On Thursday, an investor group led by Harry Lundin (Bromma Asset Management) and Rick Rule signed a binding agreement with the company for a $50 million debenture financing. The debentures will bear annual interest equal to the secured overnight financing rate (currently 5.3%) plus 4%, and are convertible into Lifezone’s common shares.

The nickel developer went public last July following a business combination between special purpose acquisition company – GoGreen Investments – and Lifezone Holdings Ltd. At the time, the combined entity was valued at $1 billion by the SPAC.

The New York-listed Lifezone pairs one of the world’s largest and highest-grade undeveloped nickel sulphide deposits in Kabanga with a proprietary processing technology, known as Hydromet, to produce cleaner metals in support of growing demand for batteries.

The company acquired the rights to the Kabanga project in early 2021, and in the same year, was awarded a mining licence by the Tanzanian government, a key partner on the project alongside BHP, which has committed financial backings of $100 million.

Kabanga’s previously owners include Barrick Gold and Glencore, which had spent $293 million on exploration prior to having their retention licence revoked in 2018.

Since taking over, Lifezone continued with drilling at Kabanga, leading to high-grade discoveries and a significant mineral resource update in late 2023. The deposit is now estimated to contain 881,000 tonnes of nickel metal within 43.6 million tonnes of measured and indicated resource grading 2.02% nickel. Another 391,000 tonnes (17.5 million tonnes at 2.23% nickel) are in the inferred resource category.

The company also made advancements in the metallurgical refining testwork using its Hydromet technology, which is said to have lower carbon footprint than the conventional pyrometallurgical smelting method. Test results showed nickel recoveries of over 98.5%.

Refinery licence

On the same day of the $50 million financing, Lifezone announced it has received a multi-metals processing licence from the government for its facility at Kahama, located approximately 340 km southwest of Kabanga.

The site, situated within a newly established special economic zone, stands to benefit from the legacy infrastructure of Barrick’s former Buzwagi gold mine nearby.

With the licence, the company will be able to produce finished metals in-country, potentially reducing capital and operating costs, as well as reducing costs associated with transport of concentrate or other intermediate products.

“With the receipt of our Kabanga special mining licence, and now the Kahama refinery licence, we have a clear path to delivering a direct-to-metal solution and enabling the production of nickel, copper and cobalt in Tanzania,” Lifezone CEO Chris Showalter said in a news release.

Shares of Lifezone Metals gained 3.2% to $8.19 by 10:00 a.m. Friday in New York, giving the company a market capitalization of $639.3 million.

In a media statement, the DOE said that this funding—made possible by the Bipartisan Infrastructure Law—will support a variety of locally-driven projects that range from solar, microgrids, and pumped storage hydropower to geothermal and battery energy storage systems and that can be replicated in other mining communities across the country.

“President Biden believes that the communities that have powered our nation for the past 100 years should power our nation for the next 100 years,” Jennifer M. Granholm, the US Secretary of Energy, said in a statement.

“Thanks to the President’s Investing in America agenda, DOE is helping deploy clean energy solutions on current and former mine land across the country—supporting jobs and economic development in the areas hit hardest by our evolving energy landscape.” 

Three projects are on former Appalachian coal mines, thus supporting economic revitalization and workforce development on land that is no longer viable for industrial purposes. In the West, two projects seek to displace fossil-fuel use by ramping up net-zero mining operations and providing the critical materials needed for a domestic clean energy supply chain. These projects are also expected to create more than 3,000 construction and operations jobs.   

From geothermal to PV

In Graham and Greenlee Counties, Arizona, a project led by Freeport seeks to deploy direct-use, geothermal, clean heat combined with a battery energy storage system at two active copper mines, helping decrease the mines’ reliance on onsite thermal backup generators while supporting the annual extraction of 25 million pounds of copper.

In Bell County, Kentucky, Rye Development proposes converting former coal mine land to a closed-loop, pumped-storage hydroelectric facility with the potential to dispatch up to eight hours of power when needed, such as during times of peak demand or extreme weather events. This project will support the increase of local tax revenues that have decreased steadily since the 1970s and create approximately 1,500 construction and 30 operations jobs.

In Elko, Humboldt and Eureka Counties, Nevada, a project led by Nevada Gold Mines aims to develop a solar photovoltaic facility and accompanying battery energy storage system across three active gold mines.

“By shifting to clean energy, this project could demonstrate a replicable way for the mining industry to reach net-zero operations, while meeting growing demands for minerals across multiple sectors—including the clean energy supply chain,” the DOE’s release states.

In Clearfield County, Pennsylvania, Mineral Basin Solar Power, a subsidiary of Swift Current Energy, plans to repurpose nearly 2,700 acres of former coal mining land to support the largest solar project in Pennsylvania. At 402 MW, Mineral Basin will generate enough clean energy to power more than 70,000 homes. This project is expected to increase regional access to clean energy and fill a critical electricity generation gap following the closure of the Homer City coal plant.

The initiative is also expected to provide $1.1 million in annual tax revenue to Goshen and Girard townships, Clearfield County and the Clearfield County School District.

In Nicholas County, West Virginia, a project led by Savion, a company that’s part of Shell, plans to repurpose two former coal mines with a utility-scale, 250 MW solar PV system that would power approximately 39,000 West Virginia homes. These two inactive mine sites provide land and access to existing energy infrastructure that will transmit the clean, solar energy the project generates to the grid.

“The Clean Energy Demonstration Program on Current and Former Mine Land will help provide the mining industry with a range of ways to decarbonize their operations and minimize environmental impacts and air pollutants, abating greenhouse gas emissions and disturbances to fragile, surrounding ecosystems,” the brief reads.

“Simultaneously, replicating clean energy technologies like these on other current and former mines will help maximize local workforce development and community opportunities for generations.”   

Nickel geology overview

Nickel deposits come in two forms: hard rock sulphide deposits, which consist of nickel-bearing minerals known as pentlandite and nickel laterite deposits.

Sulphide deposits are scattered worldwide, from northern Europe, South Africa, Canada and Western Australia.

We then have the laterites, which typically form in high-rainfall equatorial regions. As rain dissolves and removes minerals and elements from the soil it leaves behind immobile elements like nickel, iron and aluminium. That leads to a natural concentration of nickel in these regions.

There are outliers. Shifts in the global climate over geological history have enabled places like arid inland Australia to form laterite deposits. This region was once bathed in tropical rainfall and lush jungle.

But of the two sources of nickel, sulphides are far easier to process and refine into high-purity products, the ideal choice when it comes to EV battery material. For this reason, sulphide miners have retained a competitive edge.

However, that started to shift in 2018 when the world’s largest nickel producer, China’s Tsingshan Holding Group, announced a $700-million plan to produce battery-grade nickel from nickel laterites. Processing laterite ore into high-purity nickel uses a system known as High-Pressure Acid Leaching (HPAL). The innovation unlocked a swathe of new supply and Indonesia’s nickel output exploded after integrating HPAL technology in 2018.

Cloudy data in nickel outlook

In early March, the Macquarie Group’s nickel expert, Jim Lennon, claimed supply gluts could be overblown.

That assessment was based on a recent visit to China where Lennon claimed the demand for stainless steel and other nickel alloys is far higher than the official numbers report. According to Lennon, nickel inventories are also far lower than the stated figures. In other words, he believes the consensus forecast of a nickel oversupply is wrong.

It’s an interesting perspective. Chinese officials are known for under- or over-reporting figures to suit political motives.

But are Lennon’s observations, alone, enough for investors to move into this beleaguered market? Perhaps.

Resource stocks coming off a low base can result in large ‘recovery gains’ as sentiment creeps back into the market. It’s also worth noting that U.S. officials recently excluded Indonesian nickel from lucrative tax credits as part of its Inflation Reduction Act (IRA). That’s thanks to a tight interlink between Indonesian operators and Chinese investors.

So, where does that leave investors?

Everything is not what it seems in the nickel market and that’s where contrarian opportunities are born. Given that China plays a major role in supply and demand, this suggests there could be a lot more to this story. The data remains cloudy, meaning there could be more surprises in the months ahead.

A prime value opportunity may emerge with several nickel producers and explorers trading at multi-year lows.

I’ll explore that with my Diggers and Drillers readers over the coming months.

James Cooper runs the commodities investment service Diggers and Drillers. You can also follow him on X @JCooperGeo.

The detailed structural study seeks to enhance the understanding and exploration of the promising lithium-bearing system identified in a recently completed discovery drill program.

That study had identified numerous high-priority targets for further examination thanks to the combination of geochemical soil data and a high-resolution drone magnetic survey.

Volta said the discovery drill program confirmed the presence of at least six near-surface spodumene-albite pegmatite-hosted lithium, cesium, and tantalum pegmatites within a 300-meter corridor. The area is still open for further expansion, indicating the possibility of more discoveries, the company said.

“Structural geology is one key to understanding the emplacement and evolution of lithium-bearing pegmatites,” Fred Breaks, the company’s technical advisor, said in the statement. “The structural study is crucial at this project stage and will further generate prospective targets for our exploration program.”

