International Graphite Wogen Offtake Builds Asia-Pacific Supply Route

Graphite

International Graphite Wogen offtake plans could create a new Australia-to-Asia graphite supply route as International Graphite prepares to commission its Collie processing facility in Western Australia. The non-binding agreement combines concentrate supply with downstream sales of micronised spherical graphite.

International Graphite Wogen offtake terms allow Wogen to supply up to 10,000 t/yr of graphite flake concentrate to Collie. In return, International Graphite would supply at least 3,000 t/yr of micronised spherical graphite to Wogen’s Pacific arm for exclusive marketing across Asia-Pacific.

International Graphite Wogen offtake is strategically relevant because Japan and South Korea are major battery and advanced materials markets seeking more diversified graphite sources outside China. Commercial terms will be negotiated on a spot basis, while Wogen may provide credit lines to support transactions.

The companies aim to convert the arrangement into a binding agreement before the 4,000 t/yr Collie facility begins commercial production in mid-2027.

Collie Creates Midstream Graphite Capacity Outside China

The Collie plant gives International Graphite a route into higher-value graphite processing rather than relying only on upstream mining. The facility will produce micronised spherical graphite from imported flake concentrate during its initial operating phase.

This matters because graphite value chains depend heavily on processing. Natural graphite must undergo sizing, shaping, purification and coating before it can qualify as active anode material for lithium-ion batteries.

The material produced at Collie will still require additional processing before use in battery anodes. That means the project sits in the midstream rather than representing a fully integrated battery-anode supply chain.

However, the Wogen agreement creates a commercial bridge into Japan and South Korea. Both markets have established battery, automotive and electronics industries that require secure sources of processed graphite.

Wogen’s ability to supply up to 10,000 t/yr of concentrate also gives International Graphite feedstock flexibility while its own mining plans remain on hold.

The Collie commissioning schedule has moved to mid-2027 from an earlier January 2027 target. Production is expected to ramp over the following 18 months.

Springdale Delay Highlights Processing-First Strategy

International Graphite ultimately plans to source flake graphite from its Springdale project in Western Australia. But the company has paused exploration and drilling while concentrating capital and management resources on Collie and its Italian midstream joint venture with Alkeemia.

This sequencing reflects a pragmatic strategy. Building processing capability first can establish customers, product qualification and market access before the company commits larger capital to mine development.

Springdale received A$4.7mn in Australian federal government support in 2023. The resource could eventually provide domestic feedstock to Collie and create a more vertically integrated Australian graphite chain.

For now, the project will rely on external concentrate. That reduces near-term upstream development risk but increases dependence on third-party feedstock availability and pricing.

The Wogen arrangement helps manage that exposure while providing an outlet for processed material. If converted into a binding contract, it would cover a substantial share of Collie’s planned production capacity.

The broader opportunity is ex-China graphite diversification. China remains dominant in spherical graphite and battery-anode processing, making new midstream capacity in Australia strategically important even before full anode qualification is achieved.

The Metalnomist Commentary

International Graphite is prioritising the hardest commercial step first: building processing capacity and customer routes before expanding its mine. If Collie secures reliable feedstock and qualifies into Asian markets, Springdale can later become the upstream anchor of a more integrated ex-China graphite chain.

US Rare Earths Spending Spree Builds Mine-to-Magnet Power Outside China

Energy Fuels

US rare earths spending spree has rapidly reshaped the non-China industry as American companies acquire mining, refining, metal-making and permanent magnet assets around the world. Large government loans, grants and offtake guarantees have given US-backed groups the financial capacity to consolidate strategic assets across the full value chain.

US rare earths spending spree accelerated with Energy Fuels’ planned $1.9bn acquisition of German permanent magnet maker Vacuumschmelze. The deal follows its $299mn purchase of Australian Strategic Materials, which owns one of the few commercial rare earth metal and alloy plants outside China.

US rare earths spending spree is therefore moving beyond domestic production. Washington-backed capital is allowing US companies to build control or commercial influence over rare earth assets in Europe, South America, Australia, Greenland and Asia.

The result is an emerging US-centred supply network covering mines, separated oxides, metals, alloys and finished NdFeB magnets. That structure could become more important than ownership of any single mineral deposit.

Government Capital Accelerates Global Rare Earth Consolidation

US industrial policy has shifted decisively toward financing complete rare earth supply chains rather than isolated mining projects.

Energy Fuels received a conditional $725mn loan commitment for rare earth processing before announcing the VAC acquisition. Buying the German magnet producer gives Energy Fuels downstream manufacturing capability to complement its growing separation and metal-making assets.

The company had already acquired Australian Strategic Materials in January. ASM’s Korean Metals Plant adds commercial rare earth metal and alloy production, a critical midstream step between separated oxides and permanent magnets.

Other US companies are following the same integration strategy.

USA Rare Earth acquired Brazilian producer Serra Verde for $2.8bn in April. Serra Verde is targeting 6,400 t/yr of rare earth oxide production by 2027, giving USAR direct exposure to one of the more advanced rare earth mining operations outside China.

USAR had previously bought UK-based Less Common Metals for $125mn, adding metal and alloy production capability. That combination links upstream Brazilian resources with downstream metallisation expertise.

Critical Minerals also agreed to acquire European Lithium for $835mn to consolidate ownership around Greenland’s Tanbreez rare earth project.

The pattern is consistent. US-backed companies are using access to capital to purchase scarce assets that would otherwise require years to build and qualify independently.

Government support has made this possible. MP Materials received a multi-billion-dollar package including a price floor, guaranteed offtake and direct government investment. Vulcan Elements and ReElement Technologies received conditional financing support, while USA Rare Earth secured a major federal funding package for its mine-to-magnet development.

Phoenix Tailings also received substantial government-backed financing for rare earth refining.

This capital does more than reduce project risk. It gives US companies the balance-sheet strength to bid for strategic assets elsewhere.

Europe Risks Losing Strategic Control of Its Rare Earth Assets

The US acquisition wave exposes a major weakness in European and other western critical minerals strategies: policy ambition has not always been matched by comparable financing.

Europe still retains important rare earth capabilities. Solvay operates rare earth processing capacity in France, while Neo Performance Materials produces magnets in Estonia.

But ownership is increasingly shifting toward North American groups. VAC will become US-owned if the Energy Fuels transaction closes, while Neo Performance Materials is already controlled from North America.

The same dynamic is emerging in project development. Companies seeking large-scale financing increasingly look to US government programmes rather than domestic European sources.

UK-based Pensana abandoned plans for a UK rare earth refinery and shifted its downstream strategy toward the US, illustrating how capital availability can redirect industrial investment.

This creates an important policy distinction. A rare earth asset can remain physically located in Europe, Brazil, Greenland or Australia while its financing, offtake and strategic direction become increasingly tied to US interests.

That makes Washington’s influence broader than domestic production statistics suggest.

The US does not need every mine or refinery to sit inside its borders. If US-backed companies own assets, control offtake, provide financing or anchor downstream demand, they can still direct material into allied supply chains.

