricing environment,” said Frederick Astor, CEO of BLSX.
Most lithium hydroxide extractions is from hard rock mines in Australia. Next the LiOH is sold to China for further refining. In Chile and Argentina, lithium metal mines are salty brines pumping from underground and evaporated in man-made ponds.
Lithium Price With BLSX 2023 Expansion
Additionally McKinsey forecast global lithium production will increase from 540,000 tonnes LCE in 2021 to as much as 3.2mn tonnes annually by the end of the decade. However with current projections, demand will still outpace lithium production.
Blue Sky Lithium will have an initial capacity of 5,000 tonnes of lithium in its Brazilian hard rock mines. BLSX Brazil mines will be some of the most productive in the Americas. Additional with high industry standard of 1.41 per cent average concentration of lithium oxide in its spodumene will see strong output.
Furthermore an upgrade estimate of proven and probable lithium mineral reserves across its sites in South America. Also BLSX unveiled a new $7 million ICO offering for investors.
While automotive manufacturers make deals to buy lithium directly from raw material suppliers. Blue Sky Lithium is finalising new sales agreements almost daily. Blue Sky has new sales agreements with South Korean and China battery makers just in the Q4.
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