Northwestern Ontario has become a hub for lithium exploration, with many junior players engaging in active staking and land acquisition activities. Unlike companies focused on precious and base metal exploration, lithium junior miners face a more complex operating environment. 

There are no lithium refineries in the province for converting lithium oxide into high-quality battery-grade material known as lithium hydroxide, though  companies such as Rock Tech Lithium (TSX-V: RCK) are trying to fill this gap. 

The clean technology firm inked earlier this month a binding cooperation agreement with BMI Group to build Ontario’s first refinery at the former Norampac paper mill site. 

Volta Metals is in the final stages of preparing its exploration program for 2024, which will involve comprehensive geochemical sampling, mechanized trenching, and, depending on outcomes, diamond drilling.

In a paper published in the journal Frontiers in Bioengineering and Biotechnology, the scientists explain that electronic waste is notoriously difficult to recycle because it’s hard to separate the different metals in the waste from each other.

“Getting the metals in solution is a first step, but the selective recovery of the metals remains a challenge. Compared to processes such as chemical precipitation, biosorption using spent brewer’s yeast presents a cheap and environmentally friendly approach,” Klemens Kremser of the University of Natural Resources and Life Sciences, Vienna, and corresponding author of the article, said in a media statement.

Several options already exist for separating the different component metals of electronic waste, including other biosorbents—biological materials that can be used to soak up pollution. However, they all have significant downsides. For instance, chemical precipitation produces contaminated slag, while biochar—a biosorbent that is similar to charcoal—is difficult to separate from wastewater.

So the scientists turned to brewer’s yeast.

They acquired 20 litres of spent brewer’s yeast, separated the biomass from leftover brewing residues, and dried out the biomass. Electrostatic interactions on the surface of the yeast allow metal ions to stick to that surface—a process called adsorption. Changing the pH of this solution alters the interactions, which can allow the yeast to adsorb more or different metal ions, depending on the contents of the solution and the specific pH.

The researchers then chose to test the yeast biomass against zinc, aluminum, copper, and nickel, economically important metals. They tested each metal solution at different pHs and temperatures, to gauge whether it was possible to increase the strength of the interactions and recover more metal. They also tested the yeast against a real polymetallic waste stream.

“Using waste biomass for metal recovery is not a completely new process, but the selectivity of biosorption processes is a key factor for efficient metal recovery from polymetallic waste streams,” Anna Sieber, Ph.D. fellow of K1-MET, an Austrian metallurgical research center, and first author of the article, said.

“We demonstrated high metal recovery rates from a complex metal solution using an environmentally friendly and cheap biomass. Yeast biomass is considered a safe organism, and the demonstrated reusability of the biomass makes it an economically feasible approach.”

High recovery rates

The group was able to recover more than 50% of aluminum, more than 40% of copper, and more than 70% of zinc from the test metal solutions. Over 50% of copper and over 90% of zinc were retrieved from the polymetallic waste stream they tested the yeast on.

Changing the temperature had little impact on efficiency, except for zinc, where it raised the recovery rate by 7.6%. Similarly, adjusting the pH had a limited effect on most of the metal solutions, except for aluminum, where it improved the recovery efficiency by 16%.

“The metals can be removed from the yeast surface by acid treatment and thus could be recycled,” Sieber said. “It would be interesting to investigate potential applications for these reclaimed metals.”

The yeast itself could also be recycled without heavily impacting its ability to recover metal: the scientists were able to use it five times to recover different metals.

The team, however, cautions that the new process needs testing with much larger studies in real-life conditions before it can be implemented on an industrial scale.

“The metal removal process in this study was optimized for the four metals in question,” Kremser said. “The concentration of potentially interfering metal ions was very low in our starting solutions, but this would be important to consider when applying this approach to different mixed metal solutions.”

The first production of eluate was completed in the past week, and it will begin to be shipped in batches to North America, the UK-based lithium developer said. Brine from the company’s Laguna Verde project, located approximately 250 km from the pilot plant, was processed through DLE columns.

“This pilot plant aims to produce significant quantities of battery-grade product for evaluation by potential strategic partners, making CTL one of the few companies in the sector to produce pilot-scale volumes of battery-grade product,” CleanTech CEO Aldo Boitano said in a news release.

“The pilot plant positions CTL as a leader in the sector and in Chile, with the first eluate production representing a significant milestone for the company,” he said.

Read More: CleanTech kicks off exploration at two new Chilean assets

The first drawdown will be for C$2.75 million, and is expected to close within the next two weeks, the Canadian lithium developer said, noting that this initial fund will be used to accelerate work at its planned lithium processing facility located in Thunder Bay, Ontario.

In July 2023, Avalon announced it is teaming up with Finnish mining tech group Metso to build what would be the first battery-grade lithium facility in the province. Under the partnership, the company would be able to license Metso’s technologies to produce lithium hydroxide cathode materials for the global EV market.

A month prior to the announcement, Avalon finalized the purchase of a 383-acre industrial property with unique access to a deep-water port, rail, road and other critical infrastructure to house the lithium processing facility.

“We are very pleased to continue our long-term relationship with Avalon, dating back to our first investment together in 2017, by making this new investment to support Avalon’s processing facility in Thunder Bay,” Phillip Valliere, managing director at the Lind Partners, said in a statement.

“We are optimistic of their Thunder Bay strategy and believe that Avalon has a unique opportunity to become a significant player in the lithium supply chain for EV battery manufacturers in Ontario.”

The entire financing is in the form of a convertible security. The security in the first drawdown will have a two-year term and accrue a simple interest rate obligation of 10% per annum, which is prepaid and attributed to the face value upon issuance, resulting in a face value of C$3.3 million.

Lind will be entitled to convert the face value amount over a 24-month period at a conversion price equal to 85% of the five-day trailing volume weighted average price of Avalon’s common shares prior to the date of conversion.

Shares of Avalon Advanced Materials gained 5.9% by 10:30 a.m. ET on the financing announcement, trading at C$0.09 apiece, at the lower end of its 52-week range of C$0.08-C$0.18. The company’s market capitalization sits at C$48 million ($35.4m).

According to the study, confidence in the world’s ability to achieve net zero by 2050 seems to be eroding as it becomes more difficult to ensure adequate investment returns and progress diverges in a fragmenting world. This view is consistent across most regions and is most strongly held among people working in the oil and gas sector.

Bain & Company surveyed over 600 industry executives in mining, oil and gas, utilities, chemicals and agribusinesses across the globe to better understand their views on the energy transition, new technologies, and investment opportunities, and where they see the greatest challenges for decarbonization.

“This year’s survey found that energy and natural resource companies have not dampened ambitions for their transition-oriented growth businesses. However, customers’ willingness to pay is a growing issue, as is the ability to generate adequate return on investment (ROI) in energy transition-oriented projects. As a result, companies are focusing on projects with a viable ROI path,” said Joe Scalise, head of Bain & Company’s energy and natural resource practice. “The longer the executives are at the front lines of the energy transition, the more sober they are getting about the transition’s practical realities.”

The survey points out that executives in the Middle East (61%), Asia-Pacific (55%), and Latin America (51%) are feeling more optimistic about the prospects of their transition-oriented growth such as renewables, hydrogen, bio-based products, and lithium and other transition commodities that will contribute to their company’s valuation and profits by 2030. Hence, they are maintaining or increasing green investments. Only 4%, 12% and 10%, respectively, of executives from the three regions expressed less optimism, while the remainder showed no significant change.

The survey revealed a more balanced picture in Europe where 30% of executives revealed more optimism vs. 27% who were less optimistic about their new energy growth business areas contributing to the bottom line.

In North America, 29% of executives were more positive compared to 17% who were less positive on their transition-related growth areas.

Returns to scale-up

“Like last year, executives say the greatest obstacle to scaling up their transition-oriented businesses is finding enough customers willing to pay higher prices (or having equivalent policy support) to create sufficient return on investment,” the report states. “In fact, the share of executives identifying this as a very significant roadblock jumped 14 percentage points from 2023 to 2024, to 70% of executives.”

The experts behind the study note that the direct impact of higher interest rates on the cost of transition projects is likely shaping executives’ perspective on the challenges associated with customer willingness to pay. 

Bain has found that higher rates put upward pressure on the effective cost of low-carbon projects and a 500-basis-point increase in the cost of capital can increase the total annual revenue required to finance a project by as much as 50%.

Trendy North America

The survey presents North America as an emerging leader for green investments as 79% of all executives view it as an attractive region for energy transition investments. The next most attractive region is Europe at 65%. 

Australia and New Zealand come in as second runner-ups at 43%. 

Even as increasing government subsidies make some regions, such as North America, more attractive for investment, executives have growing concerns about policy stability.

The US Inflation Reduction Act is a major factor in North America’s investment attractiveness, but factors such as the availability of relatively low-cost natural gas feedstock also influenced the result. 

“However, while almost two-thirds of US executives surveyed agree that the IRA’s subsidies target the right areas, less than one-quarter believe that the policy regime will remain stable over the next five to 10 years,” the dossier states. “Furthermore, 42% of US executives think the IRA’s subsidies are unclear and that the rules are not easy to follow.”

About 70% of executives worldwide say that reducing policy uncertainty would very significantly improve their ability to scale up transition-oriented businesses.