This approach may prove faster than attempting to develop every stage domestically from scratch.

China still dominates global rare earth processing and permanent magnet manufacturing. But outside China, the competitive landscape is increasingly being shaped by access to government-backed capital and the ability to integrate fragmented assets.

The next phase of the rare earth competition will therefore be about ownership and industrial coordination as much as geology. Companies that connect mines, separation, metallisation, alloys and finished magnets will hold the strongest strategic position.

The Metalnomist Commentary

The US is building rare earth influence by financing companies that can buy and integrate scarce ex-China assets. Europe and other allies may retain the mines and factories geographically, but without comparable capital they risk losing strategic control of the value chain.

Brazil ETS Calendar Sets Phased Path for Industrial Emissions Reporting

Brazil

Brazil ETS calendar proposals would bring heavy industry into the country’s emerging emissions trading system through phased reporting from 2027, 2029 and 2031. The finance ministry’s preliminary schedule is designed to give companies more visibility before mandatory emissions limits are applied.

Brazil ETS calendar plans would first cover paper and cellulose, ferrous metals and steel, cement, primary aluminum, oil and gas exploration and production, refining and air transport. These sectors sit at the centre of Brazil’s industrial emissions base.

Brazil ETS calendar development is strategically important for metals producers because steel, aluminum and mining will face rising scrutiny over carbon intensity. The system could gradually reshape investment decisions, energy sourcing and competitiveness.

Brazil’s emissions trading system, known as SBCE, is expected to be regulated by the end of this year. The government plans to launch a public consultation in July.

Steel and Primary Aluminum Enter the First Phase

The first phase places steel and primary aluminum among the earliest industrial sectors to report emissions. This is important because both industries are energy-intensive and increasingly exposed to carbon-related trade and customer requirements.

For steelmakers, emissions reporting will create a clearer baseline for future decarbonization planning. Companies will need to measure process emissions, energy use and operating practices before sector limits are introduced.

Primary aluminum producers will face similar pressure. Aluminum’s carbon footprint depends heavily on power source, smelting efficiency and upstream alumina supply.

The proposed structure gives companies time to prepare. Each phase would last four years, beginning with emissions monitoring before setting total emissions limits for each sector.

Reductions would remain non-mandatory during the initial phases. This lowers immediate compliance pressure, but still pushes companies to build emissions data systems and prepare for future regulation.

Mining and Recycled Aluminum Follow in Second Phase

The second phase would add mining, recycled aluminum, electricity, glass, food and beverages, chemicals, ceramics and waste. This expands the ETS from core heavy emitters into broader industrial supply chains.

Mining’s inclusion matters because Brazil is a major supplier of iron ore, bauxite, manganese, nickel, lithium and other critical minerals. Emissions reporting could become part of how mineral exports are assessed by customers and financiers.

Recycled aluminum entering the second phase also matters. Secondary aluminum usually carries a lower carbon profile than primary metal, but reporting requirements may still shape scrap processing, remelting efficiency and product certification.

Electricity’s inclusion is also critical. Power-sector emissions influence the carbon footprint of metals, chemicals and downstream manufacturing.

The third phase would cover road, waterways and rail transport. That could eventually affect logistics costs and emissions accounting across mineral exports, domestic freight and industrial supply chains.

The finance ministry said the proposal aims to create predictability for a gradual transition to decarbonization. That predictability will be essential if Brazil wants industry to invest before binding limits arrive.

The Metalnomist Commentary

Brazil’s ETS proposal is not yet a hard cap on industry, but it is the start of carbon accounting discipline. For metals and mining companies, early preparation could become a competitive advantage once customers and regulators begin pricing emissions more directly.

Record Temperatures 2026-30 Forecast Raises Climate Risk for Industry

WMO

Record temperatures 2026-30 are likely to keep global heat at or near historic highs, according to a report produced by the UK’s Met Office for the World Meteorological Organization. The forecast points to average annual global near-surface temperatures of 1.3°C-1.9°C above pre-industrial levels.

Record temperatures 2026-30 would extend a period of exceptional heat after 2023-25 became the three hottest years on record. The report also gives an 86% chance that at least one year in 2026-30 will surpass 2024 as the hottest year ever recorded.

Record temperatures 2026-30 carry direct implications for energy, mining, agriculture, logistics and industrial manufacturing. Higher heat levels can increase power demand, strain grids, disrupt water availability and raise operating risk for resource industries.

The outlook also reinforces the gap between climate targets and current warming trends. The Paris Agreement seeks to keep temperature rises well below 2°C and pursue efforts to limit warming to 1.5°C.

Temporary Threshold Breaches Increase Policy Pressure

The report found a 91% chance that global average near-surface temperatures will exceed 1.5°C above pre-industrial levels for at least one year between 2026 and 2030. It also found a 75% likelihood that the five-year mean will breach the same threshold.

That does not mean the Paris Agreement’s long-term goal has formally failed. The agreement’s thresholds refer to sustained warming over an extended period, typically measured over about 20 years.

However, temporary breaches still matter. They increase pressure on governments to accelerate emissions cuts, expand renewable power, improve energy efficiency and strengthen climate adaptation policies.

For metals and mining, this creates a two-sided market effect. Stronger climate action supports demand for copper, aluminium, lithium, nickel, rare earths and electrical steel used in grids, batteries, electric vehicles and renewable energy.

At the same time, higher temperatures increase operational risk. Mines, smelters, refineries and transport corridors can face more heat stress, water constraints, power reliability problems and weather-related disruption.

El Nino Risk Adds Volatility to Industrial Planning

The past 11 years have been the warmest on record, mainly because of rising atmospheric carbon dioxide concentrations. The report said anomalous warmth was widespread in 2021-25, even though La Nina conditions prevailed in four of those five years.

The forecast now points to a tendency toward El Nino conditions, especially in 2027 and 2028. El Nino typically raises global temperatures, while La Nina usually has a cooling effect.

This matters because El Nino can intensify weather volatility. Heat, drought, floods and shifting rainfall patterns can affect hydropower, crop output, transport, mine operations and energy markets.

Industrial companies will need to treat climate risk as an operating variable, not only a sustainability issue. Power security, water management, site resilience and supply-chain redundancy will become more important in capital planning.

The report’s use of predictions from 13 institutes adds weight to the outlook. The central message is that high-temperature years are becoming more frequent as underlying global warming approaches key climate thresholds.

For resource markets, that means climate policy and physical climate risk will increasingly shape demand, costs and investment decisions at the same time.

The Metalnomist Commentary

The WMO outlook shows that climate risk is moving from long-term scenario planning into near-term industrial reality. Metals demand will benefit from decarbonisation, but producers must also prepare for hotter, more volatile operating conditions.

India-US Critical Minerals Agreement Targets Mining, Processing and Recycling Security

India-US Critical Minerals

India-US critical minerals agreement marks a new step in efforts to secure mining, processing and recycling routes for strategic minerals and rare earth elements. The bilateral framework covers materials needed for electric vehicle batteries, semiconductors, solar panels, defence systems and artificial intelligence hardware.

