CNGR to End Investment in Nickel Joint Venture with Posco Amid Weak EV Market

Posco

China’s CNGR will liquidate its joint venture with South Korea’s Posco due to slowing electric vehicle demand.

Chinese battery materials producer CNGR has decided to terminate its investment in a nickel refinery joint venture with South Korea’s Posco Holdings. The joint venture, Posco CNGR Nickel Solution, will be liquidated as part of CNGR’s efforts to reduce investment risks and protect investor interests. This decision comes amid a slowdown in the global electric vehicle (EV) market, which has impacted the demand for battery materials.

Slowing EV Demand Leads to Strategic Adjustments

The global EV market has seen slower growth in 2024 compared to the previous year, which has affected the demand for battery materials like nickel and lithium. According to South Korean market intelligence firm SNE Research, the slowdown in EV sales has resulted in reduced battery installations. This trend prompted CNGR to reassess its joint venture with Posco, leading to the decision to dissolve the partnership.

Joint Venture and Production Facility Plans

CNGR and Posco first announced their joint venture plans in June 2023, aiming to build a production facility in Pohang, South Korea. The facility was designed to produce 50,000 tonnes per year of nickel sulphate and 110,000 tonnes per year of lithium-ion battery precursors. The plant was expected to support the production of batteries for 1.2 million EVs. However, with the weakening EV market, CNGR has chosen to withdraw from the venture to avoid further exposure to the slowing demand.

Conclusion

The termination of the joint venture with Posco marks a strategic shift for CNGR in response to the challenges facing the EV market. As demand for EVs continues to fluctuate, companies in the battery materials sector are re-evaluating their investments to mitigate risks and ensure financial stability.

Evion's India Joint Venture to Ship First Expandable Graphite Order

Evion Group Graphite

Australian graphite producer Evion has announced that its joint venture with Indian producer Metachem Manufacturing in Pune, India, is set to ship its first order of expandable graphite this month. This marks a significant milestone for the partnership and the Indian graphite market.

First Order and Production Details

The joint venture's initial order, a substantial 386 tonnes, is destined for German trading firm Technografit. Production of this order was slated to take place between January and March.  Prior to scheduled maintenance in late December, approximately 120 tonnes of the order was produced or "partially treated" from early November to mid-December. 

Evion has confirmed that the order is on track for completion and will be shipped to Europe over the coming months.  The sale price for this initial shipment averaged between $3,000 and $3,300 per tonne on a free-on-board (FOB) basis, while the joint venture anticipates production costs ranging from $1,500 to $1,750 per tonne. This healthy margin demonstrates the potential profitability of the venture.

Future Production and Expansion Plans

Evion also revealed that the joint venture has secured 500 tonnes of graphite concentrate on-site, ready for processing. This material is planned for export between April and September, primarily to European markets.  The company anticipates sales prices to be roughly 10% higher during this period.  Evion plans to provide further production guidance within the first quarter of the year, including details on new sales and buyers. 

The joint venture expects to sell over 2,000 tonnes of expandable graphite during its first full year of operations, having commenced production in April 2024.  Looking ahead, both companies are considering expanding the plant's capacity to 4,000 tonnes per year.  The original agreement establishing the joint venture had projected a production capacity of 2,000 to 2,500 tonnes per year for the initial three years. This potential expansion signals the partners' confidence in the market and their commitment to growth.

Chalco rare metals joint venture targets integrated growth and supply security

Rare Metals Mining

China’s Chalco rare metals joint venture marks a strategic expansion across high-purity processing and downstream products. The Chalco rare metals joint venture will unite affiliates under Chinalco to scale gallium, germanium, indium, selenium, tellurium and rhenium. As a result, the Chalco rare metals joint venture strengthens China’s control across critical mineral supply chains.

JV structure and product scope

Chalco will hold a 20pc stake in the joint venture. Other investors include Chinalco Group, Yunnan Copper, Chihong Zinc-Germanium and China Aluminum Capital. The venture will handle high-purity processing, compounding, product development, production and sales. Therefore, the platform links base metals and rare metals into one industrial chain.

Capacity plans and policy backdrop

Chalco targets 16.81mn t of metallurgical alumina and 7.8mn t of primary aluminium in 2025. Meanwhile, Beijing is integrating critical minerals and tightening export controls on selected metals. China also consolidated rare earth assets into Northern Rare Earth and China Rare Earth. Consequently, the Chalco rare metals joint venture aligns capacity with policy and market needs.

The Metalnomist Commentary

The JV formalizes a midstream hub that can stabilize feedstock and pricing. Buyers should watch contract terms for gallium and germanium as policy risk stays elevated. Partnerships may expand quickly if downstream magnet and semiconductor demand accelerates.

Indonesia-China EV battery joint venture to start output by 2026

PT AnekaTambang

Indonesia-China EV battery joint venture is set to start operations in 2026, marking a milestone in Southeast Asia’s battery industry. PT Aneka Tambang (Antam) and CATL are leading the $5.9bn project, which will significantly expand Indonesia’s role in global EV supply chains. The Indonesia-China EV battery joint venture aims for 15GWh capacity by 2028, supporting up to 300,000 EVs annually.

