Utah Direct Lithium Extraction Project Advances With Posco-Anson Partnership

Anson Resources

Utah direct lithium extraction development is moving forward after Posco and Anson Resources agreed to build a demonstration plant at the Green River Lithium project in the Paradox Basin.

Utah direct lithium extraction will use Anson’s brine resources, while Posco will lead the design, construction and operation of the demonstration facility. Posco will also pay Anson a $5.2mn facilitation fee under the agreement.

Utah direct lithium extraction is strategically important because the project targets domestic battery-grade lithium production without relying on conventional evaporation ponds. Operations at the demonstration facility are scheduled to begin in 2027, with completion expected in 2028.

The wider Green River project is designed to produce 10,000 t/yr of lithium carbonate and has already secured major permits, financing interest and an anchor customer.

DLE Demonstration Will Test Commercial Processing Route

The demonstration plant will determine whether Posco’s DLE technology can recover lithium from Green River brines efficiently and consistently enough for commercial-scale production.

Direct lithium extraction is attracting growing interest because it can potentially reduce land use and shorten processing times compared with traditional brine evaporation.

However, commercial performance depends heavily on brine chemistry, recovery rates, reagent consumption and water management. Demonstration-scale operation is therefore a critical step before committing to full production.

Posco’s involvement adds technical and industrial expertise to the project. The Korean group has been expanding across battery materials and lithium supply chains, giving the Green River project a stronger downstream connection.

If the demonstration performs as expected, Anson would have a clearer route toward financing and construction of the 10,000 t/yr commercial operation.

Financing and Offtake Strengthen Green River Economics

Green River has already secured several important elements needed for project development.

The US Export-Import Bank has issued a $330mn letter of interest, providing a potential source of debt financing for the project.

Anson also has a binding offtake agreement with LG Energy Solution covering 40% of expected production. That provides long-term demand visibility and directly connects future Utah lithium output with battery manufacturing.

Estimated capital expenditure stands at $495mn, while projected operating costs are $4.37/kg of lithium carbonate equivalent.

Those economics could make Green River competitive if the DLE process reaches targeted recoveries and operating performance.

The combination of Posco technology, US financing support and LG Energy Solution offtake also illustrates how lithium projects are increasingly being developed through integrated partnerships rather than mining companies acting alone.

The Metalnomist Commentary

Green River is becoming a test of whether DLE can move from promising technology to bankable US lithium production. Posco’s involvement reduces technical risk, while Ex-Im financing and LG Energy Solution offtake strengthen the project’s commercial foundation.

GM Redwood Battery Storage Project Extends EV Battery Value Chain

BESS

GM Redwood battery storage project will deploy repurposed electric vehicle battery packs at a General Motors plant in Michigan, extending the useful life of batteries before final recycling.

GM Redwood battery storage project will combine 100 reused EV battery packs into a 1.5MW/7.2MWh battery energy storage system. The installation will provide dispatchable power and help reduce electricity costs at the manufacturing site.

GM Redwood battery storage project is significant because it connects battery manufacturing, vehicle use, second-life energy storage and materials recovery within one supply chain. Redwood estimates the system will save more than $3mn in electricity costs over its operating life.

The project also shows how retired EV batteries can remain economically valuable even after they no longer meet automotive performance requirements.

Second-Life Batteries Add Value Before Recycling

EV batteries typically retain significant usable capacity when they are removed from vehicles. That remaining energy storage capability can support stationary applications where weight and space are less restrictive than in automotive use.

Repurposing packs for BESS applications can therefore delay recycling while extracting additional economic value from the battery.

For industrial facilities, storage systems can help manage peak electricity demand, provide backup power and shift energy consumption toward lower-cost periods.

The Michigan installation gives GM a direct opportunity to reduce plant electricity costs using batteries already linked to its own vehicle ecosystem.

This model also reduces the need for newly manufactured cells in some stationary storage applications. That can lower incremental demand for lithium, nickel, cobalt, graphite and other battery materials.

However, second-life systems still require testing, battery management and safety controls because used packs can have different degradation histories and performance characteristics.

Redwood Builds Closed-Loop Battery Supply Chain With GM

Redwood's relationship with GM extends across multiple stages of the battery lifecycle. The recycler handles manufacturing scrap, end-of-life EV packs and now second-life energy storage deployment.

Redwood has already received more than 28,000t of material from GM, with another 10,000 EV battery packs expected to enter the pipeline.

The company also works with Ultium Cells, GM's joint venture with LG Energy Solution, to recycle battery production scrap from facilities in Ohio and Tennessee.

This creates a more integrated materials loop. Manufacturing scrap can return quickly to recycling, while vehicle batteries can first enter stationary storage before eventually being processed for material recovery.

The approach could become increasingly important as EV battery volumes grow. Recycling alone captures raw materials, but second-life deployment can add another revenue stage before final recovery.

For automakers, that can improve battery economics while strengthening access to recycled lithium, nickel, cobalt and copper over the longer term.

The Metalnomist Commentary

GM and Redwood are showing that the battery circular economy does not begin with recycling. Second-life storage can create an additional commercial stage between vehicle use and materials recovery, improving both battery economics and supply-chain efficiency.

Indonesia Metals Investment Risk Rises as Policy Shifts Cloud Downstreaming

Indonesia Nickel mining

Indonesia metals investment faces growing uncertainty as frequent policy changes test foreign investor confidence in the country’s mining and processing sector. Jakarta’s latest move to route key commodity exports through a new state-owned enterprise adds another layer of complexity to an already policy-heavy operating environment.

Indonesia metals investment has been supported for years by the country’s downstreaming strategy, especially in nickel. However, investors are now watching whether sudden changes in royalties, export levies, price floors, export proceeds rules and RKAB approvals could weaken the economics of new projects.

Indonesia metals investment remains strategically important because the country dominates global nickel supply and is attracting major aluminium, battery, ferro-alloy and electric vehicle-related projects. But policy direction and policy predictability are not the same thing.