India-US critical minerals agreement was signed on the sidelines of the Quad Foreign Ministers’ Meeting in New Delhi. Indian external affairs minister S Jaishankar and US secretary of state Marco Rubio attended the signing.

India-US critical minerals agreement reflects growing concern over concentrated supply chains. China dominates refining and processing for lithium, nickel, cobalt and rare earths, leaving India and the US exposed to supply disruption, export controls and price leverage.

The pact covers the full value chain, from extraction and processing to recycling, financing and long-term material management. That broader scope is important because raw mineral access alone does not create industrial supply security.

Processing Capacity Becomes the Strategic Priority

The agreement directly targets one of the biggest weaknesses in non-China critical mineral supply chains: processing. Mining resources matter, but value is captured when materials are refined, separated and qualified for industrial use.

China accounts for around 60-70% of global refining and processing capacity for key minerals such as lithium, nickel and cobalt. It also controls about 90% of rare earth refining.

That dominance gives China strong influence over battery materials, magnet inputs, semiconductor minerals and advanced manufacturing supply chains. It also makes diversification difficult because new projects must compete with established Chinese scale and cost advantages.

India has significant long-term rare earth potential. Its monazite reserves contain an estimated 7.23mn t of rare earth oxides, but commercial output remains limited.

The new framework could help India convert resource potential into usable supply. That will require investment in mining, separation, refining, metallurgy, environmental management and customer qualification.

For the US, India offers a strategic partner with mineral resources, industrial ambition and a large domestic market. For India, the US can provide financing, technology partnerships, customer demand and policy support.

Rare Earth Corridors Fit India’s Industrial Strategy

India’s latest budget introduced a policy framework to develop rare earth corridors across Odisha, Kerala, Andhra Pradesh and Tamil Nadu. These regions could become the foundation for a more integrated rare earth supply chain.

The corridor model matters because rare earth development requires clustering. Mining, mineral sands processing, separation, waste management, logistics and downstream manufacturing need to be connected.

India is also widening its international partnerships. It signed a critical minerals cooperation agreement with Brazil in February 2026, showing that New Delhi wants a diversified supply network across multiple geographies.

The India-US framework adds a stronger strategic layer. It links India’s domestic minerals policy with Washington’s push to reduce dependence on China in defence, batteries, semiconductors and AI-related hardware.

Recycling is also part of the agreement. That inclusion is important because recovered battery metals, rare earth magnets and industrial scrap can reduce long-term import dependence.

However, execution will decide the real impact. India must move faster on permitting, processing technology, financing and downstream customer development if it wants to become a serious critical minerals hub.

The agreement gives both countries a framework. The next challenge is turning policy language into operating mines, refineries, recycling plants and qualified material flows.

The Metalnomist Commentary

The India-US deal shows that critical minerals security is now a full-chain industrial policy issue. The countries that win will not only secure ore; they will control processing, recycling, financing and qualified supply for strategic end markets.

Western Australia Vanadium Battery Plan Targets Grid Storage and Local Supply Chain

Vanadium Battery

Western Australia vanadium battery plans are moving forward as the state government offers A$150mn to support a 50MW battery energy storage system in Kalgoorlie. The project is intended to strengthen energy security in Kalgoorlie and the Eastern Goldfields as the state exits coal-fired power.

Western Australia vanadium battery funding will be awarded through a competitive proposal process. Bids are due by 20 July 2026, with evaluation expected from July and results to be announced later in the year.

Western Australia vanadium battery proposals must also show how they will support the local vanadium supply chain. That condition gives the project industrial significance beyond electricity storage alone.

The plan connects grid reliability, renewable integration and critical minerals development. It also supports Western Australia’s wider Made in WA policy, which aims to build more local manufacturing and clean-energy supply chain capacity.

Kalgoorlie Storage Project Supports Coal Exit

The 50MW Kalgoorlie project is part of Western Australia’s transition away from state-owned coal-fired generation. The government pledged in 2022 to close all state-owned coal plants by 2030.

Several major coal units are already scheduled for closure. Synergy’s Muja C, Muja D and Collie power station will be retired in stages between 2025-26 and 2029-30.

Battery storage is expected to replace part of the capacity and flexibility lost from coal. This is critical because renewable generation requires storage assets that can manage intermittency, stabilise the grid and support peak demand.

Kalgoorlie and the Eastern Goldfields are particularly important because mining regions need reliable electricity. Power disruptions can affect processing plants, mine operations, logistics and regional industrial development.

The government expects more than 1,200MW of new generation and storage to enter the South West Interconnected System in 2025-26 and 2026-27. A further 1,000MW is expected in 2027-28.

The scale of the pipeline shows that Western Australia is not treating storage as a marginal add-on. It is becoming core infrastructure for the state’s post-coal power system.

Vanadium Supply Chain Becomes Part of Energy Policy

The request for proposals is notable because it links battery deployment with local vanadium supply chain investment. This turns the project into both an energy storage initiative and a critical minerals development tool.

Vanadium batteries are attractive for long-duration grid storage because they can offer long cycle life and are suited to stationary applications. They do not compete directly with lithium-ion batteries in every market, but they can serve grid use cases where durability and duration matter.

Western Australia has already invested heavily in battery storage. In 2023, the state awarded A$1bn to support the 500MW Collie battery energy storage system and the 200MW Kwinana battery energy storage system.

The state’s 2025-26 budget also included A$50mn for a local battery manufacturing programme under the Made in WA policy. That aligns with the new vanadium battery proposal, which asks bidders to contribute to regional, economic and community outcomes.

Federal support is also backing Western Australia’s storage buildout. Four lithium-ion battery projects are being partly underwritten through the Capacity Investment Scheme, adding 2.6GWh of storage capacity from late 2027.

This creates a mixed battery landscape. Lithium-ion will remain important for large-scale storage, but vanadium could give Western Australia a route to build a differentiated local supply chain around its own mineral base.

The strategic test will be whether the Kalgoorlie project can move beyond demonstration value. It must prove cost competitiveness, operational reliability and real local supply chain development.

The Metalnomist Commentary

Western Australia is using grid storage procurement to create demand for a local vanadium industry. That is the right industrial logic: critical mineral supply chains need committed end-use demand, not just resource potential.

Mt Marion Lithium Expansion Advances as MinRes and Ganfeng Lift Spodumene Supply

Mineral Resources

Mt Marion lithium expansion is moving ahead after Mineral Resources and Jiangxi Ganfeng Lithium reached a final investment decision on a A$490mn upgrade at the Western Australian mine. The project will raise 6% spodumene concentrate output from 500,000 t/yr to 600,000 t/yr.

Mt Marion lithium expansion reflects renewed confidence in spodumene markets after a period of stronger pricing, Chinese demand and supply disruption from Zimbabwean export controls. The decision also reinforces Australia’s role as a core lithium feedstock supplier to global battery material chains.