Graphjet’s warrants will also be delisted from the Nasdaq and begin trading on the OTC as GTIWW. The transaction, the company says, creates the only pure-play publicly traded direct biomass-to-graphite company, establishing Graphjet as the leading source of graphite and graphene for the US market.

Graphjet raised $5.8 million through the transaction, and it anticipates that additional fundraising will be necessary to accelerate its growth strategy and expand its manufacturing capacity.

Graphjet’s technology uses eco-sensitive methods in a circular solution using waste and its processes eliminate emissions and pollutions, it said. The company has a $30 million offtake agreement with Toyoda Gosei and has accelerated the timeline for its planned manufacturing plant in Malaysia.

“We are thrilled to list Graphjet on the Nasdaq, particularly at this crucial moment of critical material demand and limited availability for the US market,” CEO Aiden Lee said in a press release.

“With China dominating more than 97% of all graphite production, we look forward to becoming the leading supplier to the US market to support its burgeoning battery storage and EV industries,” Lee said.

“Our patented technologies are capable of producing graphite and graphene directly from agricultural waste, which fills a critical supply need for these highly strategic materials, as demand is expected to continue to accelerate over the next several years.”

Graphjet said its commercial and patented vertically integrated technologies and process cuts the carbon footprint by 83% while reducing costs by 80%.

Graphjet’s stock advanced on the Nasdaq on Friday during a generally down day in the US market, affording the company a $1.76 billion market capitalization.

Under the agreement, Pilbara will deliver 20,000 tonnes of the mineral from its Pilgangoora operation in Western Australia this year and 100,000 tonnes annually in 2025 and 2026, with an option to supply an extra 60,000 tonnes each year, according to the Perth-based company’s March 12 news release.

“This offtake builds on an established relationship between our companies, having previously completed a number of sales together,” Pilbara managing director and CEO Dale Henderson said in the release.

As Australia’s largest independent lithium miner, the new offtake comes on the heels of Pilbara in January increasing its sales contract with another Chinese company, Ganfeng Lithium, over the next three years and has the option to boost the spodumene concentrate tonnage sold to the major. In February, it amended a spodumene supply deal with chemicals producer Chengxin Lithium Group, raising agreed sales volumes and extending the contract’s duration.

Pilbara says the spodumene will be sold at market prices at the time of each delivery. Prices for lithium carbonate, a precursor to lithium hydroxide used in batteries, have fallen sharply in the past 12 months. Lithium carbonate fetched about $15,653 per tonne as of Wednesday, down from about $23,658 in September and 80% lower than in 2022, according to Trading Economics.

Yahua, known for its stature in the lithium market, serves major clients like Tesla and LG Chem, establishing itself as one of the leading lithium hydroxide producers.

The scale and quality of the operation have attracted a consortium of high-profile global partners, including POSCO, Ganfeng, General Lithium, Yibin Tianyi, Chengxin Lithium and Yahua.

Pilbara is focusing on enhancing the value of its hard rock spodumene ore to expand its business. The company is establishing a demonstration plant at Pilgangoora to process lithium. According to the company, if this technology utilizes renewable energy, it could reduce carbon emissions by over 80% during one of the most energy-intensive phases of lithium battery material production.

Additionally, the plant aims to support Pilbara in achieving a production target of 1 million tonnes of spodumene concentrate by next year.

Pilgangoora hosts proven and probable reserves of 214.2 million tonnes grading 1.19% lithium oxide for 2.5 million tonnes of lithium. The resource base across all categories totals 413.8 million tonnes grading 1.15% lithium oxide for 4.8 million tonnes of metal.

Pilbara shares closed Wednesday at A$4.18 apiece in Sydney, giving the company a market capitalization of A$12.6 billion ($8.3 billion).

The project will be adjacent to Lithium Americas’ $2.2 billion Thacker Pass mine, which aims to produce an initial 40,000 tonnes per year of battery-grade lithium carbonate. The mine is also expected to create approximately 1,800 direct jobs during its three-year construction period and around 360 jobs in operations for its 40-year mine life.

This funding represents the largest-ever loan to a mining company from the DOE’s Loan Programs Office, amid increasing efforts to bolster domestic supplies of critical minerals. General Motors, which has invested $650 million in Lithium Americas, has an exclusive offtake agreement for 100% of the lithium production from the mine for up to 15 years after expected production begins in 2027.

The proposed mine has the potential to become North America’s largest source of lithium for electric vehicle batteries and would support US President Joe Biden’s efforts to reduce dependence on Chinese supplies of the metal.

Currently, about 65% of the critical mineral is processed in China, although US lithium production is projected to increase 13-fold thanks to tax credits and other subsidies provided in 2022’s Inflation Reduction Act, Energy Secretary Jennifer Granholm said Wednesday at a conference held by SAFE.

Measured and indicated mineral resources at Thacker Pass are estimated at 385 million tonnes averaging 2,917 parts per million (ppm) lithium for 6 million tonnes of lithium carbonate equivalent (LCE). Inferred resources are 147 million tonnes averaging 2,932 ppm for 2.3 million tonnes of LCE.

Shares of Lithium Americas surged 28% in New York trading and 18% in Toronto on Thursday morning. The Vancouver-based miner has a market capitalization of C$1.18 billion ($870m).

(With files from Bloomberg)

The Responsible Use of Seafloor Resources Act calls for federal resources to be allocated towards refining polymetallic nodule materials and advises several analyses across benefit sharing, technology development, trade, and environmental and human health.

The Act calls for the government to coordinate and expedite the development of infrastructure to process and refine seafloor nodules within the United States.

It also asks the Office of Science and Technology Policy to annually submit to the President and Congress a report including quantitative and qualitative analysis of the benefits to the US of importing seafloor nodules and processing and refining nodules domestically.

“The strength of US national security and energy independence will be determined by how we choose to respond amid increasing reliance on China. This legislation is common sense and encourages the needed strategic decoupling from China that is long overdue,” said Congresswoman Miller.

China controls roughly 60% of the global critical mineral production and over 85% of the world’s refining capacity.

“Over the last two decades, the Chinese Communist Party has strategically invested in putting a stranglehold on global critical mineral supply chains. It’s vital to our security and economic interests that the CCP controlled monopoly on these materials is broken,” said Congressman Joyce.

Following the introduction of the Bill, shares of the deep-sea mining pioneer rose as much as 15%. The Metals Company has a $588 million market capitalization.

“With commercial deep-sea nodule operations expected to begin soon, Congressional action to lay the foundation for processing and refining this remarkable resource is a game-changer,” CEO Gerard Barron said in a news release.

Minerals and metals such as cobalt, nickel, copper, and manganese can be found in potato-sized nodules on the ocean floor. Reserves are estimated to be worth anywhere from $8 trillion to more than $16 trillion, and they are in areas where companies, including The Metals Company, plan to target.

Many NGOs and environmental groups, however, argue that mining the seafloor could have a devastating impact on the planet.

A recent report by the non-profit Planet Tracker says mining the seafloor for key minerals and metals could negatively impact the mining industry, resulting in $500 billion of lost value and causing damages to the world’s biodiversity estimated to be up to 25 times greater than land-based mining.

Glencore last year said it planned to develop a recycling hub in Europe with Li-Cycle to produce materials including lithium carbonate in response to a global shortage of key raw materials for the fast-growing electric vehicle (EV) market.

This not the first investment Glencore made in Li-Cycle. In June 2022, it invested $200 million in the Canadian-based battery recycling firm. Li-Cycle’s CEO Ajay Kochhar said at the time that the agreement would “further secure and diversify” the company’s lithium-ion battery supply and feedstock sources and help improve its position in North America and Europe.

The demand for lithium-ion batteries used in EVs has been on the rise as the world looks to meet its goal of transitioning away from fossil fuels by 2050. The recycling of lithium-ion batteries, however, is not expected to take off before 2030 due to obstacles such as the lack of recyclable feedstock and the long life of EVs, according to Wood Mackenzie.

“This financing enhances Li-Cycle and Glencore’s existing long-term, strategic partnership and represents an interim step in our funding strategy to support Li-Cycle’s future plans,” Kochhar said in a news release. “We also continue to work closely with the US Department of Energy on the conditional commitment for a loan of up to $375 million.”

Li-Cycle said it is continuing to review its global recycling network and its go-forward strategy for the paused Rochester Hub in the US, including analyzing potential end-product mix options and construction strategy.

“Glencore is committed to bringing scalable and sustainable circularity into the supply chain of battery materials,” Kunal Sinha, Glencore’s global head of recycling and non-executive director of Li-Cycle’s board, said in the statement.

“Our original investment in Li-Cycle, alongside key commercial agreements, formed part of this strategy. Today, we are pleased to further support Li-Cycle through this additional $75 million investment so both Li-Cycle and Glencore can continue to build the battery circularity platform of choice for our customers.”

Li-Cycle’s stock surged over 38% in Tuesday’s afternoon trading in New York. By 2 p.m. EDT, the shares had traded at a volume of 51.6 million, compared to an average daily volume of 3.3 million. The company has a $97.8 million market capitalization.

