Australia’s Liontown moves to underground Li mining at Kathleen Valley

Liontown

Australia’s Liontown moves to underground Li mining at its Kathleen Valley complex. Australia’s Liontown moves to underground Li mining after it stopped open-pit mining. Therefore, the producer is prioritising higher-grade feed and lower unit costs.

Liontown will keep processing stockpiled open-pit ore into the early July 2026–June 2027 financial year. The company previously relied heavily on open-pit ore for mill feed. Meanwhile, open-pit operations provided 56% of total mined ore in July–September 2025.

Higher-grade underground ore targets better recoveries and costs

Australia’s Liontown moves to underground Li mining to lift lithium recoveries at Kathleen Valley. The company expects recoveries to reach about 70% by March 2026. That compares with 58.3% in 2024–25 when it relied mainly on open-pit ore.

Lower recoveries hit output and guidance last year. Liontown produced 155,000 tonnes of spodumene concentrate in 2024–25. However, that fell below its 170,000–185,000 tonne guidance due to weaker recovery performance.

Australia’s lithium ramp-up raises the bar for operating discipline

Australia’s Liontown moves to underground Li mining as national supply growth continues. Australia’s Office of the Chief Economist raised its lithium production forecast for 2025–26. It expects Australian lithium mine output to grow 9.1% per year across 2024–27 financial years.

Other producers are also expanding spodumene capacity. Talison Lithium increased Greenbushes spodumene capacity by about 500,000 tonnes per year to 2.14mn tonnes per year. As a result, cost control and recovery optimisation will matter more across the lithium supply chain.

The Metalnomist Commentary

This shift is a classic move from volume to margin. However, underground execution can introduce dilution and scheduling risk. The operators who stabilise recoveries will outperform in a crowded spodumene market.

Li-Cycle Weighs Acquisition Offer from Glencore

Glencore

Canadian battery recycler Li-Cycle is considering a takeover offer from Glencore amid financial distress and project delays.

Financial Pressure Mounts on Li-Cycle

Li-Cycle is reviewing a 14 March acquisition proposal from Glencore, a major mining and trading firm. Glencore already holds a strategic stake in Li-Cycle and may move to take full control.

The announcement came as Li-Cycle warned in its 2024 annual report that it may run out of cash within a year. The firm’s liquidity crisis has worsened due to delays in accessing funding and paused construction projects.

In 2023, the company halted its Rochester hub project, critical to its spoke-and-hub recycling model. The stoppage disqualifies it from drawing a $475 million loan from the U.S. Department of Energy.

Projects Paused, Shares Delisted, Outlook Uncertain

Trading of Li-Cycle shares was suspended by the New York Stock Exchange in early 2024.

The de-listing reflects growing concerns about its operational viability.

Li-Cycle’s 2024 net loss reached $137.7 million, with revenues rising modestly to $28 million. Cash reserves fell by nearly $50 million, leaving only $31.9 million in liquidity at year-end.

The company has also paused development at its New York and Norway spoke facilities, limiting its future throughput. Its spoke-and-hub model, once touted as the future of lithium-ion battery recycling, now hangs in the balance.

The Metalnomist Commentary

Glencore’s interest in acquiring Li-Cycle may offer a lifeline—if terms can be agreed quickly. However, the deal also reflects broader challenges in scaling battery recycling under current market economics. If successful, this acquisition could strengthen Glencore’s position in the critical battery materials supply chain.

Zangge Mamicuo lithium project secures mining licence in Tibet

Mamicuo Li

Zangge Mamicuo lithium project secured a mining licence in Tibet. The approval clears a path to salt-lake production. Zangge Mamicuo lithium project now targets a 50,000 t/yr first phase. Therefore, Zangge Mamicuo lithium project advances toward near-term construction.

Licence scope and resources

The licence covers 115.36km² and includes lithium, boron, and potassium. Proven resources total 2.1774mn t LCE. Zangge holds a 26.95% stake in the asset. The permit was issued on 15 July and runs to 30 April 2030.

Build plan, power needs, and portfolio moves

Zangge will start constructing a 50,000 t/yr lithium carbonate plant in Q3. Construction should take nine to twelve months. Phase two adds 50,000–80,000 t/yr after full ramp. However, power reliability will determine second-phase timing. Meanwhile, Zangge produces lithium carbonate at Qarhan, with 2024 output of 11,566t. The company plans stakes in Jiezechaka and Longmucuo projects. It will acquire 39% of Tibet Guoneng Mining for 4.68bn yuan. As a result, integrated assets could strengthen China’s battery materials supply.

The Metalnomist Commentary

This licence elevates Tibet’s role in China’s brine-based lithium strategy. Execution now hinges on power stability and brine processing performance. Watch phase-two timing, capex discipline, and offtake alignment with cathode makers.

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.

Glencore to Revitalize Portovesme Metals Hub with Lithium Recycling Plans

Glencore

Glencore announces efforts to rejuvenate the Portovesme complex in Sardinia, including a lithium battery recycling hub, amid Italian government discussions on future plans for zinc operations.