Mt Marion lithium expansion includes A$220mn for underground mine development, A$240mn for a flotation plant and A$30mn for non-processing infrastructure. Construction is scheduled to begin in July-September.

The partners expect to commission the mine within 12 months of construction starting, with production ramp-up over the following six months. That timeline makes Mt Marion an important near-term growth project in the Australian hard-rock lithium sector.

Underground Mining Extends Mine Life and Feed Flexibility

The underground mine will supplement ore from the existing open pit and contribute up to 40% of processing feed. This will extend Mt Marion’s remaining mine life by six years beyond the previous estimate of 10 years.

That is strategically important because mine life extension improves supply visibility for customers and investors. Battery chemical producers need stable spodumene feedstock to support long-term lithium hydroxide and lithium carbonate production.

The underground development also gives MinRes and Ganfeng more operational flexibility. Combining open-pit and underground ore can support feed blending, grade control and continuity as the mine matures.

The project will cause minimal disruption to existing operations, according to the company. That matters because the mine is already a major producing asset and any downtime could affect near-term shipments.

Mt Marion is also backed by a strong downstream partner. Ganfeng is one of China’s leading lithium companies, giving the project a direct link to one of the world’s largest battery materials markets.

Flotation Plant Targets Higher-Grade Product Mix

The new flotation plant will remove SC3.5 product from MinRes’ mix and deliver a minimum SC5 grade product. This is a key upgrade because higher-grade concentrate can improve processing efficiency for downstream converters.

SC6 remains the benchmark product for hard-rock lithium supply. Increasing SC6 output to 600,000 t/yr gives Mt Marion stronger exposure to higher-value concentrate markets.

The investment economics are highly sensitive to price. At an assumed SC6 price of $2,700/t, MinRes expects the expansion payback period to be less than one year.

Spodumene prices have risen in recent months, supported by Zimbabwe’s lithium concentrate export controls and strong Chinese demand. The latest Australian SC6 assessment was $2,661/t on 19 May, down from $2,811/t a week earlier but still elevated enough to support renewed investment.

MinRes also cited higher lithium prices as a reason for restarting operations at its Bald Hill mine in Western Australia. Together, these moves suggest producers are again positioning for stronger lithium feedstock demand.

The broader lithium market remains volatile, but the Mt Marion decision shows that high-quality Australian assets can still attract capital when pricing, partners and mine-life extension align.

The Metalnomist Commentary

Mt Marion’s expansion shows that lithium investment is returning first to established, scalable assets with strong downstream links. The key lesson is that the next lithium cycle will reward producers that can improve grade, extend mine life and secure reliable routes into China’s battery supply chain.

ICJ Climate Ruling Gains UN Backing as Oil Powers Push Back

International Court of Justice

ICJ climate ruling support has gained global political weight after the UN general assembly adopted a resolution welcoming the court’s advisory opinion on states’ obligations to protect the climate system. The vote shows that climate policy is increasingly moving into legal and trade-risk territory.

The ICJ climate ruling is not legally binding, but it carries legal and moral authority that could influence future climate litigation. That makes it important for energy, mining, metals and industrial companies exposed to emissions, fossil fuels and transition-linked regulation.

The ICJ climate ruling was backed by 141 countries, including China. Only eight countries opposed the resolution, including the US, Saudi Arabia and Russia, the world’s three largest oil producers.

The divide highlights a growing strategic split. Most countries are accepting stronger legal language around climate responsibility, while major fossil fuel producers are resisting efforts that could accelerate pressure on oil, gas and coal.

Climate Duties Move From Politics Toward Legal Risk

The UN resolution calls on member states to take all possible steps to avoid significant damage to the climate and environment. It also urges countries to follow through on their Paris Agreement commitments.

Vanuatu, which led the resolution, framed the issue as a matter of legal obligation rather than political discretion. That language is important because it gives climate policy a stronger legal foundation.

For industry, the risk is clear. Even if the advisory opinion is not binding, it may support future lawsuits, regulatory challenges and pressure on governments to tighten climate rules.

The resolution also reinforces earlier climate summit outcomes. It points to keeping the global temperature rise to 1.5°C, tripling renewable energy capacity, doubling energy efficiency improvement rates by 2030, transitioning away from fossil fuels and phasing out inefficient fossil fuel subsidies.

That matters for metals demand. Stronger climate implementation supports long-term demand for copper, aluminium, electrical steel, lithium, nickel, rare earths and other materials tied to grids, renewables, batteries and electrification.

However, it also raises pressure on high-emission industrial sectors. Steel, aluminium, cement, chemicals, mining and refining will face closer scrutiny over emissions, power sources and supply-chain transparency.

Oil Producers Resist While Finance Divide Remains

The opposition from the US, Saudi Arabia and Russia shows that fossil fuel producers remain wary of climate language that could constrain future energy policy. The US objected to the resolution, arguing that it included inappropriate political demands related to fossil fuels.

Russia also opposed the measure, saying the resolution risked making the ICJ opinion mandatory in nature and selectively used the advisory opinion and climate summit outcomes.

Several developing and fossil fuel-producing countries focused on another issue: finance. India, Iraq and Algeria abstained, arguing that the resolution placed too much emphasis on emissions cuts while not adequately addressing climate finance and adaptation support.

This dispute will remain central to future climate negotiations. Developing economies want funding to support decarbonisation, adaptation and industrial transition, while developed countries and climate-vulnerable states want faster action on emissions.

Brazil, the Cop 30 president, supported the resolution. Turkey, which will host Cop 31 in Antalya, abstained, while Australia supported the text but said that support should not be read as agreement with every part of the advisory opinion.

For industrial markets, the vote confirms that climate policy is not retreating. It is becoming more legal, more geopolitical and more connected to trade, finance and supply-chain decisions.

The Metalnomist Commentary

The UN vote turns climate responsibility into a stronger legal signal for governments and industry. For metals and mining, the opportunity is rising demand from electrification, but the risk is higher scrutiny over emissions, origin and financing.

Sinomine Lithium and Copper Expansion Targets Zimbabwe and Zambia Growth

Sinomine Resources

Sinomine lithium and copper expansion is accelerating as the Chinese miner prepares to raise up to 5.2bn yuan to fund new battery metals, copper and specialty metals projects. The targeted share placement will support projects in Zimbabwe, Zambia and Jiangxi province.

Sinomine lithium and copper expansion reflects the company’s move from a lithium-focused growth story into a broader multi-metal platform. The company entered lithium through the Bikita mine in Zimbabwe in 2021 and added copper exposure through its 65% stake in Zambia’s Kitumba project in 2024.

Sinomine lithium and copper expansion also shows how Chinese mining companies are securing upstream resources while building processing capacity closer to mine sites. That strategy is becoming more important as resource-rich countries push for more domestic value addition.

The fundraising plan will support a 100,000 t/yr lithium sulphate plant in Zimbabwe, the Kitumba copper project in Zambia, and a 2,000 t/yr caesium and rubidium products project in Jiangxi.