The government’s natural resource strategy is clear. It wants tighter export control, higher state revenue, more domestic value addition and greater retention of foreign exchange. The main concern is how quickly and broadly those rules are implemented.

DSI Export Rule Adds New Uncertainty to Nickel Downstreaming

The planned use of Danantara Sumberdaya Indonesia as a state export channel is the clearest sign of Jakarta’s tightening control over commodity flows. The policy initially targets palm oil, coal and ferro-alloys, but nickel market participants expect broader implications.

Nickel pig iron is likely to be affected because it is a ferro-alloy. That matters because Indonesia’s nickel growth has been built around NPI, stainless steel, nickel matte and battery-material processing.

A centralised export model could reshape how contracts, pricing and payments are handled. If DSI becomes the sole counterparty for overseas buyers, private producers and traders may lose commercial flexibility.

The policy follows several other changes. Indonesia has revised government-mandated price floors, required export proceeds to remain in domestic banks for at least 12 months, adjusted royalty rates, introduced export levy plans and modified the RKAB application process.

These measures all fit Jakarta’s broader resource nationalism agenda. But rapid revisions make it harder for companies to model long-term returns.

Nickel producers have already faced uncertainty over royalty and export duty proposals. The government announced planned changes in April, then postponed them in May before the intended June start date.

This pattern may show that officials are willing to listen to industry feedback. But it also suggests that policy design and communication remain incomplete before major measures are announced.

The risk is that investors begin pricing Indonesia as a less predictable jurisdiction. That could slow downstreaming projects, especially those requiring large capital commitments, long payback periods and imported technology.

Several battery and nickel projects have already faced delays from feedstock constraints, regulatory approvals or weaker market conditions. These include projects linked to Chengtun, Hanrui and LG Energy Solution.

Some operations have also cut or halted production because of delayed or insufficient RKAB approvals. This shows how permitting and quota decisions can directly affect physical output.

Aluminium and Manganese Projects Face Spillover Risk

The market’s immediate focus is nickel, but the risk is wider. If the DSI model expands across more strategic commodities, aluminium and manganese investors could also face new pricing and export constraints.

Chinese aluminium producers have been increasing overseas investment in Indonesia since China imposed a 45mn t/yr cap on domestic primary aluminium capacity. Indonesia offers power access, industrial park infrastructure and proximity to Asian growth markets.

Tsingshan is building an 800,000 t/yr aluminium smelter in Indonesia. Nanshan Aluminium plans to expand its Bintan Industrial Park facility to 500,000 t/yr, while Hua Chin Aluminum Indonesia commissioned a 500,000 t/yr smelter in 2025.

Some Chinese companies are also considering downstream aluminium processing projects in Indonesia. These investments would move the country beyond smelting and into fabricated products.

But discounted sales from Chinese-invested Indonesian smelters could become harder if aluminium exports are eventually routed through DSI. A state-controlled export platform may not allow the same commercial discounting that buyers currently use.

That would raise costs for Chinese buyers and could change the economics of Indonesia-based aluminium supply chains. It could also affect trade flows if producers lose flexibility in pricing and contract structures.

Manganese may also be exposed. Tsingshan has invested in Indonesian manganese production, with six lines and combined capacity of 100,000 t/yr.

The broader lesson is that Indonesia’s downstreaming success depends on credibility as well as control. Investors can adapt to higher royalties, stricter export rules or local processing requirements if implementation is clear and stable.

Uncertainty is more damaging than regulation itself. If companies cannot predict which products will be covered, how prices will be set or when rules will take effect, they may delay capital spending.

Indonesia still has enormous strategic leverage in nickel and growing relevance in aluminium, manganese and battery materials. But maintaining that position will require policy discipline, transparent consultation and practical implementation.

The Metalnomist Commentary

Indonesia is not retreating from downstreaming; it is tightening state control over the value chain. The danger is that too many rapid policy shifts could weaken the investment confidence needed to build the very processing base Jakarta wants to protect.

Toyota Tsusho PPESNA Stake Strengthens North American Battery Supply Chain

Toyota Tsusho

Toyota Tsusho PPESNA stake acquisition gives the Japanese trading firm a stronger role in building Toyota Group’s North American battery supply chain. The company acquired a 20% stake in Prime Planet Energy and Solutions’ North American subsidiary, PPESNA.

The Toyota Tsusho PPESNA stake is designed to support stable battery production across procurement, materials, components, production equipment and recycling. The move shows how Japanese industrial groups are deepening control over regional battery supply chains as North American electrification investment expands.

PPESNA was established in September 2025 to improve service and response capabilities for PPES customers and Toyota Group’s battery business in North America. Toyota Tsusho’s investment gives the subsidiary a broader commercial and supply-chain platform.

Toyota Tsusho Targets Battery Procurement and Recycling Integration

Toyota Tsusho said the investment will help develop a supply chain covering equipment procurement, battery materials, components and recycling. This is important because battery production increasingly depends on coordinated sourcing across cathode materials, anode materials, separators, electrolytes, cells, modules and recycling routes.

The company already has exposure to Toyota Battery Manufacturing North Carolina, which can produce 30GWh/yr of batteries at full capacity. That gives Toyota Tsusho a direct link to one of Toyota Group’s key North American battery manufacturing assets.

The Toyota Tsusho PPESNA stake also complements the company’s recycling strategy. Toyota Tsusho has established a joint venture with LG Energy Solution to recycle batteries in North Carolina, giving it another position in the circular battery materials chain.

North America Becomes a Strategic Battery Manufacturing Base

North America is becoming a core region for Japanese battery supply-chain investment. Automakers and trading houses are trying to localise procurement, reduce logistics risk and prepare for tighter regional content requirements.

Toyota Tsusho’s role is especially important because trading companies often connect raw materials, equipment suppliers, manufacturers and recyclers. In battery supply chains, that coordination can reduce bottlenecks and improve long-term production stability.