In a paper published in the journal Chemical Science, Johannes Fessler explains that each of these three chemical elements has the potential to replace several noble metals that are commonly employed in organic chemistry to catalyze fine chemicals.

As an example, Fessler describes a complex active ingredient candidate based on pyrrole, a common drug precursor, which can be created from “simple starting materials” with the help of an acid-tolerant homogeneous iron catalyst and at room temperature.

“Homogeneous” catalysis means that the starting materials – catalyst, solvent and ultimately the product and by-product – are dissolved in a single reaction vessel. They must therefore be separated after each reaction step, purified and prepared for the next step.

“If you manage to save one of these steps in the chemical process, you greatly reduce the amount of time and material required and minimize waste,” Fessler said in a media statement.

This is precisely what he achieved with the reaction to pyrrole, using a reaction cascade.

Climate-neutral chemical industry

Replacing noble metals as catalysts with iron and the like has become an attractive research topic.

“The task of climate-neutral, sustainable management is facing the chemical industry as well as all other sectors,” the researcher said.

Iron is abundant, making up 5% of the earth’s crust. And after iron and titanium, manganese is the most common transition metal on the planet.

On the other hand, there is a reason why base metals have so far only played a marginal role in organic chemistry.

“They are often less stable in catalytic processes than catalysts made of noble metals,” Fessler explained. “In addition, they usually work at high temperatures and pressures in the area I am researching.”

However, such harsh conditions would destroy the complex molecules in drug production. The chemical structures that ensure the specific effect of a drug, the so-called functional groups in the molecule, are particularly at risk.

In this respect, it is a success to show how catalysts made of iron, manganese and cobalt can sometimes manage with significantly milder reaction conditions compared to previous practice. In the case of pyrrole, these are temperatures between 20 and 30 degrees Celsius.

Johannes Fessler’s experiments revealed another advantage of his approach: His non-noble metal catalysts very precisely converted only those molecules that the chemists needed in the actual synthesis. “We call this approach highly selective. It produces hardly any by-products or waste,” he said.

The scientist tested the reliable functioning of his reaction on various active ingredients and drug precursors.

“We wanted to make sure that the iron catalyst also activates the right place in the molecule for these substances and spares the sensitive functional groups,” he noted.

In this way, the chemist tested his method on widely used cholesterol-lowering drugs and blood pressure medications, among others.

Decarbonization emerges as one of the industry’s foremost challenges, as the survey conducted last month with 75 mining company decision-makers revealed.

Survey respondents anticipate heightened scrutiny from investors this year regarding their decarbonization strategies.

Findings indicate that fewer than a quarter have made formal commitments to achieve all scope-related carbon emission reductions by 2050 or earlier. About a quarter have not yet made formal commitments but are actively developing emission reduction plans. Moreover, 10% lack both ESG and carbon reduction strategies, while 7% either do not intend to implement such strategies or face challenges in reducing emissions at present, according to KMPG data.

Scope 1 encompasses greenhouse gas (GHG) emissions directly owned or controlled by organizations, while scope 2 includes indirect emissions resulting from the production of purchased energy. Reducing scope 3 emissions, which traverse the company’s value chain, poses a considerable challenge.

“Many in the industry face substantial hurdles to reducing scope 3 emissions, particularly due to Canada’s limited smelting or refining capacity for critical minerals,” wrote Heather Cheeseman, national mining leader for KPMG in Canada.

Intermediary minerals produced in Canada are shipped to smelters worldwide.

“Until Canada develops smelting or refining capabilities for mined minerals, miners will encounter limitations,” Cheeseman said.

According to the survey, nine out of 10 Canadian mining leaders are optimistic about the country’s potential to emerge as a global leader in critical minerals.

However, an overwhelming majority (98%) said there is an urgent need for increased investment, government commitment, and favorable tax policies to bolster the sector’s growth.

Read More: Canada plans scrutiny of Chinese offtake deals, minister says at PDAC

As a wholly owned subsidiary of the Navajo Nation, NTEC will oversee permitting requirements, conduct additional exploration drilling, design mining operations, carry out environmental assessments, and manage the development of the lithium project.

A very shallow, flat-lying mineralized sedimentary lithium resource, Big Sandy has indicated and inferred (JORC compliant) resources of 32.5 million tonnes grading 1,850 parts per million lithium for 320,800 tonnes of Li2CO3 (lithium carbonate), as estimated after a 2019 drill program.

“Big Sandy represents a substantial development opportunity holding 320,800 tonnes of lithium carbonate equivalent (LCE), with only 4% of the project drilling, providing significant exploration upside once permitted,” Arizona Lithium managing director Paul Lloyd said in a news release.

As part of the latest agreement, NTEC chief executive officer Vern Lund, with more than 25 years in the mining industry, will become a member of the Arizona Lithium board.

Shares of Arizona Lithium rose 4.1% in Monday trading on the ASX. The company has a market capitalization of A$114 million ($75 million).

According to local media, the mine workers blocked the entrance road to the deposit and completely stopped production, in a strike that will be indefinite, according to Ricardo Torrejón, president of the Radomiro Tomic union.

Torrejón said that the strike aims to bring attention to the “serious safety issues and the lack of equipment maintenance” taking place at the operation. In his view, this was the cause of Rojas Farías’ accident. 

The 30-year-old woman was operating an extraction truck Friday afternoon when it suddenly caught fire. 

Police and authorities from the National Geology and Mining Service are still investigating the causes of the accident but have yet to share their findings. 

The Antofagasta Labor Directorate, on the other hand, issued an order suspending the use of extractor trucks.

Although Codelco self-suspended operations on Saturday, the supervisory agency extended this measure so that it not only related to the work area but also to the driving of heavy machinery. This interruption will be reassessed once the expert assessment of the damaged truck is completed.

“Codelco deeply regrets this fatal accident, expresses its deepest condolences to the family of Ana Rojas, to her colleagues and reiterates its call to promote safety as a non-negotiable value,” the state miner said in a media release. 

Back in 2020, a 33-year-old operator who worked on an extraction truck was also killed in an accident at Radomiro Tomic.

In June 2023, an electrical accident at Codelco’s El Teniente mine in central Chile left one worker dead, while in July 2022, two workers died in separate accidents at Codelco’s Chuqui Subterranea and Rajo Inca projects.

Between 2021 and 2023, Codelco was sanctioned 29 times for having seven fatal accidents. Most of the incidents were in project construction and not routine mining operations.

Lack of maintenance partly due to supply chain and staffing issues during the covid-19 pandemic caused a series of delays and equipment failures that are still being felt, according to the company. 

Delays in structural projects also affected maintenance since the company was forced to keep using machinery it had planned on retiring after new projects came online.

Chile is the world’s largest copper supplier and Codelco accounts for just over a quarter of the country’s output.

The quest for substitutes for fossil fuels has increased the need for metals used in the batteries that power electric vehicles (EVs) and in green-energy applications. Minerals and metals such as cobalt, nickel, copper and manganese can be found in potato-sized nodules on the ocean floor. Reserves are estimated to be worth anywhere from $8 trillion to more than $16 trillion and they are in areas where companies, including deep-sea mining pioneer The Metals Company (NASDAQ: TMC), plan to target. 

According to the report, entitled “How to lose half a trillion” by non-profit Planet Tracker, extracting metals from the seafloor could cost the mining industry $30 to $132 billion in value destruction.

François Mosnier, head of Oceans and report lead author at Planet Tracker, told MINING.COM this estimate is the result of adding the combined value loss the activity would cause for both ocean floor and terrestrial miners.

“For the deep sea mining sector, focusing only on polymetallic nodules in international waters, the cost would reach $35 billion-$49 billion of value destruction,” Mosnier said. 

“This amount was computed based on the estimated invested capital in the sector in 2043 ($115 billion), the industry’s estimated return on invested capital (-2%) and the industry’s weighted average cost of capital (WACC) and long-term growth (3%).”

Put simply, the deep-sea mining industry would not beat the cost of the capital it requires to exist, he said.

“Before factoring in any environmental impacts, the economics already appear uncompelling,” Mosnier said. “High operating expenditures mean that returns will be negative for investors in deep sea mining, which will also destroy value in other sectors, such as terrestrial mining and fishing.”

On top of that, major global banks such Credit Suisse, Lloyds, NatWest, and Standard Chartered, Dutch bank ABN Amro, and Spanish group Banco Bilbao Vizcaya Argentaria, have all introduced policies that rule out funding deep-sea exploration and extraction.

The report highlights the positive financial impact of respecting nature as sectors dependent on preserving intact ecosystems have outperformed those exploiting resources threefold over the last three decades.

It also urges investors to focus on nature preservation rather than resource extraction a repeats its call for a moratorium on deep-sea mining.

Ready to start

While the International Seabed Authority (ISA) has yet to set rules for the extraction of minerals and metals from the ocean floor, there already is a country that doesn’t need to wait: Norway.

The nation secured in December parliamentary majority to go ahead with plans to open the Arctic Ocean to seabed mineral exploration, despite environmental groups and the fishing industry’s warnings that the move would risk the biodiversity of vulnerable ecosystems.