Kitumba Copper Project Strengthens Sinomine’s Diversification

The Kitumba copper project is central to Sinomine’s move into copper. Development is advancing through equipment procurement, civil works and installation, with trial concentrator production targeted by the third quarter of 2026.

Full concentrator commissioning is expected in the fourth quarter of 2026. Smelter trial production is also targeted for the fourth quarter, with full operations expected from the first quarter of 2027.

Kitumba’s mining and processing design capacity remains 3.5mn t/yr of ore. However, smelting design capacity has been revised down to 35,000 t/yr of copper cathode from the previous 60,000 t/yr.

At full capacity, the project is expected to average 33,000 t/yr of copper cathode and 55,000 t/yr of copper concentrate. This gives Sinomine exposure to both refined copper and concentrate flows.

The project matters because copper demand is increasingly tied to grids, electric vehicles, data centres, renewable energy and industrial electrification. Chinese miners are therefore looking beyond lithium to secure copper assets that can support long-term energy transition demand.

Zambia also gives Sinomine a strategic position in the African copper belt. The region remains one of the most important sources of copper growth, but project execution will depend on infrastructure, power, permitting and smelting economics.

Zimbabwe Lithium Sulphate Plan Moves Processing Downstream

Sinomine’s Bikita lithium operations in Zimbabwe have already ramped up after commissioning 2mn t/yr and 1.2mn t/yr expansion projects in July 2023. The projects reached designed capacity and product specifications by November 2023.

Lithium concentrate shipments to China have continued, but Zimbabwe’s policy environment is pushing Chinese lithium firms to process more material locally. The country imposed a ban on concentrate exports in February, accelerating interest in lithium sulphate production.

Sinomine’s planned 100,000 t/yr lithium sulphate plant fits that shift. Details on construction timing and commissioning have not yet been disclosed, but the strategic direction is clear.

Lithium sulphate gives producers a way to move further downstream before exporting material to China or other battery chemical markets. It also helps satisfy local value-addition requirements while preserving access to Zimbabwe’s lithium resource base.

Other Chinese battery materials companies are moving in the same direction. Huayou Cobalt shipped its first lithium sulphate cargo from Zimbabwe to China on 25 April, showing that the processing route is already becoming commercially active.

Sinomine’s specialty metals platform adds another layer. The company is a leading producer of caesium and rubidium salts, with integrated mining, processing and advanced materials capabilities.

The planned 2,000 t/yr caesium and rubidium products project in Jiangxi supports higher-value specialty materials growth. These metals serve specialised industrial, electronic and advanced technology applications.

Sinomine’s latest fundraising plan therefore points to a more integrated strategy. The company is securing lithium, adding copper, and expanding specialty metals processing while responding to changing export rules and downstream demand.

The Metalnomist Commentary

Sinomine’s strategy shows how Chinese miners are adapting to a world where resource ownership alone is no longer enough. The next advantage will come from controlling mine supply, local processing and downstream product routes across lithium, copper and specialty metals.

Finniss Lithium Operation Restart Signals Australian Spodumene Supply Return

Core Lithium

Finniss Lithium Operation is returning to production after Core Lithium restarted mining at the Grants open pit in Australia’s Northern Territory. The move marks the reopening of an asset that had been in care and maintenance since 2024 because of weak lithium prices.

Finniss Lithium Operation will process its first ore in the September quarter, with the first spodumene concentrate shipment expected in the December quarter. Additional shipments are planned for 2027.

Finniss Lithium Operation restart reflects the sharp recovery in spodumene prices after supply constraints emerged in late 2025. Core Lithium approved the restart in March as stronger pricing improved the economics of bringing idled capacity back online.

The Grants pit will provide access to around 800,000t of ore and deliver about 100,000t of spodumene concentrate on a 5% lithium oxide basis. Mining has started in line with Core Lithium’s final investment decision schedule and cost expectations.

Grants Pit Brings Near-Term Spodumene Back to Market

The Grants open pit gives Core Lithium a near-term route back into the seaborne spodumene market. First ore processing in the September quarter and first shipment in the December quarter create a clear restart timeline.

This matters because Australian lithium producers are beginning to respond to stronger market conditions. Several operations that were halted during the downturn are now restarting as prices recover.

Spodumene prices have rebounded sharply from the lows reached in December 2025. The recovery has made previously idled hard-rock assets more attractive, especially those with existing infrastructure and established development plans.

For buyers, the return of Finniss adds incremental Australian supply at a time when lithium converters are reassessing feedstock security. But the restart also adds new supply into a market still vulnerable to oversupply if too many projects return at once.

Core Lithium’s timing is therefore important. The company is moving before the next wave of supply fully arrives, but it must still prove stable mining, processing and shipment performance after a long shutdown.

BP33 Sets Up Longer-Term Finniss Expansion

Core Lithium is also advancing infrastructure work at the BP33 underground mine. The company awarded a A$274mn underground mining services contract to Develop Global for a three-to-five-year period.

BP33 is expected to be developed by mid-2027. It should help lift ore production at Finniss to 1.2mn t/yr by mid-2028.

Core Lithium’s final investment decision summary outlines a longer-term plan to produce spodumene concentrate over a 20-year mine life. Expected unit costs are around A$762/t, giving the operation leverage to higher spodumene pricing if execution stays on track.

The restart and BP33 development show how lithium producers are rebuilding confidence after the 2024-25 market downturn. The key difference now is that investors and customers will focus more closely on cost discipline, grade, logistics and customer commitments.

For the broader battery supply chain, Finniss adds another signal that Australian spodumene remains central to global lithium raw material supply. The market recovery is bringing supply back, but long-term balance will depend on whether battery demand can absorb returning and new production.

The Metalnomist Commentary

Core Lithium’s restart shows that the lithium cycle has turned enough to bring idled Australian mines back into action. The risk is that recovering prices invite too much supply too quickly, making cost discipline and offtake quality more important than restart headlines.

Bald Hill Lithium Mine Restart Signals Stronger Spodumene Recovery

Bald Hill Lithium

Bald Hill lithium mine operations are restarting after Mineral Resources responded to a sustained recovery in lithium prices. The Western Australian mine had been on care and maintenance since November 2024.

Bald Hill lithium mine ramp-up will begin in late May, with crushing and mining operations scheduled to start in June. First spodumene concentrate production is expected in July.

Bald Hill lithium mine shipments are planned from the Port of Esperance in the third quarter of 2026. Full capacity is expected in the fourth quarter.

The restart shows that stronger spodumene prices are beginning to bring suspended Australian lithium capacity back into the market. It also confirms that producers are becoming more confident after the severe lithium downturn that forced project closures and delays.

Spodumene Prices Bring Idled Capacity Back

Bald Hill has production capacity of about 165,000 dry metric tonnes per year of 5.1% spodumene concentrate. On a normalized 6% spodumene concentrate basis, capacity is around 140,000 dmt/yr.