For Toyota Group, the PPESNA investment supports a more integrated North American platform. It links battery production, upstream procurement and recycling at a time when battery costs, material security and regional manufacturing incentives remain central to electric vehicle competitiveness.

The Metalnomist Commentary

Toyota Tsusho’s PPESNA investment shows that battery competitiveness is moving beyond cell production alone. The real advantage will come from controlling the full supply chain, from equipment and materials procurement to recycling and closed-loop recovery.

Uber Rivian Robotaxi Partnership Signals New Demand for Lidar Minor Metals

Uber Rivian Robotaxi

Uber Rivian robotaxi partnership plans mark a renewed US push into autonomous vehicle deployment after years of setbacks across the sector. Uber will invest up to $1.25 billion in Rivian to place 50,000 autonomous robotaxis on the Uber platform from 2028, beginning in San Francisco and Miami.

The Uber Rivian robotaxi partnership will start with 10,000 midsize SUVs. The companies can later negotiate up to 40,000 additional vehicles from 2030, with purchases handled by Uber or its fleet partners.

The investment is tied to autonomy milestones, showing that Uber wants exposure to robotaxi growth without rebuilding its own self-driving division. For Rivian, the deal offers potential volume, investor momentum, and a clearer route to monetize its autonomous vehicle technology.

Rivian Autonomy Suite Adds Metals Exposure to Robotaxi Growth

Rivian will supply the robotaxis through its third-generation autonomy suite, launched in December 2025. The system uses cameras, radars, Lidar sensors, and Rivian’s own high-powered inference chips.

This technology stack makes the robotaxi business a materials story as well as a software story. Lidar-rich autonomous platforms increase demand for advanced semiconductors, optics, sensors, and specialty materials.

Minor metals such as gallium, indium, and germanium are especially relevant because they support components used in optoelectronics, power electronics, infrared sensing, and Lidar-related systems. As autonomous driving hardware becomes more complex, these materials gain strategic importance in the EV supply chain.

US Autonomy Push Follows China’s Lidar-Rich EV Trend

Uber’s move reflects a broader return of US interest in autonomous mobility. The company sold its self-driving division in 2020 after high costs and safety problems, but it is now using partnerships to re-enter the market.

Rivian’s use of Lidar places it closer to the hardware trend already visible in China, where carmakers have added Lidar to midrange EVs to differentiate vehicles in a crowded market. That trend has already drawn attention from suppliers expecting stronger demand for gallium, indium, and germanium.

The partnership also arrives as Rivian looks for new growth after deliveries declined last year. Alongside the robotaxi plan, Rivian is pushing its smaller R2 platform and expects to use LG Energy Solution’s 4695 cylindrical cells for future production.

The Metalnomist Commentary

The Uber Rivian robotaxi partnership shows that autonomous vehicles could reopen a new demand channel for specialty metals and sensor materials. If robotaxi fleets scale, the strategic bottleneck may shift from vehicle assembly to Lidar, chips, battery cells, and the minor metals behind advanced sensing systems.

Tesla LGES Michigan Battery Plant Strengthens US LFP Supply for Energy Storage

LGES, Michigan Battery Plant

Tesla LGES Michigan battery plant plans mark a major step in the buildout of US lithium iron phosphate battery capacity. Tesla and LG Energy Solution have signed a supply agreement to develop a $4.3 billion LFP battery cell facility in Lansing, Michigan.

The plant is scheduled to begin production in 2027. It will supply battery cells for Tesla’s Megapack 3 energy storage systems, which the company plans to produce at its Houston megafactory.

The Tesla LGES Michigan battery plant also reflects a wider shift in battery demand. Stationary energy storage is becoming a larger driver of cell procurement as power grids absorb more renewable energy, data center demand, and industrial electrification.

Lansing Facility Repositions Former EV Capacity Toward Grid Storage

The Lansing project carries strategic significance because the facility previously formed part of a General Motors and LGES joint venture. LGES acquired GM’s stake for $2.1 billion after GM reduced electric vehicle-related capacity and investment.

This change shows how battery assets can be redirected as market priorities shift. EV demand remains important, but utility-scale storage is becoming a stronger growth channel for LFP chemistry.

The 50 GWh per year facility gives Tesla a large domestic cell supply base for Megapack 3. It also supports Tesla’s plan to begin Megapack 3 and Megablock production in Houston in 2026.

Tesla

LFP Chemistry Gains Ground in US Energy Storage Supply Chains

LFP battery cells are becoming increasingly important for energy storage systems because they offer cost, cycle life, and safety advantages for stationary applications. For Tesla, securing LFP supply in the US reduces exposure to imported cells and supports larger energy storage deployments.

The Tesla LGES Michigan battery plant also strengthens LGES’s position in the US battery value chain. By converting a former EV-focused site into a major LFP supply point, LGES can serve a market where demand is tied to grid infrastructure rather than only vehicle sales.

Tesla’s Megapack business is already scaling. The company sold $430 million of Megapack products in 2025 to xAI, its sister company and Elon Musk’s artificial intelligence startup, highlighting the link between energy storage and rising power demand from AI infrastructure.

The Metalnomist Commentary

This agreement shows that battery supply chains are no longer being shaped only by electric vehicles. Grid storage, AI power demand, and domestic manufacturing policy are becoming equally powerful forces.

Electra Cobalt Offtake Extension Secures LG Energy Solution’s Battery Supply

Electra

Electra cobalt offtake terms have been extended by LG Energy Solution, giving the South Korean battery maker longer access to battery-grade cobalt sulfate from Canada. The updated agreement shows how battery manufacturers continue to secure regional critical mineral supply even as cobalt demand faces changing battery chemistry trends.

Under the revised deal, LG Energy Solution will take 60% of Electra Battery Materials’ cobalt sulfate production through 2029. The agreement also includes an option to extend the offtake terms to 2032. LGES first agreed in 2022 to buy battery-grade cobalt sulfate from Electra for three years.