The European country, where vast oil and gas reserves have made it one of the world’s wealthiest nations, plans to search for minerals on its extended continental shelf.

China is another nation investing heavily in deep-sea mining technology, including remotely operated vehicles, vessels, and sonar scanning systems.

Chinese companies, according to the Pentagon, hold more International Seabed Authority contracts (five out of 31 for exploration and development) than any other country.

Opponents to seafloor mining have long-warned that consequences of both exploration and extraction of minerals from the seabed are unknown and that more research should be conducted before going ahead.

Those that support the expansion of activity believe deep-sea mining is central to meeting the increasing demand of mineral growth. The demand for copper and rare earth metals is predicted to grow by 40%, according to the International Energy Agency. 

The agency also expects that the demand share for nickel, cobalt and lithium from clean energy technologies alone will grow by 60%, 70% and 90%, respectively. 

According to a study published in the Journal of Cleaner Production, producing battery metals from nodules could reduce emissions of CO² by 70-75%,  cut land use by 94% and eliminate 100% of solid waste.

According to the scientists, diamond is known for its high thermal conductivity, which is four to five times higher than that of copper. For this reason, it is a particularly interesting material when it comes to cooling power electronics in electric transportation, photovoltaics or storage systems.

Until now, heat sinks made of copper or aluminum plates have increased the heat-emitting surface of components that produce heat, thus preventing damage due to overheating. But the new nano-membranes made from synthetic diamonds that are thinner than a human hair can be integrated directly into electronic components to cool the power electronics in electric vehicles, which transfer traction energy from the battery to the electric motor and convert the current from direct current to alternating current.

These flexible, electrically insulating nano-membranes have the potential to reduce the local heat load of electronic components, such as current regulators in electric motors, thus increasing the energy efficiency, service life and road performance of electric vehicles.

When used in the charging infrastructure, the diamond membranes also contribute to charging speeds that are five times higher than the current average.

The researchers pointed out that, generally speaking, applying a copper layer underneath the component improves the heat flow. However, there is an electrically insulating oxide or nitride layer between the copper and the component, which has poor thermal conductivity.

“We want to replace this intermediate layer with our diamond nanomembrane, which is extremely effective at transferring heat to the copper, as diamonds can be processed into conductive paths,” Matthias Mühle, head of the Diamond Technologies group at the Fraunhofer US Center Midwest CMW, said in a media statement. “As our membrane is flexible and free-standing, it can be positioned anywhere on the component or the copper or integrated directly into the cooling circuit.”

Mühle and his team achieved this by growing the polycrystalline diamond nanomembrane on a separate silicon wafer, then detaching it, turning it over and etching away the back of the diamond layer. This results in a free-standing, smooth diamond that can be heated at a low temperature of 80°C and subsequently attached to the component.

“The heat treatment automatically bonds the micrometre-thick membrane to the electronic component. The diamond is then no longer free-standing but integrated into the system,” the expert said.

The nanomembrane can be produced on a wafer scale four inches and larger, making it well-suited for industrial applications.

According to Mühle, a patent has already been filed for the development. Application tests with inverters and transformers in application fields such as electric transportation and telecommunications are due to start this year.

As part of a farm-in agreement signed Tuesday, Eramet is expected to carry out a three-phased exploration program on these properties over the next 3-4 years. The total projected exploration program amounts to $20 million.

Upon completion of each phase, the French mining group would earn share capital in the joint venture holding the mining tenements, totalling up to 70% at the end of Phase 3 with an option to reach 100% equity.

In return, Lithium Chile will be entitled to a “success bonus” pre-agreed by the parties based on the amount of lithium resources delineated in accordance with a completed NI 43-101 or similar standards.

The Calgary-based lithium developer also noted that this agreement is proceeding in parallel with the strategic process being undertaken by PI Financial Corp. This synchronized approach underscores the company’s commitment to maximizing value in all aspects of its operations, it said.

“Eramet’s unparalleled expertise and credibility further enhances our position in the mineral industry,” Lithium Chile CEO Steve Cochrane said in a news release. “This partnership underscores our shared commitment to advancing sustainable mineral projects in Chile.”

The company currently holds nearly 1,120 sq. km. of prospective land in Chile’s lithium-rich regions. It also holds about 300 sq. km. in Argentina, with its main focus being the multi-staged Salar de Arizaro project.

Shares of Lithium Chile fell by 2.9% to C$0.67 by 3:20 p.m. ET Tuesday, for a market capitalization of C$138.2 million ($101.6m). The stock traded between C$0.47 and C$1.13 over the past 52 weeks.

The BFT is the slimmest pump-through formation tester ever made, Zelandez said, and can analyze fluid underground in real-time and capture multiple clean lithium brine samples from a well for further testing.

It is designed to address lithium miners’ needs by measuring aquifer pressure, analyzing fluids downhole in real-time, and obtaining representative brine samples, the company said, adding that it reduces the costs of lithium brine development when compared to the less accurate incumbent ‘packer testing method’.

The BFT enables the lithium mining industry to conduct rigless pressure and permeability testing and fluid sampling in slim boreholes down to 122mm (PQ) and provides testing and sampling in low permeability, laminated, fractured, unconsolidated, and heterogeneous formations, the company said.

It enhances lithium miners’ decision-making by delivering real-time access to actionable aquifer data. Through enhanced definition of the complex sub-surfaces poor well deliverability is mitigated, and it enables miners to understand better and meet their reinjection requirements, Zelandez said, adding that developers no longer need to depend on large rig-deployed sampling to retrieve brine samples from below ground.

“The BFT was built to address the specific challenges of aquifer testing and fluid sampling in lithium brine exploration and production. Instead of it taking weeks, it delivers results within hours or days,” Zelandez CEO Gene Morgan said in a news release.

“While formation testers are commonplace in the oil and gas industry, their size and cost have made them impractical for use in the brine field,” Morgan said. “The BFT has miniaturized this technology for lithium miners.”

More information is here.

In a paper published in the journal ACS Applied Optical Materials, the scientists point out that many brilliant blue pigments—like those in antique Chinese porcelain or works by Claude Monet—make use of cobalt-based compounds, including the famous “cobalt blue.”

In mineral form, the metal has high chemical and thermal stability, and those properties make cobalt aluminate one of the only pigments suitable for high-temperature applications, including pottery glazes.

Today, cobalt is used in lithium-ion batteries, and demand for the metal ore will likely increase as the need for battery power grows. As a result, scientists, including Peng Jiang and colleagues, are searching for alternative pigments that require fewer cobalt ions and still maintain a bright blue hue.

The team based their new pigment on a barium feldspar mineral (BaAl2Si2O8), which also features high temperature and chemical stability. Compounds containing barium, aluminum, silicon and cobalt were ground together, pressed into a sheet, then heated to above 2550 degrees Fahrenheit to form the pigment.

Then, the researchers mixed the powder into a ceramic glaze, sprayed it onto tiles, and fired them to produce glazed pieces of pottery.

The pigment was stable at temperatures up to 3200 degrees—well above the typical firing temperature of a pottery kiln—and only experienced slight colour changes when exposed to either acidic or alkaline solutions, demonstrating the compound’s stability.

Tiles sprayed with the pigmented glaze maintained a smooth, bright surface that deepened in colour as the cobalt concentration in the pigment increased.

The researchers say this new powder substantially reduces the amount of cobalt needed, resulting in a cheaper, easier-to-produce blue ceramic pigment.

The after-tax net present value (at an 8% discount) for Boardwalk is now pegged at $2.3 billion, with an after-tax internal rate of return of 20.6%, according to an updated preliminary economic assessment (PEA) released on Thursday.

That’s up from the after-tax NPV of $1.7 billion and IRR of 17.8% in the initial PEA, released in May. The payback period has been cut from 4.1 years to 3.5 years, on a pre-tax basis.

Company shares hit C$0.90 apiece in Toronto on Friday afternoon, valuing the company at C$39.4 million. Its shares traded in a 52-week range of C$0.72 and C$1.72.

Greenview Resources’ (G2L) direct lithium extraction (DLE) technology will enable lithium recovery of 98% at Boardwalk, LithiumBank said. G2L’s technology uses reagents that cost one-third less than those used in the May PEA.

“Updating the Boardwalk PEA to incorporate our licensed technology from G2L to further enhance the asset is an important part of our development strategy,” said LithiumBank CEO Rob Shewchuk. “Our goal is to provide de-risked, construction-ready direct lithium brine projects to major developers. Boardwalk is the most advanced to date, but we will continue to apply our model to the rest of our portfolio to create attractive, buildable assets.”

Brine hotspot

The update comes as lithium brine activity picks up on the Prairies, despite a drop in lithium prices. In Alberta, E3 Lithium (TSXV: ETL) and Volt Lithium (TSXV: VLT), also plan to deploy DLE technology at their projects. In neighbouring Saskatchewan, uranium-focused Denison Mines (TSX: DML; NYSE: DNN) has optioned Grounded Lithium‘s (TSXV: GRD) Kindersley project, while EMP Metals (CSE: EMPS) is advancing its own lithium brine project.

Operational costs are now estimated to be $4,588 per tonne of lithium hydroxide monohydrate (LHM), at an assumed lithium price of $26,000 per tonne, 34% lower than the $6,807 per tonne in the initial PEA.