A $5.9bn integrated ecosystem for battery materials

The joint venture begins with a 6.9GWh capacity, expanding to 15GWh by 2028. Additionally, officials highlighted potential integration with solar panel battery storage, raising capacity to 40GWh. Most of the investment—around $4.7bn—will fund nickel smelters, mining, and precursor plants in North Maluku. Meanwhile, the battery cell project in West Java accounts for $1.2bn of the total budget.

Indonesia’s mineral advantage meets China’s battery expertise

Indonesia holds abundant nickel, cobalt, and manganese, essential for EV batteries, but lacks lithium and advanced technology. Therefore, Antam partnered with CATL to secure the expertise and technology required. By 2026, smelting and hydrometallurgy plants, alongside a nickel-cobalt-manganese precursor facility, are expected to strengthen Indonesia’s midstream value chain. This partnership underscores a growing alignment between Indonesia’s resource base and China’s global battery leadership.

Energy independence and EV market expansion

The Indonesia-China EV battery joint venture could supply batteries for 300,000 EVs annually, potentially reducing fuel imports by 300,000 kilolitres per year. President Prabowo stated that Indonesia could reach full energy self-sufficiency within five to seven years, provided battery production grows to 100GWh annually. As a result, Indonesia is positioning itself not just as a raw material supplier but as an integrated EV hub.

The Metalnomist Commentary

Indonesia’s partnership with CATL cements its role in the global EV battery supply chain. However, success depends on infrastructure, environmental safeguards, and balancing resource nationalism with foreign investment. If executed effectively, Indonesia could become a strategic alternative to China-dominated supply routes.

Zambia and US Launch Copper Mine Joint Venture

Zambia Copper Mine

The Zambia copper mine joint venture between US-based Metalex and Zambia’s Terra Metals marks a significant step in bilateral mining cooperation. The two companies launched Lunda Resources, a partnership aimed at developing the Mwinilunga Copper Mine, which is set to become a key contributor to global copper and cobalt supply chains.

Zambia Copper Mine Joint Venture Targets 100,000t Output

The new Zambia copper mine joint venture will process up to 2mn tonnes of ore annually, producing 100,000 tonnes of copper concentrates, copper cement, and cobalt precipitate. Lunda Resources has already invested ZMW 270mn ($1.2bn) in early-stage development. The full project build-out is expected to reach ZMW 2.7bn, including advanced ore processing systems.

Strengthening Zambia-US Mining Cooperation

This partnership reflects a strategic alignment between Zambia and the US at a time when global copper and cobalt demand is surging. Copper remains central to the global energy transition, while cobalt is vital for battery manufacturing. The collaboration between Metalex and Terra Metals sets a new benchmark for cross-border mining partnerships, combining Zambia’s resource wealth with US investment and technology.

The Metalnomist Commentary

The Zambia copper mine joint venture highlights how resource-rich African nations are leveraging foreign partnerships to expand mining capacity. By aligning with US firms, Zambia strengthens its position in global supply chains while diversifying investment sources beyond China. This project underscores copper’s critical role in electrification and positions Zambia as a key growth hub in Africa’s mining sector.

US Antimony Processing Plant in Idaho Strengthens North American Sb Supply Chain

Americas Gold and Silver

The US antimony processing plant planned in Idaho marks a significant step for North American critical minerals security. US Antimony and Americas Gold and Silver formed a joint venture to develop a hydrometallurgical antimony facility at the Galena complex in Idaho. The project links local feedstock, processing capacity, and downstream marketing. As a result, the US antimony processing plant could strengthen domestic supply for both industry and defense.

This matters because antimony remains a strategically sensitive metal with limited western processing capacity. Americas will sell antimony feedstock from Galena to the joint venture for processing. US Antimony will then purchase the antimony produced at the plant. Therefore, the US antimony processing plant creates a more integrated domestic flow from mine to refined product.

The structure of the partnership also looks deliberate. Americas will own 51pc of the venture, while USAC will hold 49pc. Feed from the Galena site will receive priority, although the facility may also accept other sources later. Consequently, Idaho antimony processing could become a flexible platform rather than a single-mine solution.

Idaho Antimony Processing Builds on Existing USAC Expertise

Idaho antimony processing gains credibility because USAC already has operating experience in this market. The company runs the only two antimony smelters in North America, including the Thompson Falls facility in Montana. It also said earlier this year that it helped develop a hydrometallurgical antimony facility in Bolivia. As a result, the joint venture starts with more technical depth than a typical greenfield concept.

That expertise matters because hydrometallurgical processing is not just a construction task. It requires operating knowledge, feed handling discipline, and product quality control. USAC said it will contribute knowledge and technical expertise to the venture. Therefore, the project has a stronger chance of moving from concept to workable industrial asset.

North American Antimony Supply Gains a Stronger Defense Link

North American antimony supply also gains a clear defense connection through this project. USAC said it can provide the joint venture access to its marketing network, including the US government. That creates a direct link between new processing capacity and strategic buyers. Consequently, the Idaho project could matter well beyond commercial metals trade.