The Electra cobalt offtake update is strategically important because it supports a North American refining route for battery materials. Electra is developing a cobalt sulfate refinery in Ontario, Canada, with commercial production expected in the fourth quarter of 2027.

Ontario Refinery Becomes Key to Regional Cobalt Processing

Electra’s Ontario cobalt refinery has faced delays, but the project is now moving forward again. Financial constraints and supply chain disruptions paused construction in 2023, before Electra restarted work in November after approving a $73 million construction budget.

The company expects early commissioning to begin in the fourth quarter of 2026. Commercial production is planned for the fourth quarter of 2027. Once operating, the refinery is expected to initially produce 5,120 tonnes per year of contained cobalt.

Electra’s nameplate capacity could reach up to 6,500 tonnes per year of contained cobalt. This scale would not transform global cobalt supply alone, but it could provide an important regional source of battery-grade cobalt sulfate for North American and allied battery supply chains.

LGES Strengthens Critical Mineral Security Through Long-Term Supply

LG Energy Solution’s extended agreement shows that battery makers still value secure cobalt supply despite growth in lower-cobalt and cobalt-free chemistries. High-nickel battery systems and certain performance-focused applications continue to require reliable cobalt inputs.

The Electra cobalt offtake deal also supports supply chain diversification away from highly concentrated refining regions. For LGES, Canadian cobalt sulfate could help reduce procurement risk and support compliance with regional sourcing expectations in North America.

For Electra, the updated agreement strengthens commercial visibility before the refinery reaches production. Long-term offtake support can help improve project bankability, especially for critical mineral processing assets that require high capital spending before revenue begins.

The Metalnomist Commentary

The Electra-LGES deal shows that cobalt has not disappeared from battery supply strategy. Even as chemistries diversify, battery-grade refining capacity in North America remains strategically valuable for automakers, cell makers, and policy-driven supply chains.

Stellantis NextStar Battery JV Exit Signals a New Shift in North American Battery Strategy

NextStar Battery

Stellantis NextStar battery JV exit marks another important shift in North American battery strategy. Stellantis will sell its 49pc stake in NextStar Energy to LG Energy Solution. The joint venture built Canada’s first large-scale lithium-ion battery plant in Windsor, Ontario. As a result, Stellantis NextStar battery JV exit shows that automakers are rethinking how they participate in battery manufacturing.

This move matters because NextStar was a major industrial project. Stellantis and LG Energy Solution invested more than C$5bn in the venture. Yet the ownership structure is now changing even as the plant remains strategically important. Therefore, Stellantis NextStar battery JV exit is not a retreat from batteries. It is a shift in how the company wants to access them.

Stellantis will remain a customer of the facility after the transaction. That means the company still wants battery supply, but no longer wants to own nearly half of the manufacturing platform. Consequently, Stellantis NextStar battery JV exit reflects a broader trend toward supply access without full operating exposure.

EV Battery Joint Ventures Are Moving Into a New Phase

EV battery joint ventures are no longer being treated as fixed long-term ownership models. Automakers are increasingly separating battery access from battery plant ownership. That change is becoming visible across North America. As a result, EV battery joint ventures are entering a more flexible and less traditional phase.

The Stellantis decision fits a wider pattern. Other major automakers have also restructured or exited battery partnerships. General Motors sold its Michigan battery JV stake to LG Energy Solution in 2025. Ford also changed the structure of its BlueOval SK partnership later that year. Therefore, Stellantis NextStar battery JV exit looks less like an isolated deal and more like an industry reset.

This shift likely reflects changing economics and strategy. Battery manufacturing is capital-intensive, operationally complex, and increasingly competitive. Automakers may now prefer to secure output through commercial agreements while leaving plant ownership and operation to battery specialists. Meanwhile, battery makers can broaden their customer base more easily under that structure.

North American Battery Strategy Is Becoming More Specialized

North American battery strategy is now moving toward clearer specialization between automakers and cell producers. After the ownership change, NextStar will serve a broader customer base, including the energy storage system sector. That gives the plant more flexibility than a single-customer automotive model. As a result, the facility may become commercially stronger even as Stellantis reduces direct ownership.

This matters because battery plants are no longer only tied to electric vehicle demand. Energy storage systems are becoming a second major growth market. A battery facility that can sell into both EVs and stationary storage may have better long-term utilization and lower concentration risk. Therefore, North American battery strategy is becoming more diversified at the customer level.

The broader lesson is clear. Automakers still need batteries, but they may not want to carry the same level of manufacturing ownership risk as before. Battery producers, meanwhile, can gain more control and expand into wider end markets. Consequently, Stellantis NextStar battery JV exit may signal a more mature phase in the North American battery buildout.

The Metalnomist Commentary

This deal matters because it shows the battery race is no longer only about building plants. It is now about deciding who should own them, run them, and absorb the risk. Stellantis still wants battery supply, but LGES now looks better positioned to turn NextStar into a broader industrial platform.

Indonesia Battery Ecosystem Project Moves Forward With New Chinese Partnership

Aneka Tambang

The Indonesia battery ecosystem project is moving into a new phase with a fresh Chinese partnership. Antam, Industri Baterai Indonesia, and HYD Investment signed a framework agreement to develop an integrated battery ecosystem in Indonesia. This follows the exit of LG Energy Solution in 2025. As a result, the Indonesia battery ecosystem project remains alive and strategically important.

The change in partners matters because the project scale remains significant. Antam said the planned investment value is around $5-6 billion. A joint feasibility study will now define the next steps. Therefore, the Indonesia battery ecosystem project is shifting from partner transition into renewed execution planning.

HYD brings a strong industrial base to the table. The consortium includes Zhejiang Huayou Cobalt, EVE Energy, and Daaz Bara Lestari. That mix adds processing, battery, and investment capability. Consequently, the project gains a broader foundation across the battery value chain.

