With Lithium Prices Up Ninefold, Report Underscores US Dependence on Foreign Minerals

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Demand from electric vehicle manufacturers, other sectors may exceed proven cobalt, lithium, nickel, chromium, zinc reserves, authors warn

The Biden administration-driven transition from fossil fuels may be hobbled by the difficulty of procuring critical minerals, many of which are mined and processed by China, the authors of a think tank analysis warn.

โ€œChina is the dominant supplier for multiple critical minerals and is likely to remain so. In the case of minerals it does not supplyโ€”such as cobaltโ€”China has near-monopolistic control of refining capacity through its state-owned enterprises,โ€ states the March report, which was authored by Phil Rossetti and George David Banks for the Citizens for Responsible Energy Solutions (CRES) Forum. The projected demand may require more of some minerals than can be found in total reserves.

โ€œIncreasingly, scholars are questioning the mineral requirements that would be needed to reach either 100 [percent] renewable or clean energy targets,โ€ the CRES Forumโ€™s analysis states.

The warning comes at a crucial time for global mineral markets: the benchmark prices of lithium, lithium carbonate, and lithium hydroxide have rapidly increased in recent months, as detailed at Benchmark Minerals.

For example, the benchmark price of lithium has increased more than ninefold to 1045.90 a ton in March 2022, from hovering at just 115.80 per ton in September 2020.

In dollar terms, battery-grade lithium carbonate was reportedly trading around $76,700 per metric ton in March 2022, up from $13,400 per metric ton in March 2022.

The costs of electric vehicles (EV) will likely increase as a result, Zach Schumacher, a North American metals price expert with Argus Media, told The Epoch Times. The estimated average transaction price for a new electric vehicle was $56,437 in November 2021, according to Kelley Blue Book.

The prices of other key mineralsโ€”including the rare earth metal neodymium that goes into wind turbinesโ€”have also trended sharply upward in recent months and years.

Byย Nathan Worcester

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