That defense angle is already real. USAC secured a five-year fixed-price contract worth up to $245mn to supply antimony ingots to the US Defense Logistics Agency. The new joint venture has also prepared paperwork to pursue government funding. Therefore, the US antimony processing plant fits directly into a larger effort to rebuild critical mineral capacity in North America.

The Metalnomist Commentary

This project matters because it connects mine feed, processing, and defense demand in one structure. Antimony supply security will not improve through mining alone. It needs real domestic processing, and Idaho now looks like one of the more serious new steps in that direction.

Gécamines Mercuria copper and cobalt joint venture draws DFC interest for DRC critical minerals

DRC, Critical Minerals

The Gécamines and Mercuria launched the Gécamines Mercuria copper and cobalt joint venture to expand global sales. The Gécamines Mercuria copper and cobalt joint venture targets stronger pricing and broader market access for copper and cobalt. Meanwhile, U.S. International Development Finance Corporation signaled potential support for the partnership.

The Gécamines Mercuria copper and cobalt joint venture also links trade flows to industrial security goals. The proposed structure can give US end-users a right of first refusal on select critical minerals. However, the final terms will matter for buyers that want stable supply and clearer governance.

DFC backing could reshape critical minerals offtake terms

DFC involvement can change how end-users negotiate offtake and inventory strategies. Buyers can use priority access to reduce exposure to price spikes and sudden export controls. As a result, the JV can pull more copper and cobalt into structured, contract-led channels.

The commercial model also raises expectations for traceability and compliance. Traders and producers must prove provenance and responsible practices to keep premium customers. Therefore, operational support must translate into transparent logistics and reliable delivery performance.

Peace diplomacy adds a new variable to Central Africa supply chains

A new diplomatic push can lower perceived risk in regional logistics over time. Félix Tshisekedi and Paul Kagame backed a peace framework after talks in Washington, D.C.. Meanwhile, markets will watch whether stability improves cross-border transport and investment confidence.

However, miners still face scrutiny over ESG and community impacts. Investors will also track permitting and operating conditions for major assets. Therefore, credibility will depend on measured improvements, not announcements.

The Metalnomist Commentary

This JV signals a sharper blend of minerals trading and national security procurement. However, governance quality will decide whether buyers treat it as “de-risked” supply. The winners will deliver verified material with predictable logistics.

Boeing titanium joint venture remains uncertain despite Russia’s overture

VSMPO-AVISMA

Russia signaled interest in reviving the Boeing titanium joint venture with VSMPO-AVISMA. However, Boeing has not indicated any plans to return. Sanctions, tariffs, and long requalification timelines complicate any restart of the Boeing titanium joint venture. Supply chains have shifted since 2022 and will not reverse quickly. The Boeing titanium joint venture once lowered logistics costs and secured critical forgings.

Ural Boeing Manufacturing’s past and the sanctions hurdle

Ural Boeing Manufacturing previously machined titanium forgings for the 787 and 737. The partnership expanded in 2010 and planned a second site in 2013. Boeing cut ties in March 2022 after Russia’s invasion. The US later imposed 70% tariffs on Russian unwrought titanium. VSMPO also faced export sanctions in 2023. These measures deter direct commercial engagement. Any revival would require regulatory relief and political alignment.

How Boeing filled the titanium gap

US and allied producers expanded premium-grade capacity after 2022. ATI added electron-beam melt for rotating-grade titanium. Perryman expanded melt and conversion capacity. TIMET is ramping a new Ravenswood ingot mill. Aerospace buyers still face long part qualifications. New PQ supply takes two to five years to certify. Boeing’s recovery also shapes demand. The 737 MAX returned to 38 jets per month. The 787 rose to seven per month.

The Metalnomist Commentary

Even if sanctions eased, a rapid restart looks unlikely. Boeing diversified supply and invested in non-Russian PQ routes. Reversing that shift would add risk without clear benefits.

Sherritt Stake Sale Plan Follows Cuba Nickel-Cobalt Exit

Sherritt

Sherritt stake sale plans have emerged as the Canadian metals firm faces a major strategic reset after moving to dissolve its Moa nickel-cobalt joint venture in Cuba. The company has entered into a non-binding agreement that could allow US investment firm Gillon Capital to acquire 55% of its shares.

Sherritt stake sale terms have not yet been finalised. The company expects the purchase price to be set at a discount to the current share price, with Gillon able to complete the acquisition no later than nine months from closing.

Sherritt stake sale discussions come directly after the company chose to dissolve the Moa joint venture with the General Nickel Company of Cuba. That decision followed new US sanctions authority targeting Cuban entities and sectors, including metals and mining.

The transaction would mark a major ownership shift for Sherritt at a time when its core nickel and cobalt supply chain is under sanctions, fuel and feedstock pressure.

Cuba Sanctions Push Sherritt Toward Strategic Restructuring

Sherritt’s Moa joint venture has been central to its nickel and cobalt business. Ore is mined and processed into mixed sulfide precipitate at Moa in Cuba, then shipped to Canada for refining at Fort Saskatchewan in Alberta.

That cross-border structure has become increasingly difficult. The Moa operation was already affected by fuel supply problems in Cuba, forcing a temporary mining suspension in February.