Global mining giant Glencore has made a significant pledge to advance its Portovesme metals hub in Sardinia, Italy. The company, which has already made strides in transforming the complex, plans to take further action by revamping the site and focusing on developing a lithium battery recycling facility. This decision follows a meeting between Glencore and the Italian government, where both parties outlined a roadmap for the revitalization of the region's industrial capabilities.

The Portovesme site, located on the west coast of Sardinia, houses two critical production facilities responsible for extracting lead and zinc, as well as producing precious metals. Glencore’s commitment extends beyond maintaining its current operations, as it intends to work with new partners to preserve and expand production.

A key part of this revitalization plan includes a collaboration with Li-Cycle Holdings, a leading lithium-ion battery recycler. Glencore and Li-Cycle are exploring the feasibility of a new plant at Portovesme to process used batteries and extract critical materials such as nickel, cobalt, and lithium. This initiative aligns with growing global demand for these metals, crucial for the transition to cleaner energy solutions.

Challenges to Zinc Production at Portovesme

However, the project has sparked some controversy. The Italian government has expressed its opposition to Glencore’s plans to shut down the zinc production line at the site. Industry Minister Adolfo Urso emphasized that the government is committed to keeping the zinc operations active, while trade unions and local officials voiced strong concerns about the potential job losses and economic impact on the region. Despite the controversy, the Italian government remains optimistic about the potential for the lithium recycling hub to create new job opportunities and diversify the site’s operations.

The discussions also revolve around ensuring that Portovesme’s development aligns with the EU’s Critical Raw Materials Act, which could potentially classify the site’s revitalization as a project of strategic importance. Glencore has agreed to provide updates on the feasibility study and plans to engage with potential investors to mitigate high energy costs that have been a long-standing challenge for the site.

Conclusion

Glencore’s push to revitalize the Portovesme hub is a bold move towards aligning with the growing global demand for critical raw materials, especially lithium, cobalt, and nickel. The planned lithium battery recycling plant presents a sustainable future for the site, although challenges remain surrounding the shutdown of zinc operations. The company’s ability to balance environmental, economic, and political pressures will be key in determining the success of the Portovesme project.

China tungsten prices surge on solar, superalloy and defense demand

Tungsten

China tungsten prices surge on unexpectedly strong prompt buying. China tungsten prices surge as APT and concentrate jump in late August. As a result, China tungsten prices surge while spot trades clear well above term bids.

Spot tightness and term contracts diverge

Prices for 65% wolframite hit Yn252,000–262,000/t on 28 August. They rose from Yn234,000–236,000/t on 26 August. That is up 32% in August and 86% year-to-date. APT 88.5% rose to Yn360,000–380,000/t ex-works. It climbed from Yn340,000–350,000/t over the same period. Producers in Jiangxi and Hunan ran at low rates to honor term contracts. Suppliers reported thin inventories and began withholding sales. Spot deals cleared at Yn380,000–400,000/t for APT this week. Doped tungsten powder traded near Yn600/kg for superalloys.[Price Link: https://supermetalprice.com/]

Demand spikes across solar, tools, and defense

Solar glass, cutting tools, and superalloy buyers drove the rally. Market participants urged quick purchases to avoid higher costs tomorrow. Key state-linked groups floated August APT bids at Yn305,000–340,000/t. These levels sat far below active spot prints. Term volumes still covered roughly 80% of liquidity. However, immediate needs and investor buying set marginal prices. China’s defense procurement lifted cemented tools and AP core plans by 42%. That signaled firm tungsten pull from military channels.

Meanwhile, Li-ion and solar supply chains expanded tungsten use. Tungsten wire for silicon slicing may consume 4,500t in 2025. That rises from 2,000–3,000t in 2023–2024. Battery applications added about 1,500t over the past year. That total rose 22% year on year. These shifts increased sensitivity to short-term tightness. Therefore, small inventory gaps triggered rapid price jumps.

Supply constraints and medium-term outlook

Resource depletion and mining limits constrained feed. New large mines remain years away. The Dahutang project holds 1.21mn t of WO₃ reserves. It is unlikely to start before three years from now. Prices may stabilize or soften after restocking. That depends on whether prompt demand cools. Yet long-term fundamentals still look firm. China plans major infrastructure, nuclear, and grid projects. The Xinjiang–Tibet railway also supports metal intensity.

The Metalnomist Commentary

The spread between spot APT and state-linked term bids underscores scarcity at the margin. If defense and solar orders persist, pullbacks may prove shallow. Watch Dahutang timelines and export policies; absent new supply, volatility should remain elevated.

China’s Gallium Expansion Slows as Germanium Supply Diversifies: Key Market Insights

China Nonferrous Metals Industry Association (CNMA)

The Chinese gallium (Ga) production expansion has encountered significant hurdles, while germanium (Ge) supply sources are increasingly diversifying to mitigate feedstock shortages. According to Li Yilan, a senior analyst at the China Nonferrous Metals Industry Association (CNMA), the pace of new gallium production projects in China has slowed due to decreasing Ga content in bauxite, the primary feedstock for gallium extraction. As a result, many production projects have been delayed, and some that did launch have scaled back or halted operations altogether. However, the diversification of germanium supply chains signals a shift in how the industry is adapting to global demand pressures.