Indonesia Nickel Battery Chain Expands From Ore to Cells

The Indonesia nickel battery chain is central to this project’s logic. Planned facilities include an RKEF plant with 100,000 t/yr of nickel metal equivalent capacity. The project also includes an HPAL plant with 50,000 t/yr of nickel metal equivalent capacity. Therefore, upstream and midstream nickel conversion remain core pillars.

The downstream ambition is equally important. The project is expected to produce 105,000 t/yr of precursors and 30,000 t/yr of cathode materials. It also aims to build 20 GWh per year of nickel-based battery capacity. As a result, the Indonesia battery ecosystem project goes well beyond raw material processing.

Battery recycling also appears in the plan. The proposed recycling capacity is capped at 10,000 t/yr. That addition supports a more circular industrial model. Meanwhile, Antam will supply the nickel ore required for the project.

Antam Battery Project Reinforces Indonesia’s Downstream Strategy

The Antam battery project fits directly into Indonesia’s long-term downstream policy. Jakarta wants to build a local battery industry from mining to refining to final battery production. This new agreement supports that goal with another large integrated platform. Therefore, the project has national strategic value, not just commercial relevance.

This also shows Indonesia’s flexibility in partner management. LGES may have exited, but the broader industrial objective did not disappear. Instead, the project has been restructured around a new consortium. As a result, Indonesia continues pushing its battery ambitions despite partner turnover.

Antam’s role is becoming even more central. The company is involved in this project and also has a separate EV battery joint venture with CATL. That CATL-linked venture is expected to start operations by 2026. Consequently, Antam is emerging as one of the key anchors in Indonesia’s nickel battery chain.

The Metalnomist Commentary

This partnership matters because it shows Indonesia’s battery strategy is bigger than any one foreign partner. The country is still determined to convert nickel strength into downstream battery power. If execution improves, Indonesia could become one of the most integrated battery manufacturing hubs outside China.

Liontown Lithium Sales Jump as Kathleen Valley Ramp-Up Gains Momentum

Liontown

Liontown lithium sales rose strongly in the fourth quarter of 2025 as Kathleen Valley continued its ramp-up. The company sold 112,000 dry metric tonnes of lithium concentrate during the quarter. That was 38pc higher than a year earlier. As a result, Liontown lithium sales now show stronger operating momentum from one of Australia’s most watched new lithium mines.

The performance matters because Kathleen Valley is still in a scale-up phase. Liontown is mining both open pit and underground ore at the operation. That gives the company more flexibility as it lifts production. Therefore, Liontown lithium sales are becoming a clearer indicator of how well the mine is moving toward steadier commercial output.

Pricing also remained supportive during the quarter. Liontown sold six parcels at an average realized price of $900 per dry metric tonne on a 6pc Li2O basis. Meanwhile, its all-in sustaining cost stood at $695 per dry metric tonne. Consequently, the gap between selling price and cost suggests improving commercial quality as volumes rise.

Kathleen Valley Lithium Mine Is Moving From Commissioning to Commercial Scale

The Kathleen Valley lithium mine is now shifting from early ramp-up toward more meaningful market participation. Liontown said it continues to increase production, which supports the stronger quarterly sales result. That matters because volume growth is often the hardest stage for new hard-rock lithium projects. However, Kathleen Valley now appears to be moving through that phase with growing confidence.

Product quality remains another key factor. The company sold concentrate at an average grade of 5.1pc lithium oxide during the quarter. While that sits below the 6pc reference basis used for pricing, it still shows the mine is delivering saleable material at rising volumes. Therefore, the Kathleen Valley lithium mine is strengthening both operational credibility and commercial visibility.

The company’s pricing strategy also adds flexibility. Liontown uses a mix of spodumene, lithium carbonate, and lithium hydroxide indexes with different quotation periods. That approach can help it respond to changing market conditions. As a result, Liontown lithium sales are not tied to a single pricing formula in a volatile market.

Spodumene Auction Pricing Adds a High-Value Option to Liontown’s Sales Mix

Spodumene auction pricing is becoming one of the most interesting parts of Liontown’s strategy. The company plans to retain 10-20pc of production for auction. It sold 10,000 dry metric tonnes in its first auction in November at $1,254 per dry metric tonne. That result was well above the quarter’s average realized price.

This matters because auctions can capture faster price movements than longer-term formula contracts. Liontown also said spodumene prices rose faster than lithium chemical prices during the quarter. That created an opportunity to extract more value from spot-facing sales. Consequently, spodumene auction pricing could become an important earnings lever as production expands.

The customer base also strengthens the company’s market position. Liontown has offtake agreements with LG Energy Solution, Chengxin, Tesla, and Ford. Meanwhile, LG Energy Solution now owns 8pc of the company after converting its convertible note into equity. Therefore, Liontown enters the next phase of ramp-up with both industrial backing and diversified commercial relationships.

The Metalnomist Commentary

Liontown is no longer just a development story. It is becoming a live test of how new spodumene producers balance contracted sales with auction upside. If Kathleen Valley keeps ramping smoothly, Liontown could become one of the more commercially agile lithium names in the market.

North America cobalt sulfate partnership expands pCAM toll processing

Electra Battery

A North America cobalt sulfate partnership now links Electra Battery Materials with Positive Materials to scale battery-grade supply. The companies will use a pCAM-as-a-service toll processing model to produce battery-grade cobalt sulfate. However, they did not disclose pricing or volumes for the tolling arrangement.

Electra Battery Materials has already secured demand signals in the region’s cell supply chain. It signed a deal to supply battery-grade cobalt sulfate to LG Energy Solution. Therefore, the partnership supports an offtake-backed pathway toward higher utilization once new refining capacity starts.

Electra is building a battery-grade cobalt sulfate refinery in Ontario with output targeted at enough material for one million electric vehicles per year. Meanwhile, Electra will evaluate integration options with Positive’s planned pCAM operations in Belledune. As a result, the companies can align sulfate production with downstream precursor demand and shorten North American supply chains.