The situation worsened after the US issued an executive order on 1 May expanding sanctions powers against Cuban entities. Although Sherritt was not directly named, the order allows sanctions on companies operating in Cuba’s metals and mining sector.

Sherritt suspended direct participation in Moa joint venture activities on 7 May. It then announced plans to send a dissolution notice to its Cuban partner on 15 May.

The decision shows how sanctions risk can disrupt critical minerals supply chains even without a direct designation. Shipping, banking, insurance, financing and counterparty confidence can all be affected when operating exposure becomes politically sensitive.

Fort Saskatchewan Refinery Faces Feedstock Uncertainty

Sherritt’s Fort Saskatchewan refinery remains strategically valuable because it can produce finished nickel and cobalt in Canada. However, its feedstock link to Cuba is now the central weakness.

The Moa joint venture supplied mixed sulfide precipitate to the Alberta refinery. If that feedstock route remains disrupted or is dissolved permanently, Sherritt will need alternative material sources to keep refining operations stable.

This matters for North American supply chains. Nickel and cobalt are important for batteries, superalloys, industrial chemicals and defence-linked manufacturing.

The possible Gillon Capital transaction could give Sherritt a new ownership and financing path, but it will still require regulatory approval. The US Departments of State and Treasury do not oppose Gillon’s participation in negotiations, but any later transaction would need their approval.

That condition underlines the political sensitivity of Sherritt’s restructuring. The company’s future will depend not only on investor appetite, but also on sanctions compliance, government approval and feedstock strategy.

For the wider nickel and cobalt market, Sherritt’s situation is a warning. Refining capacity in a secure jurisdiction is not enough if upstream feedstock remains tied to a politically exposed source.

The Metalnomist Commentary

Sherritt is becoming a case study in how sanctions can force a critical minerals company into ownership and supply-chain restructuring. The key issue is whether a new investor can help rebuild the business around secure feedstock for Fort Saskatchewan.

Sherritt Moa JV Dissolution Marks Break in Cuba Nickel-Cobalt Supply Chain

Sherritt

Sherritt Moa JV dissolution marks a major break in one of the more unusual cross-border nickel-cobalt supply chains linking Cuba and Canada. Sherritt International plans to deliver a dissolution notice to its joint venture partner, the General Nickel Company of Cuba, after expanded US sanctions made continued participation commercially and legally risky.

Sherritt Moa JV dissolution will require the Canadian company to surrender its interests in the Cuban joint venture corporations. The company said immediate dissolution is the only way to preserve its ability to do business.

Sherritt Moa JV dissolution is strategically important because the Moa structure linked Cuban mining and intermediate processing with Canadian refining. Ore was mined and processed into mixed sulfide precipitate at Moa, then shipped to the Fort Saskatchewan refinery in Alberta.

Sherritt expects GNC to owe an equalization payment because it believes the Moa mine is more valuable than the Canadian refinery. That valuation issue could become a key point in the separation process.

US Sanctions Force Structural Exit From Moa

The US directly sanctioned the Moa joint venture on 7 May. The designation followed a 1 May executive order allowing Washington to sanction entities or people supporting the Cuban government across metals, mining, energy, financial services, security and other sectors.

Sherritt had already suspended direct participation in Moa-related activities earlier this month after assessing the implications of the executive order. The direct sanctions accelerated the need for a structural exit.

The company said the dissolution is necessary so it can be considered the sole owner of Canada Refinery Corporation, which owns the Fort Saskatchewan nickel-cobalt refinery. That step is central to preserving the Canadian refining business outside the sanctioned Cuban structure.

The Moa joint venture had been a 50/50 partnership between Sherritt and GNC. Its value came from combining Cuban ore and MSP production with Canadian refining expertise.

The latest move shows how sanctions can fracture supply chains even when downstream refining sits in an allied jurisdiction. Feedstock origin, ownership structure and sanctioned counterparties now matter as much as the location of final refining.

Canadian Refinery Faces Feedstock Repositioning Challenge

The Fort Saskatchewan refinery remains strategically valuable because it produces finished nickel and cobalt. These metals are used in batteries, superalloys, stainless steel, industrial chemicals and advanced manufacturing.

However, the refinery’s historic feedstock route depended on Moa mixed sulfide precipitate. Losing the Cuban joint venture means Sherritt must protect the refinery’s operating future through ownership clarity, alternative feed planning or new commercial structures.

The company had already faced operating pressure before the sanctions escalated. Sherritt temporarily suspended mining operations at Moa in February because of fuel supply problems in Cuba.

That earlier disruption showed the physical fragility of the Moa supply chain. The sanctions now add a legal and geopolitical break to an already strained operating model.

For nickel and cobalt buyers, the key issue is whether Fort Saskatchewan can remain a reliable source of refined metal without direct participation in Moa. The answer will depend on feedstock access, legal separation, inventory management and customer confidence.

The dissolution also highlights a broader critical minerals lesson. Western supply chains can still carry high exposure when mines, intermediates or partners sit in sanctioned or politically sensitive jurisdictions.