Lithium carbonate, a precursor to lithium hydroxide used in electric vehicle batteries, sat at 101,500 yuan ($14,105) per tonne on Friday, down from about 170,000 yuan in September, according to Trading Economics.

The update also raises production over the project’s 20-year life to 34,005 tonnes per year, compared to 31,350 tonnes in the May PEA.

Construction costs for the operation – outlined in the initial PEA – come to almost $2.1 billion, including a $575 million processing plant, $276 million for brine wellfield services, $265 million for other infrastructure and $360 million for contingencies.

The company expects Boardwalk, located about 350 km northwest of Edmonton near Valleyview, to also produce high-grade lithium sulphate (Li2SO4) eluate at a concentration of 3,238 mg per litre.

Power could be generated on-site using gas turbines that would also lower the project’s carbon footprint, LithiumBank said. The proposed turbines can run on 80% hydrogen when a reliable supply is available.

Commercial production is possible within three years under provincial permitting rules, LithiumBank said.

The company anticipates converting the inferred resource estimate at Boardwalk to measured in the coming months, and commissioning its 10,000-litre-per-day lithium brine pilot plant being assembled in at its Calgary facility.

LithiumBank’s other main focus is its 5,687-sq.-km Park Place lithium brine project about 50 km south of Boardwalk.

A hydrogeological study conducted at Park Place in February 2023 indicates its 76.3 billion cubic metres of lithium-bearing brine is the largest by volume held by a single operator in North America. The brine is contained within the 6,563-sq.-km Crown mineral rights-only land package that includes infrastructure and geological data from decades of oil and gas activity.

On Friday by midday, CRLM was up over 10%. European Lithium shareholders still have a $1.2 billion stake in the Wolfsberg lithium project in Carinthia, Austria, set to become the EU’s only producing battery-grade lithium mine by 2027, according to Critical Metals executive chairman Tony Sage. 

Sage is unfazed by both the drop in company shares during Wednesday’s debut, and by the current lithium price lows.

The company has secured supply agreements with BMW, and a deal ith Obeikan Investment Group to build a lithium hydroxide plant in Saudi Arabia. The 50/50 joint venture will be geared towards constructing, commissioning and operating the plant for the conversion of lithium spodumene concentrate.

“It’s a strategic plan. Wolfsberg is going to go through a two year construction phase — the next step is for finalising the Saudi deal, we expect by the end of March, ” Sage told MINING.com in an interview.

Sage is also eyeing rare earths and uranium projects, both brownfield and greenfield in the EU. European lithium already has a 7.5% stake in the Tanbreez rare earth project in Greenland, majority owned by Rimbal. With a 28.2 million tonne TREO resource, Tanbreez is ranked biggest rare earth project in the world.

Following construction at Wolfsberg by 2026, Critical Metals has agreed to supply BMW by 2027.

“I think if you’re in production now, you’re in a little bit of a problem, but we’re going to come out of the construction phase at the right time, supplying BMW. If you look at all the forecasts of every research house — It’s going to be a squeeze around that time, so prices should be up,” Sage said.

European Lithium produced a definitive feasibility study for Wolfsberg in 2023, but Sage pointed out the construction of the hydroxide plant now may be cheaper than what was in the original DFS and the OPEX numbers have improved.

Wolfsburg is fully permitted in perpetuity as long as work is ongoing, slated to be the next producing lithium mine in the EU, and the first to produce battery grade.

The pivotal role of lithium-ion batteries in the electric-vehicle revolution is driving the construction of about half a dozen refinery projects across Europe. At the same time, the strategic importance of those developments has been underlined by the European Union’s initiative to cut its dependence on China for critical raw materials. Europe’s only current lithium supply is from Portugal, but it is used only in ceramics. 

Rio Tinto’s plans for a $2.4 billion Jadar lithium project in Serbia fell flat when licences were revoked in January 2022 after protests over environmental concerns about the planned mine. Serbia Serbian Prime Minister Ana Brnabic said she does not see a chance of reviving the project.

“We’re lucky that we’ve got our permit in place and that the Austrian government is keen on our project,” Sage said. “It’s just a dichotomy when you’ve got the head bodies saying ‘we want this’ and then local governments are not allowing permits to happen.”

In a paper published in the journal Energy Storage Materials, the scientists explain that the limited, fraught supply chain of cobalt creates a bottleneck for large-scale battery production, including for manufacturing the ones used in electric vehicles. In addition to this, cobalt extraction generates toxic waste.

To address these issues, lithium nickel oxide (LiNiO2) — which is similar in structure to the widely used lithium cobalt oxide (LiCoO2) — often serves as a cobalt-free alternative for electrode material. However, key instability issues plague the compound, specifically a gradual loss of capacity at the high-voltage region, which is associated with nickel-ion migration.

To improve electrode reversibility, nickel ions have been partially substituted by other metal ions, including reintroduced cobalt ions as well as manganese, aluminum and magnesium. This creates “nickel-enriched layered materials” to serve as positive electrode materials.

“So far, 10-20% cobalt ions were necessary for nickel-based electrode materials,” Naoaki Yabuuchi, senior author of the study and a researcher at Yokohama National University, said in a media statement.

In Yabuuchi’s view, such a percentage is still too high and is the result of not having established a unified understanding of how metal substitution can improve the process.

A migration issue

To address this knowledge gap, he and his collaborators dug deeper into the problematic phase transition. When lithium ions leave the cathode under the influence of an external field, nickel ions migrate to specific sites within the lithium layers. Although this process is reversible, the reversibility gradually degrades through continuous cycles until the capacity is completely lost — a phenomenon not seen in cobalt-ion migration.

Previous studies reported that tungsten doping in LiNiO2 is an efficient approach to suppressing the detrimental phase transitions at high-voltage regions. Thus, Yabuuchi’s group tested the hypothesis that heavy, expensive tungsten ions could be substituted with other elements, specifically phosphorous — a lighter, more abundant element.

After a detailed analysis of LiNiO2 integrated with nanosized lithium phosphate (Li3PO4), the researchers observed that, under certain conditions, problematic nickel-ion migration was effectively suppressed due to repulsive electrostatic interaction from the extra nickel ions within the Li layers. Moreover, from these findings, Li-deficient LiNiO2, Li0.975Ni1.025O2, with the extra nickel ions in Li layers, was also synthesized using a simple methodology without phosphorus integration.

The results also showed how Li0.975Ni1.025O2 can effectively mitigate unfavourable nickel-ion migration, and deliver consistent reversibility without cobalt ions.

“These findings open a new direction to develop high-performance and practical cobalt-free nickel-based electrode materials with an extremely simple and cost-effective methodology,” Yabuuchi said. “This material achieved the ultimate goal for high-performance nickel-based electrode materials.”

In future endeavours, the researchers plan to investigate the feasibility of a nickel-free material to support lithium-ion batteries.

Foremost is seeking support to advance its Jean Lake lithium-gold project, located on the eastern part of the Snow Lake greenstone belt in northern Manitoba. The property has a power line running through, and is close to an airstrip (5 km), a highway (11 km) and rail access (35 km).

If the application is successful, the company will build a 9.5-km road connecting Jean Lake and its Zoro properties to the existing road and make improvements to enhance current access.

“We realize that this project has the potential to promote significant economic growth and foster investment, not only for Foremost Lithium, but other resource and local stakeholders in the region as well,” said Jason Barnard, president and CEO of Foremost.

“We will continue to engage with the industry, local communities, the Manitoba government and other organizations to develop strong economic partnerships. We feel positive, if this application is successful, that it has the potential to create a significant impact for our company, its shareholders, and the northern Manitoba resource community at large.”

The Manitoba government earlier provided a grant of C$300,000 to the company.

The Jean Lake property had not been explored since 1942 until Foremost began its efforts in late-summer of 2021. Chip samples collected then returned assays as high as 3.89% and 6.17% lithium oxide (Li₂O). An initial drill program began late in 2022.

During the 2023 drill program, the company’s interest was primarily in potential lithium mining and it was receiving assays as high as 1.26% Li₂O. But during last summer they made a high-grade gold discovery. One hole in the gold zone assayed 11.27 g/t gold over 7.7 metres, including 91.8 g/t over 0.3 metre.

Foremost’s strategy for Jean Lake is to develop a direct shipping operation (DSO) with a third-party processing the ore into a concentrate.

“BatMan builds on NREL’s expertise using laser ablation, advanced computational models, and materials characterization to address key challenges in battery manufacturing,” said Bertrand Tremolet de Villers, project co-lead and senior scientist in NREL’s Thin Film and Manufacturing Sciences group.

“This new, high-throughput laser patterning process—demonstrated at scale with state-of-the-art roll-to-roll manufacturing techniques—uses laser pulses to quickly and precisely modify and optimize electrode structures, offering a massive leap in battery capabilities with minimal added manufacturing cost.”

According to Tremolet de Villers and his team, the material makeup, thickness, and structural design of electrodes can impact battery capacity, voltage, and charging speed. For example, doubling the thickness of electrodes from 50 μm to 100 μm increases the energy density of a battery cell by about 16%. However, this increased thickness makes it more difficult to charge the battery quickly without causing long-term damage from lithium plating, which reduces the battery’s lifetime.