Toll processing accelerates pCAM scale without full vertical integration

Toll processing reduces upfront risk for customers that need qualified material fast. It also lets refiners and pCAM players monetize assets while partners build demand. Meanwhile, the pCAM toll model can speed qualification with cathode and cell makers when it standardizes inputs and process controls.

Technology access and upstream assets strengthen the North American cobalt story

Positive strengthened its technical base through a partnership with Kansai Catalyst. That deal supports pCAM manufacturing technology, recipes, and facility design for Belledune. Therefore, the Electra-Positive tie-up can link qualified cobalt sulfate with a proven pCAM process roadmap.

Electra also holds a land package in Idaho cobalt belt, including the Iron Creek project. This upstream position can support longer-term North American cobalt and copper optionality. Meanwhile, integrated options can matter more as supply security and traceability requirements tighten.

The Metalnomist Commentary

This North America cobalt sulfate move signals a shift from announcements to interoperable capacity. However, tolling only wins if partners deliver consistent specs and predictable logistics. Therefore, qualification speed and transparent operating discipline will decide who captures OEM-linked demand.

Anson lithium offtake deal with LG anchors US brine project

Anson Resources

Anson lithium offtake deal with LG Energy Solution marks a major step for US brine-based lithium supply. Under the Anson lithium offtake deal, LG Energy Solution will purchase 4,000 t/yr of battery-grade lithium carbonate from 2028. This Anson lithium offtake deal secures 40pc of planned nameplate output at the Green River project in Utah’s Paradox Basin.

Offtake secures long-term demand for Green River lithium

The Anson lithium offtake deal gives the Green River brine project a strong anchor customer before construction is complete. Pricing will follow a market-linked formula, aligning contract economics with prevailing battery-grade lithium carbonate prices. As a result, Anson can reduce price risk while still capturing upside in tighter markets.

Meanwhile, the five-year contract, plus an option for another five years, offers rare visibility on future cash flows. LG Energy Solution secures North American lithium carbonate to support its global cell manufacturing footprint. For Anson, this agreement strengthens its bankability as it finalises project financing and engineering.

Fast-track permitting for Green River is reportedly 90pc complete, which should shorten the path to first production. Therefore, the offtake timing from 2028 fits with Anson’s development schedule and gives lenders confidence in future sales volumes.

Korean partnerships deepen technology and market access

The offtake with LG builds on Anson’s earlier link-up with South Korea’s Posco on direct lithium extraction. Under a non-binding agreement, Posco will help build a demonstration plant to test DLE technology at Green River. This Korean axis could give Anson both advanced process technology and long-term market access in Asia.

At the same time, the royalty framework with the Utah government, scaled between 1–5pc, ties state revenues to market conditions. This structure can help align public and private interests through the commodity cycle. If prices strengthen, Utah benefits more, while Anson keeps flexibility during weaker periods.

In strategic terms, Green River’s brine resource adds another US-based option as automakers seek to diversify away from traditional hard-rock supply chains. With LG Energy Solution locked in, the project moves from concept to a credible node in regional battery materials infrastructure.

The Metalnomist Commentary

This offtake shows how mid-tier developers can de-risk brine projects by securing blue-chip battery customers early. If Anson delivers on DLE performance and schedule, Green River could become a template for future US brine developments. However, capex inflation, technology execution and permitting timelines will still determine whether contracted volumes translate into reliable long-term supply.

Livium LGES battery recycling deal extends Australia’s circular battery value chain

Livium

The Livium LGES battery recycling deal is expanding Australia’s role in the circular battery economy and black mass supply. Under the renewed Livium LGES battery recycling deal, Livium will process both recalled and end-of-life residential batteries. As a result, the Livium LGES battery recycling deal now runs to 2029 and anchors new growth in Australian black mass output.

Black mass volumes rise as Livium expands feedstock

Livium will continue processing LG Energy Solution batteries recalled in Australia and now add end-of-life units from local users. This expanded access to feedstock should increase black mass volumes and stabilise plant utilisation over the medium term.

The recycler sold over 350t of black mass in the 2024-25 financial year to 30 June. Therefore, management expects higher sales in 2025-26 as the Livium LGES battery recycling deal ramps up. Livium channels this black mass to processing partners such as South Korea’s SungEel Hitech. These partners convert black mass into battery chemicals, which return to global cathode and cell producers.

Meanwhile, LGES is building a 20,000 t/yr battery recycling plant in France with Derichebourg. That European joint venture will also produce and process black mass from end-of-life batteries from 2027. Together, these initiatives show how LGES is building regional recycling hubs to secure critical materials.

Livium LGES battery recycling deal supports lithium recovery innovation

The Livium LGES battery recycling deal also complements Livium’s work on recovering lithium from spodumene waste. Livium signed an agreement with Australian producer Mineral Resources in January to optimise this extraction technology. As a result, the partners formed a joint venture in August to commercialise the process at scale.

This positions Livium not only as a black mass producer but also as a technology player in lithium recovery. For LGES, the partnership reduces long-term exposure to mined feedstock volatility and environmental scrutiny. It also aligns with automakers’ and battery producers’ ESG targets on recycling and resource efficiency.

In strategic terms, expanding the Livium LGES battery recycling deal strengthens regional supply security for nickel, cobalt and lithium units locked in black mass. It also supports Australia’s ambition to move up the value chain from raw material supplier to processing and technology hub.

The Metalnomist Commentary

This partnership illustrates how structured offtake agreements can accelerate the build-out of regional battery recycling ecosystems. For metals markets, increasing black mass flows from deals like this will gradually reshape demand for primary material and reward recyclers with robust technology and downstream access.