The Metalnomist Commentary

Sherritt’s exit from Moa shows that critical minerals security cannot rely on refining capacity alone. The real test is whether the entire chain, from mine ownership to intermediate feedstock and final metal, can survive sanctions, fuel disruption and geopolitical pressure.

ReElement Posco Magnet Production JV Targets Integrated US Rare Earth Supply Chain

ReElement, Posco

ReElement Posco magnet production plans will create a new US-based platform for rare earth separation, metallization and permanent magnet manufacturing. ReElement Technologies has formed a joint venture with South Korea’s Posco International to develop integrated rare earth and magnet capacity in the US.

ReElement Posco magnet production is strategically important because the US still lacks a complete domestic supply chain for rare earth magnets. Mining and separation alone are not enough. The country needs oxide refining, metal production, alloying and finished magnet manufacturing.

ReElement Posco magnet production will be backed by a planned $200mn investment. The partners are still finalising site selection, while ownership details have not been disclosed.

The joint venture aims to produce around 3,000 t/yr of separated rare earth oxides by 2028. Capacity is expected to expand to 6,000 t/yr by 2030.

Separation and Metallization Fill Key US Supply Gaps

The joint venture will develop feedstock sourcing, light and heavy rare earth metallization and permanent magnet manufacturing. This gives the project a wider scope than a conventional refining facility.

Separated rare earth oxides are an important step, but magnet supply chains require further conversion. Oxides must be turned into metals, then alloys, then finished magnets before they can serve automotive, defence, industrial and electronics customers.

Metallization remains one of the biggest bottlenecks outside China. Without it, separated oxides cannot easily become usable magnet inputs.

ReElement will contribute its separation and refining technologies to the joint venture. This gives the project a technology platform for producing refined rare earth products in the US.

The inclusion of both light and heavy rare earth metallization is also important. Heavy rare earths such as dysprosium and terbium are critical for high-performance magnets that must withstand heat and stress.

Posco Adds Automotive and Industrial Market Access

Posco International brings strong relationships in automotive and industrial markets. That customer access is important because rare earth projects need demand visibility, qualification pathways and long-term commercial outlets.

The partnership also adds South Korean industrial depth to the US rare earth strategy. South Korea is a major manufacturing economy with strong positions in automotive, batteries, steel, electronics and industrial materials.

For US magnet supply chains, the JV could help connect rare earth processing with downstream users that need qualified, reliable and non-China material. That is increasingly important as manufacturers seek supply security around electric motors, robotics, defence systems and industrial automation.

The 2028 and 2030 capacity targets show a staged approach. The first phase would establish oxide separation, while later expansion could support deeper integration into metal and magnet production.

Execution will be the key test. The project must secure feedstock, complete site selection, scale technology, qualify products and build customer confidence.

If successful, the ReElement-Posco venture could become a meaningful building block in the US effort to create a complete rare earth magnet supply chain.

The Metalnomist Commentary

The ReElement-Posco JV shows that rare earth strategy is moving from isolated projects toward integrated industrial partnerships. The decisive advantage will come from connecting feedstock, separation, metallization, magnets and qualified customers in one supply chain.

Sherritt Refinery Shutdown Exposes Canada’s Dependence on Cuban Nickel Feed

Sherritt International

Sherritt refinery shutdown plans will halt nickel and cobalt production at the company’s Fort Saskatchewan facility in Alberta after feedstock from Cuba’s Moa joint venture ran out. The move highlights how upstream disruption can strand downstream refining capacity even in a politically secure jurisdiction.

Sherritt refinery shutdown operations will remain in place until mining and processing at Moa can resume and mixed sulfide precipitate shipments to Canada are restored. The company has not given a restart timeline.

Sherritt refinery shutdown is strategically important because Fort Saskatchewan converts Cuban mixed sulfide precipitate into finished nickel and cobalt. The refinery therefore depends on continuity across mining, processing, shipping and sanctions-sensitive trade routes.

Sherritt will use the shutdown period to complete maintenance work. Fertilizer and sulfuric acid production will continue, preserving part of the site’s industrial activity while nickel and cobalt refining is suspended.

Moa Feed Disruption Strands Canadian Refining Capacity

The Fort Saskatchewan refinery relies on the Moa joint venture in Cuba for its nickel and cobalt feed. Ore is mined and processed at Moa into mixed sulfide precipitate before being shipped to Alberta for refining.

That supply chain began to weaken in February when fuel shortages forced the joint venture to suspend mining operations. Feed inventories in Canada subsequently declined, with Sherritt previously expecting available material to last only until mid-June.

The problem then became more complex in May. Sherritt suspended direct participation in the Moa joint venture after the US expanded sanctions on Cuba under the International Emergency Economic Powers Act.

The company has maintained that suspension, leaving the future of Cuban production uncertain. Without fresh MSP shipments, Fort Saskatchewan cannot continue normal nickel and cobalt refining.

This illustrates a critical supply-chain weakness. Refining assets may sit inside Canada, but their security still depends on where upstream feed originates.

For North American critical minerals policy, that distinction matters. Domestic refining capacity does not create supply independence if raw materials remain tied to politically exposed jurisdictions.