Given this state of affairs, the EV industry needs a breakthrough battery design that combines the benefits of thicker electrodes and fast charging without increasing manufacturing costs. The BatMan research team is answering the call with a process that optimizes electrode structures and streamlines battery production.

The pore network

Prior NREL research illuminated how intricate patterns of tiny holes in an electrode—known as the pore network—can unlock battery improvements. These microscopic pores create access points to increase ionic diffusion, allowing the ions to move more quickly during charge and discharge without damaging the battery. As a manufacturing bonus, these pores also speed up electrolyte saturation during the wetting process, which consists of injecting a liquid electrolyte into the cell to facilitate the flow of ions between electrodes.

“Early conversations between NREL’s battery researchers and material scientists uncovered an opportunity to utilize laser ablation to configure these pore networks,” said Donal Finegan, project co-lead and senior scientist in NREL’s Energy Storage group. “With support from our industry partners, BatMan established a new process to incorporate this technique into battery manufacturing. But first, we needed to know which pore patterns would yield the greatest battery benefits.”

Genetic algorithms

To evaluate different pore channel shapes, depth, and distribution, the researchers turned to NREL’s Lithium-Ion Battery Secondary Pore Network Design Optimization Analytical Diffusion Model. The genetic algorithm also considered the specific hardware limitations of the laser used to create the pores. These advanced models helped identify the optimal pore arrangement: a hexagonal pattern of laser-ablated pores with a depth of 50% of the electrode coating thickness. The study also found that adding straight channels across the width of the electrode dramatically improved electrode wetting when compared to unstructured electrodes.

With a target pore network identified, the BatMan team began working toward small-scale prototyping and characterization of the laser-patterned electrode. The scientists used an Amplitude Laser Group femtosecond laser system with high-speed galvanometer-controlled scanning optics for the laser ablation, working closely with the Amplitude team to achieve precise control of the laser based on position, power, frequency, and number of pulses. 

“Our collaboration with NREL helped integrate the laser into their existing research capabilities to support the BatMan project goals,” said Quentin Mocaer, line manager at Amplitude. “We also received valuable insights into how future system designs and new technologies could further improve this process at an industrial scale.”

NREL researchers applied advanced characterization tools to evaluate the performance of the laser-ablated electrodes. First, researchers applied X-ray nano-computed tomography and scanning electron microscopy to analyze the morphological features of the electrode structure and validate battery enhancements. Next, NREL’s multiphysics models illustrated how improved uniformity in the structures reduced the risk of lithium plating during fast charging. Finally, the BatMan team assembled small battery cells to assess the optimized electrode architectures in action. Electrochemical analysis of the laser-ablated cells demonstrated superior fast-charge performance, with nearly 100% more capacity after 800 cycles. 

Roll-to-roll

After numerous cycles of laser ablation, characterization, and adjustment, it was time to scale up the process for high-throughput demonstration. Most battery manufacturing facilities use a continuous roller-based processing line, known as a roll-to-roll line, that bonds the active material mixture onto a foil surface. Researchers used NREL’s roll-to-roll line to demonstrate and de-risk the compatibility of this new process to encourage adoption by battery manufacturers.

“After nearly three years of research, our team successfully processed 700 meters of double-sided electrode material, proving that laser ablation is a scalable and economically feasible technique for roll-to-roll production of lithium-ion batteries,” Finegan said. “The magnitude of this demonstration was unique to NREL and showcases how strategic laboratory support can advance industry processes.”

NREL returned the optimized electrode material to BatMan’s manufacturing partner Clarios, where experts assembled commercially relevant 27-Ah batteries for further evaluation. Early inspection using Liminal Insights’ EchoStat acoustic imaging indicates that the laser-ablated electrodes wet faster and more uniformly than baseline cells. Additional non-destructive diagnostics will validate the expected performance improvements and ensure battery safety and quality before this technology enters the marketplace.

Time will tell how long it will take before laser-ablated cells find their way into electric vehicles, but the NREL team is optimistic. Techno-economic analysis of the laser patterning process estimates a minimal added cost to battery manufacturing of under $1.50/kWh—that is less than 2%—and the performance advantages are undeniable. NREL researchers also found that the graphite debris collected during the laser ablation process can be directly reused to make new battery cells without any significant impact on the cells’ performance, which presents an opportunity to further reduce the cost of laser ablating electrodes.

“Our lab-scale experimentation shows that laser-ablated electrodes could double the rate of charge of electric vehicles,” Finegan said. “This is a technology evolution that could alter conventional manufacturing, not only for lithium-ion batteries but also next-generation battery chemistries.”

From discovery in 2017 to an initial resource in 2023 that outlined one of the largest lithium pegmatite resources in the Americas, the company’s now eyeing its next milestone: A mine that will feed into North America’s nascent EV supply chain.

“The scale and the location of the Corvette project imply that it’s going to be a useful project to help underwrite the balance of the supply chain that’s required to support value-added chemicals the energy transition requires,” CEO Ken Brinsden told The Northern Miner in an interview in February.

Brindsen, who shepherded Pilbara Minerals from junior explorer to a top global lithium raw materials entity, took the reins at Patriot in January.

The management shuffle saw him transition from non-executive chair to CEO, president and managing director residing in Montreal, while Blair Way, who has steered the team to this point as CEO since May 2022 took the COO role to provide hands-on management as Corvette moves through the next stages toward development.

With more than 100,000 metres of drilling, Patriot reported an initial inferred resource for the CV5 deposit last June of 109 million tonnes at 1.42% lithium oxide for 1.6 million tonnes lithium oxide.

Corvette, the eighth largest lithium pegmatite globally, hosts large spodumene crystals, enhancing processing efficiency and recovery rates, Brinsden said. With C$133 million in funds as of the second fiscal quarter — much of it from Albemarle, which invested C$109 million last year — the company said it is well-financed to push forward with exploration, technical studies, and the permitting process.

Quebec has become a hard rock lithium hotspot as companies vie to supply the electric vehicle market. Last year, the federal government approved Galaxy Resources’ (now Arcadium Lithium (ASX: LTM)) James Bay open-pit project. Sayona Mining (ASX: SYA) began production at its 75%-owned North American Lithium project in Quebec last year. Perth’s Winsome Resources (ASX: WR1) recently identified a significant lithium resource, making Adina North America’s leading hard-rock lithium project.

The heavy presence of Australians is no coincidence.

The established lithium market in Australia, bolstered by Chinese demand, has led to higher equity valuations for Australian lithium companies. Patriot’s Australian listing has given it access to those same investors, which has partly driven its success.

Brinsden and Way, in separate interviews, said they both anticipate that as North America and Europe develop their lithium supply chains, Canadian projects like Corvette could see similar increases in valuation and investor interest.

Aussie hard-rock experience

Brinsden views the strategic geographical advantages of Western Australian mines in serving North Asian markets are comparable with Quebec’s potential to cater to North America and Europe. Way and Brinsden both see the geographical positioning of their project as a key advantage, with Quebec’s resources like Corvette poised to reduce reliance on distant supplies and potentially Western supply chains.

While the Australian hard-rock lithium mining industry benefits from strong ties with China, driving demand, investment, and growth, dependency on China also exposes the supply chain to geopolitical and economic risks. Brinsden says North America’s current push to diversify relationships and avoid reliance on a single market to develop resilient lithium supply chains is a good call.

In his experience, the Australian government has had a hands-off approach compared with the proactive, supportive stance of Canada’s Quebec province, and the coordinated approach to industry growth laid out in the federal Critical Minerals Strategy.

Discovery to resource

The discovery of a major spodumene lithium deposit in the Americas stemmed from a previously overlooked early 2000s geological report by Virginia Mining, which, despite focusing on base and precious metals, contained a footnote in French indicating the presence of lithium-rich spodumene.

Seizing this clue, the team used Google Earth to locate and then stake a pegmatite outcrop, now known as CV1.

At this time, part of the property was under the control of Osisko Mining due to a series of acquisitions but was not being actively explored for lithium. Patriot Battery Metals (formerly known as 92 Resources and then Gaia Metals) negotiated an option agreement between 2016 and 2017 when the lithium market was starting to heat up.

Despite initial exploration challenges and a temporary lull in lithium prices, the company kept the option agreement alive.

During the early days of the covid-19 pandemic when travel restrictions limited Way’s ability to work internationally, he advocated for drilling, which started as lithium prices began to recover in 2020.

The company rebranded to Patriot Battery Metals in June 2021, and raised money for more extensive drilling before acquiring the project outright. Drilling success throughout 2021 and 2022 attracted strategic investments, notably C$109 million from Albemarle, a leading global lithium producer, last year.

The investment at C$15.20 per share implied a valuation on a fully diluted basis of C$2.2 billion – a far cry from its recent market capitalization of C$801.9 million at C$6.96 per share.

2024 catalysts

Brinsden says Patriot is committed to a strategy of responsible but rapid development. Brinsden’s expertise is shaping a mining operation that prioritizes extraction and ecological and social integrity.