The restart is modest compared with Australia’s largest lithium operations, but it matters for market sentiment. Idled mines returning to production show that the price recovery is no longer only a paper-market signal.

Mineral Resources also operates the Wodgina and Marion lithium mines. The company has lifted production guidance for both assets for the fiscal year ending June 2026.

Wodgina guidance increased to 280,000 dmt of SC6, while Marion guidance rose to 220,000 dmt of SC6. Together with Bald Hill, these assets strengthen MinRes’ position as a major Australian spodumene producer.

The restart also adds more supply to the seaborne lithium concentrate market. That could help converters secure feedstock, but it also raises the risk that returning capacity eventually caps price upside if demand growth slows.

Posco Stake Reinforces Battery Supply Chain Link

South Korean steelmaker Posco acquired a 30% stake in MinRes in November 2025 for $765mn. That investment gives the restart a stronger downstream battery supply-chain connection.

Posco has been expanding across battery materials, and access to Australian spodumene can support long-term lithium chemical production. For MinRes, the relationship provides strategic capital and potential customer alignment.

Western Australia remains one of the world’s most important lithium supply regions. Its hard-rock mines feed converters in China, South Korea and other battery manufacturing hubs.

The Bald Hill restart therefore fits a wider supply-chain pattern. Lithium producers are trying to rebuild volumes as prices recover, while downstream players seek more secure feedstock before battery demand accelerates again.

The key question is whether the recovery remains strong enough to absorb returning supply. If prices hold, more idled lithium capacity could follow Bald Hill back into production.

The Metalnomist Commentary

Bald Hill’s restart shows that lithium’s recovery is becoming operational, not just financial. The market now needs to watch whether returning Australian supply supports battery security or creates the next round of oversupply pressure.

Hancock Lithium Mine Plan Advances as Spodumene Prices Recover

Hancock Lithium Mine

Hancock lithium mine plans in Western Australia are moving forward as stronger lithium concentrate prices revive confidence in large-scale spodumene development. Hancock Prospecting plans to build the A$1bn Andover mine, targeting production of up to 1.1mn t/yr of lithium concentrate.

Hancock lithium mine construction is scheduled to start in November 2028, with a two-year construction period. The project is planned for a 30-year operating life and would process 6mn t/yr of ore.

Hancock lithium mine development reflects a shift in lithium sentiment after the deep price collapse that forced project delays and suspensions across the sector. Spodumene prices have rebounded as Chinese battery demand improves and supply expectations tighten.

The Andover project is strategically important because Australia remains one of the world’s key hard-rock lithium supply bases. New capacity from Western Australia could support converters, battery producers and electric vehicle supply chains seeking long-term spodumene feedstock.

Andover Adds Scale to Western Australia’s Spodumene Pipeline

The Andover mine would become a major new lithium concentrate source if developed as planned. Annual output of up to 1.1mn t would give the project meaningful weight in the seaborne spodumene market.

The project sits within a broader ownership structure shaped by recent consolidation. Hancock Prospecting and Chilean lithium producer SQM partnered to acquire Azure Minerals in a A$1.7bn deal completed in May 2024 through their jointly owned company, SH Mining.

Andover is 60% owned by Azure, while Croydon Gold, a subsidiary of the Creasy Group, holds the remaining 40%. The involvement of Hancock and SQM gives the project both Australian mining strength and global lithium-market experience.

SQM’s role is especially relevant. The Chilean producer brings downstream lithium market knowledge, while Hancock adds financial capacity and Australian project execution capability.

The planned 30-year mine life also matters. Battery supply chains need long-duration feedstock sources, not only short-cycle spot supply. A project of this scale could support long-term offtake and conversion strategies.

Price Recovery Revives Lithium Project Economics

The Andover plan comes after a sharp recovery in spodumene concentrate prices. Prices rose in April as tighter supply expectations followed Zimbabwe’s introduction of export quotas for lithium concentrate.

Spodumene prices had previously collapsed to $900-1,100/t cif China in January 2024, down 83% after supply growth outpaced demand. That downturn forced many lithium developers to slow, delay or reassess projects.

Prices later began recovering in late 2025 as demand from China’s lithium-ion battery sector improved market sentiment. Stronger pricing has now made large hard-rock projects more attractive again.

However, lithium remains a volatile market. New supply from Australia, Africa, South America and China can quickly change balances if demand growth slows or inventories rebuild.

For Hancock, timing will be critical. Construction is not expected to start until late 2028, meaning the project will enter the market after the current price recovery has already been tested by several more years of battery demand and supply growth.

The strategic value remains clear. If lithium demand continues to rise from electric vehicles and energy storage, Andover could become an important feedstock source for global converters. If supply again expands too quickly, project economics may face renewed pressure.

The Metalnomist Commentary

Hancock’s Andover plan shows that lithium investment confidence is returning, but only for projects with scale, strong sponsors and long-term strategic value. The market has recovered from its deepest downturn, but future winners will still need cost discipline and secure downstream demand.

EU CRMA Strategic Projects Delay Raises Questions Over Critical Minerals Execution

the Critical Raw Materials Act

EU CRMA strategic projects are facing a likely delay as Brussels postpones the next batch of designations under the Critical Raw Materials Act. The announcement was initially expected between mid-May and June, but market sources now expect the process to run into autumn.

EU CRMA strategic projects are intended to accelerate domestic and allied supply chains for critical minerals. The strategic label can give projects faster permitting and better access to EU financing.

EU CRMA strategic projects matter because Europe has set ambitious 2030 targets for extraction, processing and recycling. Any delay risks slowing investment decisions at a time when the bloc is trying to reduce dependence on concentrated foreign supply chains.

The European Commission selected 60 projects in the first round across the EU and partner countries. The second round drew 161 applications, showing strong industry interest but also increasing administrative complexity.

Battery and Rare Earth Projects Dominate Applications

The second round of applications shows where Europe’s supply-chain priorities are concentrated. Of the 161 applications, 95 came from inside the EU and 66 from outside.

Battery-related projects dominated the list with 75 applications. This reflects Europe’s continued effort to build supply chains for lithium, nickel, cobalt, manganese, graphite and other battery materials.

Rare earths were another major focus, with 21 applications. These projects are strategically important because Europe remains highly dependent on China for rare earth separation, metals, alloys and permanent magnets.

The strategic label is expected to help selected projects access financing under the Resource Action Plan and benefit from accelerated permitting. That support is important because critical minerals projects face high capital costs, long timelines and uncertain market economics.

However, the delay shows that project selection is not simple. The EU must assess technical readiness, strategic value, permitting status, financing needs, environmental standards and supply-chain contribution.

For developers, uncertainty over designation timing can affect financing discussions, offtake negotiations and investment decisions. A project may be commercially promising, but delays in policy support can slow its path to construction.

Europe’s Raw Materials Targets Face Execution Risk

The CRMA sets clear 2030 goals. The EU wants domestic extraction to cover at least 10% of annual consumption, processing to cover at least 40%, and recycling to cover at least 25%.