Nickel and Cobalt Supply Security Shifts Toward Feedstock Control

Nickel and cobalt remain important to batteries, superalloys, aerospace, industrial chemicals and defence-related manufacturing. Reliable refining capacity is therefore strategically valuable.

But Sherritt’s shutdown shows that feedstock security must be treated as part of refinery security. A plant without dependable concentrate or intermediate supply becomes an idle asset regardless of its technical capability.

The Fort Saskatchewan site still has value because its processing infrastructure and operating expertise remain in place. Maintenance during the shutdown may help preserve restart readiness if Moa supply resumes.

However, the absence of a clear restart timeline increases uncertainty. Sherritt must either restore the Cuban supply chain or eventually secure another viable feed route if the disruption becomes prolonged.

The situation also raises a broader question for western critical minerals strategies. Governments are investing heavily in domestic processing, but those projects need diversified and compliant raw material sources to remain resilient.

Sherritt’s experience shows why mining, intermediate processing and refining must be planned as one integrated supply chain rather than separate assets.

The Metalnomist Commentary

Fort Saskatchewan is a reminder that secure refining capacity is only as strong as its feedstock chain. Canada can host the refinery, but without reliable upstream material, geopolitical risk still determines whether nickel and cobalt actually reach the market.

IGO and Tianqi Lithium Suspend Dividends Amid Lithium Inventory Challenges

Tianqi Lithium Energy Australia (TLEA)

Australia-based IGO and China's Tianqi Lithium have announced the suspension of the annual dividend for their joint venture, Tianqi Lithium Energy Australia (TLEA), citing lower sales and an increasing inventory of lithium salts at their Kwinana Refinery. This decision reflects broader market challenges, including shifts in battery chemistry that affect demand for lithium hydroxide.

Inventory Buildup and Market Dynamics

IGO, which holds a 49% stake in the Kwinana refinery through the joint venture, reported a significant buildup of lithium hydroxide inventory. The refinery, which was shut down in October 2024 for scheduled maintenance, is facing ongoing challenges with inventory management due to weaker-than-expected demand growth for lithium hydroxide. This demand slowdown is partly attributed to shifts in battery chemistry, with converters increasingly retrofitting production lines to switch from lithium hydroxide to lithium carbonate production.

The change in preference towards lithium carbonate is driven by its use in lithium iron phosphate (LFP) batteries, which are becoming increasingly popular in hybrid electric vehicles, affordable mass-market models, and energy storage projects.

Financial Implications and Outlook

As a result of these market conditions, IGO indicated that TLEA would not issue dividends for the fiscal year 2025 and could not provide a timeline for when these payments might resume. This suspension reflects the joint venture's cautious approach to financial management in light of uncertain market demand and inventory pressures.

Despite these challenges at the refinery level, the Greenbushes lithium mine, part of a joint venture between TLEA and US lithium producer Albemarle, continues to perform well, generating solid cash flows. This suggests that while the refined product market faces difficulties, the raw material extraction aspect of the business remains robust.

BHP and Lundin Mining Partner on Argentinian Copper Projects

BHP and Canada-based Lundin Mining have entered into a definitive agreement to acquire mining company Filo and jointly develop the Josemaria copper project in Argentina. The agreement involves forming a 50/50 joint venture to manage the Filo del Sol (FDS) and Josemaria copper projects in San Juan province. The FDS deposit is an advanced-stage copper exploration project, while Josemaria, already controlled by Lundin, is also at an advanced development stage and situated nearby.

Both companies are optimistic about the potential of this partnership. Lundin Mining’s CEO, Jack Lundin, emphasized the significance of FDS, describing it as "one of the world's largest undeveloped copper-gold-silver deposits." The joint venture aims to "develop an emerging copper district with world-class potential that could support a globally ranked mining complex," according to Lundin.

Argentina has emerged as a promising copper-rich region, and companies are rushing to secure a stake in the region. Both companies are "excited about their role in developing the region," as they partner to acquire FDS. The acquisition, valued at C$4.1 billion (approximately $2.96 billion), involves Lundin contributing $1.5 billion towards the purchase. Additionally, BHP will pay $690 million in cash to Lundin for the Josemaria stake in the joint venture.

This deal, however, is still subject to approval by the court under Canadian law and requires the endorsement of Filo’s shareholders. Once completed, this venture will position BHP and Lundin as significant players in the global copper market, contributing to the supply chain essential for electric vehicles and renewable energy technologies.

Saudi Aramco and Ma'aden Forge Path into Lithium Extraction with New Joint Venture

Saudi Aramco

The Entry of Oil Giants into Lithium Exploration

Saudi Arabia's oil titan, Aramco, in collaboration with Ma'aden, the premier mining entity in the Middle East and North Africa, has unveiled a significant venture into lithium extraction. This partnership marks a pivotal shift, integrating Aramco's expansive drilling technology and financial prowess with Ma'aden's mining expertise. The focus of this joint venture will be on areas within Saudi Arabia that exhibit lithium concentrations as high as 400 parts per million—figures mirroring those of the U.S. Smackover formation, known for attracting investments from global oil leaders like ExxonMobil.