Slowdown in Gallium Production Expansion

China’s gallium output for 2024 is forecast to reach 950 tons, a 14% increase compared to the previous year. Despite this increase, the growth rate of gallium production capacity has slowed considerably. In particular, China’s gallium capacity rose by 40% this year, but the full realization of this capacity has been hindered by difficulties in securing sufficient feedstock from bauxite. The lower Ga content in bauxite has made it harder for producers to maintain a consistent supply of gallium, forcing many projects to delay their timelines or reduce output.

The demand for gallium, particularly from the magnet manufacturing sector (which consumes 46% of the metal), has increased gradually over the past two years. Additionally, the rise in demand for gallium oxide phosphor in electronics has offset the reduced demand from the solar cell sector. This demand shift has been a key factor in the slight increase in Chinese gallium exports, which rose by 35% year-on-year in the first three quarters of 2024, totaling 48.4 tons. This increase is partly due to disruptions in last year’s exports caused by the country’s export control schemes, which limited overseas shipments.

Germanium Supply Diversification and Emerging Markets

While gallium production faces slowdowns, germanium’s supply chain is showing signs of diversification, especially as producers look beyond China for feedstock. Tight feedstock availability in China has prompted several producers to seek alternative sources for germanium. Notably, the Democratic Republic of the Congo’s state-owned mining company, Gecamines, has begun exporting germanium concentrates to Belgium. This move is part of a broader trend of extracting germanium from non-traditional sources, such as copper-cobalt ores in the Congo and coal and nickel in Indonesia. These new extraction routes are expected to increase the overall supply of germanium.

China’s germanium output is projected to exceed 200 tons in 2024, up from 190 tons the previous year. Strong demand from the infrared and solar cell sectors, which use germanium in various applications, has driven prices upward in recent months. However, the rapid rise in prices has caused a significant drop in exports. Between January and September 2024, China exported just 18.8 tons of germanium, a 46% decrease compared to the same period in 2023. Higher prices and more stringent export license procedures have pushed international buyers to explore other sources for germanium, further boosting the trend toward diversified supply.

Conclusion

The global markets for gallium and germanium are undergoing significant shifts, with production challenges in China affecting gallium’s expansion and leading to a diversification of germanium supply chains. While gallium demand remains steady, especially from magnet and phosphor industries, production issues are slowing the pace of growth. On the other hand, germanium's increasing extraction from countries like the Democratic Republic of the Congo and Indonesia is easing the reliance on Chinese supply. The metal markets are adapting, and these dynamics will likely continue to influence pricing and production trends in the coming years.

Idemitsu to Build Lithium Sulphide Plant in Chiba to Support Toyota’s All-Solid-State Battery Rollout

Idemitsu, Lithium Sulphide Plant

$142 Million Facility to Produce Key ASSB Material for 3GWh Annually, Backed by Japanese Government Subsidies

Idemitsu Advances Battery Strategy with New Lithium Sulphide Facility

Japanese energy firm Idemitsu Kosan has announced plans to construct a large-scale lithium sulphide production plant in Chiba, with completion targeted for June 2027. The project is part of Idemitsu’s broader strategy to establish an integrated supply chain for all-solid-state battery (ASSB) production—a technology expected to define the next generation of electric vehicle (EV) batteries.

The plant will produce lithium sulphide at volumes equivalent to powering 3GWh of ASSB output annually, reinforcing Japan’s position in the global battery supply chain. The ¥21.3 billion ($142 million) investment will be partially supported by ¥7.1 billion in government subsidies, according to Idemitsu.

ASSB Seen as Next-Generation EV Battery Solution

ASSBs offer significant advantages over traditional lithium-ion (Li-ion) batteries, including faster charging, higher energy density, better thermal stability, and reduced use of critical metals like nickel and cobalt. These benefits make them highly attractive for next-generation EV platforms.

In October 2023, Idemitsu and Toyota announced a partnership to commercialize ASSB for EVs by 2027–2028. Under this plan, Idemitsu will supply solid electrolytes, derived from its lithium sulphide, while Toyota integrates them into EV battery systems. Toyota’s goal is to produce vehicles capable of driving up to 1,200 km on a single charge—more than twice the range of its current EVs.

Integrated Upstream-Downstream Supply Secures Japan’s Battery Future

Idemitsu will manufacture lithium sulphide by processing lithium hydroxide sourced from its Australian mining assets with sulphur by-products from its oil refining operations. This vertically integrated model reflects Japan’s push to reduce battery supply chain dependencies on China while leveraging domestic expertise in refining and manufacturing.

As Japan’s second-largest oil refiner, Idemitsu is uniquely positioned to transform its fossil fuel legacy into a clean tech future. The company also plans to produce several thousand tonnes of solid electrolyte materials to support full-scale ASSB deployment across Toyota’s production lines.