These targets are ambitious because Europe has limited mining capacity in several critical minerals and remains weak in key midstream stages. Processing and refining remain the hardest gaps to close.

The first round of strategic projects gave the market a positive signal. But industry participants are now questioning whether the mechanism is delivering meaningful progress quickly enough.

The European Court of Auditors warned in February that the EU risks missing its raw materials targets. It pointed to unclear selection criteria and weak data as major concerns.

Transparency has also become a pressure point. Non-governmental organisations and legal groups have challenged the process, arguing that citizens have not received enough disclosure.

This creates a difficult balance for Brussels. The EU wants to accelerate strategic projects, but it must also maintain public trust, environmental credibility and clear selection standards.

The delay is therefore more than an administrative issue. It tests whether Europe can turn critical minerals policy into bankable industrial capacity before global competition locks up capital, feedstock and customers.

The Metalnomist Commentary

The CRMA’s strategic project label is valuable only if it accelerates real investment. Europe has identified the right bottlenecks, but delays in selection and financing risk turning industrial strategy into another slow policy process.

Global Recycled Metals Output Rises as China and Emerging Regions Expand Capacity

Recycled Metals

Global recycled metals output increased further in 2025 as China maintained its leading position and emerging regions expanded recycling capacity. Production of recycled copper, aluminium, lead and zinc reached about 59.2mn t, up 5.6% from a year earlier.

Global recycled metals output is becoming more important to non-ferrous supply security as mining, processing and trade flows face rising geopolitical and cost pressures. Recycling now provides a larger secondary source of industrial metal units for manufacturers, smelters and battery supply chains.

Global recycled metals output accounted for around 34% of total non-ferrous metal production in 2025. The sector also delivered cumulative savings of about 1.2bn t of primary mineral resources, underlining its growing role in resource conservation.

The growth shows that recycled metals are no longer a secondary environmental story. They are becoming a core part of industrial raw material strategy across copper, aluminium, lead, zinc and battery metals.

China Leads as Regional Recycling Capacity Expands

China remained the world’s largest recycled base metals producer in 2025, with output of 20.57mn t. That represented 34.7% of global production.

The country’s scale gives it a major role in recycled copper, aluminium, lead and zinc supply. It also strengthens China’s position across non-ferrous metals at a time when primary raw material security is under pressure.

Europe produced more than 10mn t of recycled base metals, while the US produced more than 6mn t. India and southeast Asia reached around 6mn t and 4mn t, respectively.

These figures show that recycling capacity is becoming more geographically distributed. Emerging regions are no longer only consumers of recycled raw materials. They are becoming processing centres in their own right.

Battery-related recycling is also growing quickly. Nickel, cobalt and lithium recovery is supporting the new energy industry as electric vehicle and energy storage supply chains look for more secure material sources.

China aims to increase domestic recycled material recovery to 23mn t by 2030 under its next five-year plan. That target implies annual growth of around 7%.

The country is also expected to strengthen recycled product certification and explore the inclusion of recycled materials in carbon trading systems. This could make recycled metal more valuable for customers seeking traceable and lower-carbon supply.

Trade Flows and Technology Move Toward Asia

Global recycled raw material trade is becoming more regional, more Asia-focused and more diversified. Europe and North America remain major exporters of recycled copper and aluminium feedstock.

Europe exports around 2mn t/yr of recycled copper and aluminium feedstock, while North America exports about 4.2mn t/yr. China and India remain the largest importers, with imports exceeding 4mn t and 2mn t, respectively.

Southeast Asia is becoming a key transshipment hub. Regional recycled aluminium feedstock trade reached about 1.3mn t of imports and 900,000t of exports.

Black mass from spent lithium-ion batteries is also increasingly moving toward Asian processing centres. This reflects Asia’s stronger battery materials processing base and growing demand for recovered nickel, cobalt and lithium units.

Technology is improving the recycling value chain. Advances in laser sorting, intelligent dismantling, multi-metal battery recovery and digital process control are raising recovery rates and product quality.

Leading producers have achieved recycling rates above 94% for aluminium and 95% for lithium. These levels show how recycling is moving closer to industrial-grade resource recovery rather than simple scrap handling.

New products are also expanding. High-strength recycled aluminium alloys, high-purity recycled copper and recycled rare-earth permanent magnets are gaining traction.

This matters because recycled metal must meet customer specifications before it can displace primary material. Better sorting, cleaner chemistry and stronger certification will determine how much recycled metal can enter high-value applications.

The Metalnomist Commentary

Recycling is becoming a strategic metals supply pillar, not just a sustainability tool. The next competitive edge will come from producers that can turn complex scrap and battery waste into certified, high-purity and customer-ready materials.

Nevada North Lithium Project Resource Growth Strengthens US Lithium Supply Potential

Nevada North Lithium Project has increased its measured and indicated resource base, improving the scale potential of one of the more closely watched US lithium development assets. Canadian developer Surge Battery Metals updated the project’s estimate to 6.7mn t of lithium carbonate equivalent.

Nevada North Lithium Project now carries measured and indicated resources grading 3,820ppm lithium. That compares with 3.6mn t grading 4,016ppm in the project’s preliminary economic assessment.

Nevada North Lithium Project resource growth is strategically important because the US continues to seek domestic lithium supply for batteries, electric vehicles, energy storage and critical minerals security.

The project is jointly owned by Surge Battery Metals, with a 71% stake, and Evolution Mining, with 29%. Surge plans to deliver a comprehensive pre-feasibility study in the fourth quarter of 2026.

Larger Resource Base Improves Development Scale

The revised estimate shows a larger resource base, although the average lithium grade is slightly lower than in the preliminary economic assessment. That trade-off is common as projects expand and include broader mineralised zones.

The resource is constrained by an optimised pit shell based on a lithium carbonate equivalent price of $20,000/t. This assumption helps define what material could be economically considered under the current mine planning framework.

The increase to 6.7mn t of LCE improves the project’s strategic profile. Scale matters in lithium because battery supply chains need long-term, reliable and expandable sources of feedstock.

For Surge, the next milestone is the pre-feasibility study. That study will need to clarify mining design, processing route, capital cost, operating cost, recovery assumptions and permitting requirements.

Nevada North Li Project

US Lithium Projects Gain Momentum as Prices Improve

Recent lithium price increases are encouraging more exploration and development activity. Higher prices can improve project economics and attract financing, especially for assets in strategically important jurisdictions.

Nevada is already central to US lithium ambitions. The state offers domestic resource potential, established mining experience and proximity to battery and electric vehicle supply chains.

However, resource growth alone does not guarantee production. The project must still prove technical feasibility, commercial processing, environmental compliance and customer relevance.

The larger estimate gives Surge a stronger platform heading into the pre-feasibility stage. It also reinforces the wider US push to reduce dependence on imported lithium chemicals and battery raw materials.