The Impact on the Lithium Market

With this venture, Aramco positions itself as a formidable player in the lithium industry, potentially reshaping market dynamics currently dominated by established producers such as Albemarle. According to Joe Lowry, a renowned independent analyst and host of the Global Lithium podcast, this shift could see major oil and mining companies overtaking traditional lithium leaders by the early 2030s.

A Vision for Future Lithium Demand

Slated to commence production in 2027, the joint operation aims to harness Aramco’s leading-edge technology and Ma'aden’s operational capabilities. Nasir K Al-Naimi, upstream president at Aramco, highlighted the venture’s intention to leverage their combined resources and knowledge. The goal is to meet the soaring global demand for lithium, essential for various technologies, notably electric vehicle batteries, and to support Saudi Arabia's economic diversification efforts.

Alcoa Finalizes Venture to Support Smelter Restart in Spain

Alcoa Spain

Alcoa Invests in Joint Venture to Reopen San Ciprián Smelter

Alcoa has formed a joint venture with Spain’s Ignis Equity Holdings to revive its San Ciprián aluminum smelter. The Pittsburgh-based aluminum giant will invest $81 million for a 75% stake, while Ignis contributes $27 million for the remaining share. The move comes after prolonged shutdowns driven by extreme energy costs that began disrupting production in 2022.

Restart Hinges on Government Support and Renewable Energy

Alcoa may inject up to $108 million more to support operational needs. Any further funding will require mutual approval between Alcoa and Ignis. The venture also ties into a January memorandum with Spain’s national and regional governments to accelerate project approvals and labor coordination. Restarting the facility requires $10 million, with both partners seeking streamlined permits for renewable energy solutions to offset power costs.

Spanish Asset Sales Failed, But Local Cooperation Is Key

Efforts to sell the San Ciprián smelter and associated Spanish operations — including a foundry and alumina refinery — previously failed. However, the new partnership reflects a shift toward local cooperation to ensure long-term operational sustainability.

The Metalnomist Commentary

Alcoa’s renewed investment in Spain signals a strategic shift: instead of exiting, it’s doubling down with localized energy partnerships. As Europe grapples with power price volatility, ventures like this offer a template for industrial resilience through public-private coordination and renewable integration. The aluminum market will be watching closely.

Sherritt Moa Nickel-Cobalt Suspension Deepens Cuba Supply Chain Risk

Sherritt

Sherritt Moa nickel-cobalt suspension has moved from sanctions review to direct operational action after the Canadian miner and refiner halted its participation in activities tied to the Moa joint venture in Cuba. The decision follows new US sanctions authority that could target entities operating in Cuba’s metals and mining sector.

Sherritt Moa nickel-cobalt suspension is significant because the Moa joint venture links Cuban mine and intermediate processing operations with Sherritt’s refining capacity in Alberta. Ore is mined and processed in Cuba into mixed sulfide precipitate containing nickel and cobalt, then shipped to Canada for refining.

Sherritt Moa nickel-cobalt suspension adds another layer of disruption to an already fragile supply route. The company had temporarily suspended mining operations at Moa in February because of fuel supply problems in Cuba.

Although Sherritt was not directly named in the new US sanctions, the company said the executive order is expected to create conditions that make operating in Cuba more difficult. That risk was enough for Sherritt to suspend direct participation in Moa-related activities.

Sanctions Risk Hits a Cross-Border Nickel and Cobalt Chain

The new US executive order expands sanctions authority under the International Emergency Economic Powers Act. It allows Washington to sanction entities operating in Cuba’s metals and mining sector, along with several other industries.

That broad language creates uncertainty for companies with Cuban exposure. Even without direct designation, counterparties may become more cautious around shipping, banking, insurance, payments, logistics and commercial contracts.

For Sherritt, the issue is not only legal exposure. It is the practical ability to keep a cross-border supply chain functioning when sanctions risk rises around the Cuban mining sector.

The Moa joint venture is co-owned by Sherritt and the General Nickel Company of Cuba. Its structure depends on Cuban ore mining, local MSP production and shipment to Canada for refining.

Mixed sulfide precipitate is a critical intermediate product because it carries both nickel and cobalt units into downstream refining. Any interruption in MSP flows can affect feed availability at the refinery level.

Nickel and cobalt remain important to batteries, stainless steel, superalloys, industrial chemicals and advanced manufacturing. That makes Moa strategically relevant despite its political and logistical complexity.

Alberta Refinery Continues but Feedstock Window Narrows

Sherritt said its Fort Saskatchewan refinery in Alberta has not been affected by the suspension and will continue producing finished nickel and cobalt. Existing feed at the site is expected to last until mid-June.

That timeline is now critical. If Cuban MSP flows do not resume or alternative feedstock is not secured, refinery operations could face greater pressure once inventories are depleted.

The situation shows how refining capacity can still be vulnerable when upstream feedstock depends on a politically exposed jurisdiction. A refinery may remain operational, but its production outlook depends on the continuity of intermediate material supply.

The February fuel-related suspension at Moa already showed that physical operating conditions in Cuba were difficult. The latest sanctions-driven action compounds that problem by adding policy risk to fuel and logistics constraints.