Lopal LFP supply deal with CATL underpins global battery expansion

Lopal

The Lopal LFP supply deal with CATL marks a major step in China’s global battery materials strategy. Under the agreement, Jiangsu Lopal will supply 157,500t of LFP cathode material to CATL’s overseas plants from 2025 to 2031. As a result, the Lopal LFP supply deal with CATL secures long term CAM supply for CATL’s international gigafactories and EV customers.

Global significance of the Lopal LFP supply deal with CATL

The Lopal LFP supply deal with CATL is valued at more than 6bn yuan, highlighting its strategic weight. The contract will feed CATL’s overseas battery factories, supporting EV and energy storage growth outside China. Therefore, CATL locks in a predictable stream of LFP CAM while scaling its non Chinese manufacturing footprint.

LFP is gaining share in global batteries because it offers lower cost and strong safety performance. However, reliable cathode supply remains crucial as more OEMs shift from nickel rich chemistries. The Lopal LFP supply deal with CATL supports this trend by linking a leading LFP producer to the world’s largest cell maker.

Lopal has grown rapidly since acquiring BTR’s LFP business in 2021. Its output reached 184,697t in 2024, up 56pc year on year. Meanwhile, LFP sales rose 65pc to 178,287t, confirming strong downstream demand. This growth gives CATL confidence in Lopal’s ability to deliver under a long dated contract.

Lopal’s internationalisation push and new LFP capacity

The CATL agreement sits at the centre of Lopal’s internationalisation strategy. Lopal already holds term contracts with Cornex, Ford and LG Energy Solution. Therefore, the company is building a diversified global customer base across Chinese and foreign cell makers and OEMs.

Lopal’s production network spans several Chinese provinces, supporting scale and logistics flexibility. Major bases operate in Jiangsu, Shandong, Tianjin, Sichuan and Hubei. This footprint helps balance regional feedstock, power and permitting conditions. It also spreads risk as domestic competition in LFP intensifies.

Internationally, Lopal is building new capacity in Indonesia to support regional demand and localisation policies. The company has completed a 30,000 t/yr LFP phase there and is constructing a 90,000 t/yr second phase. It aims to finish this expansion by the end of 2025, creating a 120,000 t/yr Indonesian hub. This timing aligns with the ramp up of CATL and other Asian players across Southeast Asia.

The Lopal LFP supply deal with CATL will likely leverage both Chinese and Indonesian output over time. As a result, Lopal can optimise feedstock sourcing, shipping routes and tariff exposure. This flexibility matters as trade rules and battery content regulations evolve in the US, Europe and key emerging markets.

The Metalnomist Commentary

This deal underscores how LFP chemistry and Chinese CAM producers are locking in long term roles in global EV supply chains. By pairing fast growing Indonesian capacity with deep Chinese experience, Lopal becomes a more systemically important supplier to CATL and other majors. Market participants should watch how pricing formulas, regional sourcing splits and future offtake deals evolve, as these will shape LFP cost curves outside China.

LGES–KIM LONG NCM battery MoU signals Vietnam’s EV supply-chain push

KIM LONG

South Korea’s LG Energy Solution and Vietnam’s Kim Long Motor signed the LGES–Kim Long NCM battery MoU. The LGES–Kim Long NCM battery MoU covers supply of NCM cylindrical cells for local pack assembly. The LGES–Kim Long NCM battery MoU positions Hue as a new battery hub.

Kim Long will start its Hue battery complex in early 2026. The initial capacity is 1GWh per year. The company plans staged expansions to meet regional demand.

Vietnam’s policy tailwinds strengthen this pact. The government targets 100% urban buses as electric by 2030. It plans to end fossil-fuel vehicle production and imports by 2040.

Early capacity, regional demand, and bus orders

The Hue project launches with 1GWh annual output. Local pack assembly reduces logistics costs and lead times. It also builds workforce skills and supplier depth.

Downstream demand already forms. Thailand’s Cho Thavee plans to purchase 3,000 buses per year. That pipeline can anchor initial volumes and scale.

NCM cylindrical cells fit fleet needs. They offer energy density for range and duty cycles. They also align with established pack formats and service models.

Policy roadmap and localization advantages

Vietnam’s green transport roadmap sets clear EV milestones. Urban vehicles move to 50% electric by 2030. Urban buses and taxis target 100% by 2030. Localization reduces currency and tariff risks. It encourages vendor clustering in electrodes and foils. It also enables faster homologation for ASEAN fleets.

As a result, Vietnam can expand upstream inputs over time. Anode, cathode, and separator suppliers may co-locate. Recycling capacity can follow to close loops.

The Metalnomist Commentary

The MoU gives Vietnam a credible battery beachhead. Early 1GWh capacity, bus demand, and policy goals align. Watch cell format choices, raw-material sourcing, and recycling plans for margin security.

Ultium LFP battery production in Tennessee to expand GM’s EV portfolio

Ultium Cells

Ultium LFP battery production in Tennessee will start by late 2027. GM and LG Energy Solution will convert lines at Spring Hill. Ultium LFP battery production in Tennessee will lower costs for mass-market EVs. The shift complements high-nickel and future lithium-manganese chemistries.

Capacity strategy and plant network

Ultium’s Ohio plant will keep making NCMA cells for long-range crossovers. GM and Samsung SDI are building a 36 GWh plant in Indiana. Mass production there targets 2027. Together, these sites diversify chemistries and sourcing. Ultium LFP battery production in Tennessee strengthens North American cell optionality.

Market outlook and supply chain integration

U.S. incentives favor localized cells and materials. GM sold 78,200 EVs in the first half. Its estimated EV share reached about 13 percent. GM sources lithium carbonate from Thacker Pass and CAM via POSCO Future M. Ultium LFP battery production in Tennessee will fit this integrated ecosystem. The Lansing stake sale to LGES sharpened capital focus.

The Metalnomist Commentary

GM is pragmatically adding lower-cost LFP alongside premium chemistries. Execution hinges on line conversion, yield ramp, and firm offtake. Watch IRA eligibility, precursor sourcing, and fleet demand into 2027.