If advanced successfully, Nevada North could become part of a more diversified North American lithium supply chain. Its value will depend on whether scale can translate into qualified, cost-competitive lithium production.

The Metalnomist Commentary

Surge’s updated estimate strengthens Nevada North’s strategic relevance, but the real test now moves from resource size to development economics. US lithium security will depend on projects that can pass feasibility, permitting and processing hurdles, not only publish larger resource numbers.

ABM Utah Lithium Project Targets Direct Extraction and Magnesium Output

ABM

ABM Utah lithium project plans could add a new US domestic source of lithium carbonate equivalent and magnesium if feasibility work supports development. American Battery Materials is assessing a direct lithium extraction facility in Utah tied to its Lisbon Valley project.

The ABM Utah lithium project is designed to produce 10,000 t/yr of lithium carbonate equivalent. The proposed facility would also produce 20,000 t/yr of magnesium ingots, giving the project a broader critical minerals profile.

The ABM Utah lithium project is located in the Paradox Basin, which straddles southern Utah and Colorado. The region sits in a historic seabed and contains lithium, magnesium, bromine, potash and potassium.

Historical data from Lisbon Valley show lithium values ranging from 81-500ppm. The next test is whether those values can support a commercial direct lithium extraction operation with competitive recovery, cost and product quality.

Direct Lithium Extraction Could Support US Battery Supply

Direct lithium extraction is becoming more important as the US seeks domestic lithium supply without relying only on hard-rock mining or traditional evaporation routes. DLE can potentially recover lithium from brines faster and with a smaller surface footprint.

For ABM, the strategic opportunity is to convert Lisbon Valley brine resources into battery-linked lithium carbonate equivalent. A 10,000 t/yr project would not dominate the market, but it could become a useful domestic supply source if successfully developed.

The project also fits US policy priorities. Washington is trying to secure more lithium, magnesium and other critical materials for batteries, defence, energy storage and manufacturing.

However, DLE projects remain technically demanding. Brine chemistry, recovery rates, reagent consumption, water handling, scaling, impurity control and operating cost will determine whether the Lisbon Valley project can move beyond feasibility.

Product qualification will also matter. Battery customers need consistent lithium carbonate quality, and that requires reliable processing from brine extraction through purification and final product production.

Magnesium Adds Strategic Value to the Project

The planned magnesium output gives the project an additional industrial angle. Magnesium ingots are used in aluminium alloys, die casting, lightweight components and specialty applications.

US magnesium supply has strategic relevance because magnesium supports automotive lightweighting, aerospace materials and defence-linked manufacturing. A domestic source could help reduce exposure to imported material.

The Paradox Basin’s broader mineral endowment also strengthens the project’s optionality. Lithium, magnesium, bromine, potash and potassium create potential for multi-product development, depending on commercial recovery and market conditions.

Multi-product projects can improve economics if by-products are saleable and processing flows are integrated efficiently. However, they can also add complexity because each product requires its own specification, market and operating route.

For ABM, feasibility work will need to prove both the lithium and magnesium business cases. Investors and customers will watch the project’s recovery assumptions, capital cost, permitting path and development timeline.

If successful, the Lisbon Valley project could support a more diversified US critical minerals base. Its importance lies not only in lithium supply, but in the possibility of linking battery materials with magnesium production from one regional resource system.

The Metalnomist Commentary

ABM’s Utah plan shows how US lithium projects are increasingly being framed as multi-mineral supply platforms. The key question is whether direct lithium extraction can turn Paradox Basin brines into qualified lithium carbonate and meaningful magnesium output at commercial cost.

Automotive Raw Material Supply Chains Hit Localisation Limits

Automotive

Automotive raw material supply chains are becoming the main constraint on electric vehicle localisation as carmakers seek more control over strategic components. Automakers want regional supply chains, but battery metals, rare earths and processed inputs still depend on global mining and refining networks.

Automotive raw material supply chains have shifted from pure efficiency toward resilience, security and geopolitical risk management. The industry is no longer trying only to minimise cost. It is trying to protect production from export controls, licensing delays, trade restrictions and raw material shortages.

Automotive raw material supply chains therefore cannot be fully localised by assembling batteries, motors or electronics closer to vehicle plants. The deeper constraint sits upstream, where lithium, nickel, cobalt, manganese and rare earth materials remain tied to global extraction and processing capacity.

The result is a more selective supply-chain model. Automakers will regionalise the components they can control, while still relying on global raw materials for the minerals and refined products they cannot replace quickly.

EV Localisation Still Depends on Global Critical Minerals

Jaguar Land Rover has decided to control three critical parts of electric propulsion: battery assembly, electric drive units and energy management systems. This gives the company more control over the final systems that define EV performance.

However, vertical integration has limits. Even if an automaker controls battery assembly or electric drive units, it may not control the lithium chemicals, nickel sulphate, cobalt, manganese, graphite or rare earth magnets inside those systems.

Permanent magnet motors remain one of the clearest pressure points. Electric drive units depend on rare earth materials that are still heavily exposed to Chinese processing, magnet production and export licensing.

Obtaining magnet raw materials from China has become more difficult from a licensing perspective. This shows how export controls can affect vehicle production even when the final assembly line is located in Europe or the US.

Battery supply chains face the same structural problem. Automakers can localise pack assembly, module production and software integration, but raw material exposure remains global.

Lithium, nickel, cobalt and manganese supply depends on mine locations, refining capacity, chemical conversion and government policy. These inputs cannot be made local simply by building a battery plant near an auto factory.

This changes the meaning of automotive localisation. The next phase will be less about full independence and more about reducing exposure to single-country bottlenecks.

Recycling and Traceability Become Strategic Tools

Critical minerals recycling is becoming a strategic issue for automakers, not only an environmental goal. Black mass recovery can eventually return lithium, nickel, cobalt, copper and other materials into the supply chain.

Recycling can reduce raw material exposure over time. But it depends on enough end-of-life batteries, reliable collection systems, safe transport, processing capacity and customer acceptance of recovered materials.

The UK’s critical minerals strategy reflects this reality. Domestic production, partner-country supply agreements and recycling can improve resilience, but full self-sufficiency is not realistic.

That point matters for manufacturers. Supply security will depend on diversified sourcing, trusted partners, recycling loops and traceable material flows rather than a complete break from global markets.

The shift will also affect pricing. Materials may increasingly carry value based on origin, regulatory acceptability, sustainability documentation and licensing risk.

A battery metal or rare earth input from a secure and traceable source may command a premium over lower-cost material with higher geopolitical or compliance risk.

For automakers, the strategic challenge is clear. They must control more of the EV system while accepting that critical mineral supply will remain globally contested.

For metals suppliers, the opportunity is also clear. Producers that can offer traceable, compliant and secure supply will become more valuable to automotive customers than suppliers competing only on price.

The Metalnomist Commentary

Automakers are learning that EV localisation stops where raw material dependence begins. The winners in automotive supply security will be those that connect local manufacturing with diversified minerals, recycling capacity and credible traceability.