For customers, the key question is whether Sherritt can maintain finished nickel and cobalt output after mid-June. Buyers will also watch for any change in shipment schedules, inventory levels and alternative feed strategies.

For the wider market, Sherritt’s case highlights a broader critical minerals reality. Western supply security cannot be measured only by refining location. It must include mine jurisdiction, intermediate processing, sanctions exposure, energy availability and shipping routes.

The Metalnomist Commentary

Sherritt’s Moa suspension shows that critical minerals supply chains can be disrupted by policy risk even before a company is directly sanctioned. The lesson for nickel and cobalt buyers is clear: feedstock origin and political exposure now matter as much as refining capacity.

Easpring Finland CAM Plant Construction to Begin in 2025

Easpring Finland

Chinese-Finnish joint venture targets 60,000 t/yr cathode material output by 2027

Easpring Finland launches €800mn CAM plant project

Easpring Finland CAM plant construction will begin in April 2025, targeting commercial operations by 2027. The joint venture includes Beijing Easpring Material Technology (70%) and Finnish Minerals Group (30%). This facility will supply cathode active material (CAM) for electric vehicle batteries and other energy storage systems. As a result, Finland continues to solidify its role in Europe's battery supply chain strategy.

The initial production capacity will reach 60,000 t/yr, with scalability for future expansion.

This aligns with Finland’s ambition to become a sustainable battery materials hub in northern Europe.

Finnish government backs project with €100mn investment

The total project cost is €800mn, with Finland contributing €100mn via its state-owned entity Finnish Minerals Group. This support highlights the country’s industrial policy focus on energy transition and raw material self-sufficiency.

Meanwhile, Beijing Easpring brings proven CAM manufacturing expertise to the partnership, ensuring production readiness by 2027. This collaboration is one of several European initiatives aiming to localize critical battery material manufacturing.

The Metalnomist Commentary

The Easpring Finland CAM plant reflects a broader shift toward cross-border industrial cooperation in the battery sector. By merging Chinese know-how with Finnish resources and EU policy support, this project could reshape CAM supply in Europe. It also reflects a growing preference for diversification away from Asia-only supply chains.

SQM Defends Lithium Partnership with Codelco Amid Criticism

SQM

SQM, one of the world’s largest lithium producers, has defended its proposed joint venture with Chile’s state-run copper mining company Codelco, stating that the deal will benefit all stakeholders involved. SQM’s general manager, Ricardo Ramos, addressed the Chilean Senate’s mining and energy committee, emphasizing that the partnership would promote economic and operational continuity for the Atacama lithium operations well beyond 2030.

Ensuring Operational Continuity and Avoiding Disruptions

The public-private joint venture, aimed at running SQM’s lithium operations in the Atacama salt flat, is expected to prevent potential disruptions that might occur if a new private entity were to take over SQM’s operations when its current contract expires in 2030. Ramos argued that allowing Codelco, a government-backed company, to partner with SQM would ensure that both the country and its communities benefit from stable and increased lithium production.

Critics of the deal have expressed concern that a public tender process could have secured more favorable terms for Chile, but SQM and Codelco maintain that the JV agreement, set to finalize in 2025, is the most effective way forward. Under the deal, Codelco will have rights to 33,500 metric tonnes per year of lithium carbonate equivalent (LCE) and will take control of the operation by 2031, with SQM retaining a minority stake.

SQM is also seeking regulatory approval to expand its production capacity to an additional 300,000 tonnes of LCE between 2025 and 2030, supplementing its current output, which represents 20% of global demand. However, the deal faces a legal challenge from Tianqi Lithium, a shareholder in SQM, over the transaction’s approval process.

Chile’s strategy with this joint venture aligns with its broader goal of increasing lithium production while establishing a stronger state presence in the industry.

ICL and Dynanonic Partner to Boost LFP Cathode Production in Europe

BMW

Israeli specialty minerals company ICL and Chinese battery cathode producer Shenzhen Dynanonic have formed a joint venture to manufacture lithium iron phosphate (LFP) cathode active material (CAM) in Europe. This collaboration aims to enhance the region’s battery supply chain and support the growing demand for EV and energy storage solutions.

Repurposing the Sallent Site for LFP Production

ICL has repurposed its Sallent site in Spain, previously used for potash production, to develop the new LFP cathode production facility. The joint venture represents a strategic shift towards sustainable battery materials. The companies will initially invest €285 million ($293 million), with ICL holding an 80% stake and Dynanonic the remaining 20%.

Strengthening Europe’s Battery Supply Chain

The new LFP facility will boost Europe's domestic production of battery materials, reducing reliance on Asian imports. The demand for LFP cathodes has surged due to their cost-effectiveness, safety advantages, and long cycle life compared to nickel-manganese-cobalt (NMC) alternatives. The European EV market and energy storage sectors will directly benefit from this development.

ICL and Dynanonic’s Strategic Vision

By leveraging ICL’s European presence and Dynanonic’s expertise in LFP cathode technology, the joint venture positions itself as a key player in the battery materials industry. This investment aligns with Europe’s push for battery independence and sustainable energy solutions.