Panasonic Kansas battery production begins with 2170 cells and $4bn investment

Panasonic Battery

Panasonic Kansas battery production begins at the De Soto facility. Panasonic Kansas battery production targets 32 GWh a year at full ramp. Panasonic Kansas battery production uses 2170 cells and automated lines. The 300-acre site delivers 20% higher productivity than Nevada. Panasonic invested $4bn, the largest project in Kansas history. U.S. capacity rises to 73 GWh once fully operational.

Scale, productivity, and customer mix

The plant supplies Tesla and seeks additional automaker contracts. Sequential EV demand shifts require broader offtake to sustain utilization. Automated lines aim to stabilize yield, cost, and throughput. Location near key interstates optimizes logistics across North America. Therefore, OEMs gain a central, IRA-aligned U.S. battery source.

Competitive landscape and technology choices

Rivals are revising U.S. battery plans amid policy uncertainty. AESC paused a South Carolina plant in June. LG Energy Solution shifted lines to LFP for energy storage. Panasonic sticks with 2170 chemistry while exploring platform flexibility. As a result, the site can pivot as demand evolves.

The Metalnomist Commentary

Panasonic’s Kansas ramp strengthens U.S. EV battery security at scale. Execution now hinges on customer diversification and stable yield. Watch contract wins, line uptime, and cost curves through 2026.

LG Energy Solution Signs Six-Year Battery Supply Deal with Chery

China Chery

LGES to Deliver 8GWh of Cylindrical Batteries

LG Energy Solution (LGES) has signed a six-year deal with China’s Chery Automobile to supply 8GWh of batteries. Deliveries are scheduled to begin in early 2026, powering around 120,000 electric vehicles. The agreement focuses on LGES’ 46-series nickel-cobalt-manganese cylindrical batteries, which will be installed in Chery’s flagship EV models.

The partnership also leaves room for expansion. LGES indicated that further projects could extend to additional Chery models, reinforcing the growing collaboration between one of South Korea’s top battery producers and China’s state-owned automaker.

Strategic Partnerships in a Competitive Battery Market

The LGES-Chery deal highlights the company’s efforts to secure long-term partnerships amid shifting battery demand. In November 2024, LGES struck a five-year, 67GWh agreement with US EV start-up Rivian, with production centered in Arizona. These contracts demonstrate LGES’ dual strategy of supporting premium EV manufacturers while also pursuing cost-competitive alternatives.

However, the rise of lithium-iron-phosphate (LFP) batteries has reshaped the competitive landscape. LGES announced it will start mass production of LFP batteries for EVs in the second half of 2025. In parallel, it began mass-producing LFP batteries for energy storage systems (ESS) in the US this June, while partially converting its Wroclaw plant in Europe for ESS applications.

The Metalnomist Commentary

LGES’ deal with Chery underscores the importance of strategic alliances in an increasingly competitive EV battery market. By balancing high-performance nickel-based batteries with cost-efficient LFP solutions, LGES is positioning itself to meet diverse global demand. The company’s ability to maintain utilization rates will hinge on how effectively it scales production and navigates price pressures.

Ford Starts Battery Pack Assembly in Germany

Ford Battery Pack

Ford Expands EV Production with Cologne Battery Facility

Ford has begun mass assembly of electric vehicle battery packs at its Cologne, Germany plant, marking a major step in the automaker’s $2bn European electrification strategy. The facility will directly align with Ford’s nearby Cologne Electric Vehicle Center, enabling integrated production of the Capri and Explorer EV models, which will deliver ranges of up to 627km and 602km.

The highly automated production line, spanning 2km, uses 180 robots to weld, glue, and assemble the battery housing. Each battery pack consists of 2,775 individual parts and up to 12 modules, underscoring Ford’s commitment to advanced manufacturing efficiency and scale.

Strategic Supply Agreements for EV Battery Materials

Ford has also secured long-term supply deals to ensure stable access to critical materials. In October 2024, LG Energy Solution signed a contract to deliver 109 GWh of batteries from 2026, with terms extending up to six years. Meanwhile, US specialty chemicals firm Albemarle agreed to supply over 100,000 tonnes of lithium hydroxide between 2026 and 2030.

These partnerships highlight Ford’s focus on securing raw materials essential for its EV expansion. The agreements align with global trends of automakers locking in lithium and battery supply to mitigate price volatility and ensure future production capacity.

The Metalnomist Commentary

Ford’s Cologne investment reflects the growing importance of localized EV battery production in Europe. By integrating supply agreements with global partners, Ford strengthens its resilience against supply chain disruptions. This strategy not only supports its electrification roadmap but also places it in direct competition with European and Asian automakers accelerating EV deployment.

China’s XFH to Launch Sichuan Anode Plant by End-2026

China’s XFH

Expanding Capacity to Meet Growing Battery Demand

Shanghai XFH Technology is set to begin operations at its new anode material production plant in Pengxi county, Suining city, Sichuan province, by the end of 2026. The facility will have a designed capacity of 140,000 t/yr for anode material and graphitisation, with construction having started in early 2022. This expansion underscores China’s commitment to strengthening its domestic lithium-ion battery supply chain.

Strong Growth and Strategic Partnerships

In 2024, XFH boosted its anode material capacity to 90,036 t/yr, a 12pc increase from 2023. Sales rose 11pc to 68,851t, while output climbed 13pc to 75,113t over the same period. The company supplies major global battery makers, including LG Energy Solution, Volkswagen, Gotion High-Tech, and BYD. SK On and Panasonic are currently certifying XFH’s products through small-batch trial production, highlighting its ambitions for broader global market penetration.

The Metalnomist Commentary

XFH’s Sichuan project positions the company to meet surging demand for lithium-ion battery materials while reinforcing China’s dominance in the EV supply chain. Its growing client list and steady production gains reflect strong competitiveness in the global anode market. If certification from SK On and Panasonic succeeds, XFH could secure an even stronger foothold in international supply agreements.