“We’re not just about mining lithium; we’re laying the groundwork for a cleaner, more sustainable world,” Brinsden said, outlining the big-picture vision.

“Our discovery at Corvette is not just about unveiling a lithium deposit; it’s about reshaping the future of energy in North America,” Way said.

This year, Patriot aims to deliver an updated resource estimate for CV5 by the third quarter, moving towards a prefeasibility study by year-end and advancing permitting.

It also plans to expand exploration and drilling, with CV13 and additional pegmatite clusters CV8, CV9, CV10, and CV12 getting more attention. The company also intends to demonstrate the exploration potential along the 50-km lithium pegmatite trend at the Corvette property, including assessing unexplored sections and discovering new spodumene clusters.

This new material is expected to be non-flammable and a safer alternative to liquid electrolytes commonly found in lithium-ion batteries.

To improve the high-voltage stability of chloride-based solid electrolyte (Li3MCl6), the research team proposed the optimal composition and design principle of chloride-based solid electrolyte (Li3MCl5F) substituted with fluorine(F), which has strong chemical bonding ability.

For the proposed strategy to achieve this goal, LLNL contributed by utilizing their cutting-edge supercomputing resources for calculations and subsequent experimental validations were conducted at KIST. The collaborative research team adopted a cost-effective and time-saving strategy, wherein computational science guides the initial material design, followed by rigorous laboratory validation.

The chloride-based solid electrolyte synthesized based on the design principle proposed by the team was applied to an all-solid-state battery to evaluate its electrochemical stability under high-voltage conditions. It showed high-voltage stability exceeding 4 V, comparable to that of commercial lithium-ion batteries with liquid electrolytes. Accordingly, fluorine(F)-substituted chloride-based solid electrolytes are expected to replace sulphide-based solid electrolytes that are unstable at high voltages, accelerating the commercialization of all-solid-state batteries.

The Korea-US joint research team will now conduct follow-up research on the synthesis process of the material, alongside the optimization of electrode and cell manufacturing processes. These concerted efforts aim to hasten the commercialization of all-solid-state batteries.

In the event of successful commercialization, the joint team will be able to capture the market for solid-state electrolytes, a key component of all-solid-state batteries, in the US, one of the largest consumers of secondary batteries such as energy storage systems and electric vehicles.

“This work provides a new design principle for fluorine-substituted high-voltage stable chloride-based solid-state electrolytes, which will accelerate the commercialization of high-energy-density next-generation lithium all-solid-state batteries without fire hazards,” Seungho Yu, one of the researchers at KITS, said in a media statement.

This resource estimate was the first ever released on the Nevada North lithium project (NNLP). It was calculated using a base-case lithium cut-off grade of 1,250 ppm and metrics derived from available information for deposits similar to that at NNLP.

Greg Reimer, Surge Battery’s chief executive, said in a news release that the resource estimate solidifies NNLP as “a significant lithium deposit and one of the highest-grade lithium clay deposits worldwide.” The project is located 73 km north-northeast of Wells, Elko county, and comprises 725 mineral claims covering 58 sq. km.

“At higher grade cutoffs, there are still very appreciable volumes of lithium that are largely contained in the clay horizons nearest surface,” he added.

At a higher, more stringent cut-off of 2,000 ppm, the inferred LCE resource would still surpass 4 million tonnes, with a lithium grade of 3,167 ppm.

The resource estimate for NNLP is based on 20 drill holes completed between 2022 and 2023 under a notice of intent (NOI) permit for a total of 2,758 metres and 1,973 samples. The two rounds of drilling identified a mineralized zone of lithium-bearing clays occupying a strike length of more than 3,500 metres and a known width of up to 950 metres.

A much larger drill program is planned for 2024 to expand the resource, which Surge Battery said only covers a portion of the known footprint of mineralization at NNLP. A detailed surface mapping program over the property and additional soil sampling will also be carried out.

The company said it will work with the Bureau of Land Management this spring to determine how much disturbance can be reclaimed under the current NOI permit. Drilling will then proceed upon receiving its exploration plan of operations permit.

Meanwhile, its metallurgical testwork is well underway with Kemetco, with results anticipated for the first quarter.

By midday Thursday, Surge Battery Metals soared by 14% to C$0.53 a share on the TSX Venture Exchange, for a market capitalization of C$83.9 million ($62m).

The update makes of Zinnwald the second largest hard rock lithium project in the European Union (EU) by both resource size and contained lithium, chief executive Anton du Plessis said in a statement.

Europe’s largest hard rock lithium deposit and the world’s fourth-largest non-brine asset is the Cinovec lithium project in the Czech Republic, owned by European Metals (ASX, LON: EMH) and state-controlled utility CEZ.

Zinnwald Lithium’s stock climbed more than 41%, closing at 7.55p on Wednesday. This leaves the company with a market capitalization of £35.84 million ($45.2m).

The project’s latest resources estimate incorporates 26,911 metres of new diamond core drilling across 84 drill holes and a reinterpreted and updated geological model since the previous estimate, released in September 2018, the company said.

Located in the heart of Europe’s chemical and car industries, the project, about 35km from Dresden, is expected to produce battery grade lithium carbonate, lithium hydroxide and lithium fluoride (Li2CO3, LiOH, LiF) or a combination of them.

Prices for lithium, once called “white oil” are down more than 80% from their 2022 peak due to slowing growth in electric vehicle sales, including in the top EV consumer China, and a market oversupply. 

Launched in late 2022, the objective of SQM Lithium Ventures is to identify and promote new lithium-related technologies. For this purpose, it will provide initial funding of $25,000 for early-stage startups and up to $3 million for venture investments (Series A).

Altilium’s technological focus is to produce high-volume, low-carbon domestic sources of cathode and anode materials from recycling waste streams already in circulation, such as lithium scrap.

In 2022, it opened its battery recycling technology centre in Devon, England, to deepen and strengthen its competitive edge in the recycling of lithium-ion batteries. The scale-up processing line will provide the company with data to make informed decisions on materials handling, scalability, and product quality at the UK’s largest planned EV battery recycling facility, to be located in Teesside.

The plant will have the capacity to process scrap from over 150,000 EVs per year, producing 30,000 metric tons of cathode active material, 20% of the expected demand in the UK and one of the largest projects in the UK and Europe.

Since SQM’s initial investment of $2.57 million last year, Altilium has hit a number of key development milestones, including the expansion of its UK recycling facilities, enhancement of its proprietary EcoCathode hydrometallurgical process and strengthening of its senior management team.

The additional funding follows a year of progress in the scaling up of Altilium’s proprietary battery recycling technology and underscores both companies’ commitment to developing a circular economy for sustainable low and carbon battery materials, the Chilean group said.

The latest investment in Altilium completes the Series A funding round and marks the largest investment to date for SQM Lithium Ventures, now totalling $12 million.

The additional funding of $9.43 million is expected to accelerate the scale-up Altilium’s UK and European activities, paving the way for the roll-out of the company’s full battery circularity customer offering, which includes zero-carbon EV battery collection, black mass recycling and chemical refining direct to cathode active material (CAM).

Key developments in 2024 include the construction of a 18,000-square-foot facility in Plymouth, Devon; building the first battery recycling station to efficiently transform discarded EV batteries into high-quality black mass; and the retrofit of an existing plant in Eastern Europe, with plans to process 8,000 metric tons of black mass to EV batteries later in the year. Today, most EV batteries are shredded into black mass and shipped to China for processing.

“This round of funding with SQM Lithium Venture has been a pivotal achievement for Altilium and reflects the significant strides the business has made over the past 12 months,” Altilium CEO Kamran Mahdavi said in a statement.

Carlos Díaz, CEO of SQM’s lithium-potassium division, said that the investment gives the company the chance to participate in the creation of a new industry: the recovery of critical minerals such as lithium, nickel, and cobalt from recycled batteries.

“This will allow us to add value to the new battery supply chain, while at the same time maintaining sustainable consumption levels of resource consumption, water use, and carbon footprint,” Díaz said.

Moblan is a joint venture with Investissement Québec’s SOQUEM (40%) and is located 130 km north of Chibougamau, in the Eeyou Istchee James Bay region of northern Quebec.

An open pit mine and 4,800 t/d processing plant is planned to produce a spodumene concentrate containing 6% lithium oxide (Li₂O). Annual production will be 300,000 t/y of concentrate over a 21-year life for the mine. The project is expected to generate an estimates total net revenue of C$14.4 billion, with an EBITDA of C$11.2 billion.

“These positive financial returns have been driven by an estimated head grade of 1.36% Li₂O, a LOM (life of mine) recovery rate of 74.7% and LOM average annual concentrate production of 300,000 t/y at a grade of 6% Li₂O,” Sayona said in a release.

The company says it will cost C$926 million to build the project and a further C$96.1 million in sustaining costs. The all-in sustaining cost to produce a tonne of concentrate will be C$748.04, compared to a projected market price of C$2,653/tonne ($1,990/tonne).

The Moblan project has a probable reserves of 34.5 million tonnes grading 1.36% Li₂O, included in measured and indicated resources of 49.9 million tonnes at 1.20% Li₂O. The inferred resource is 21.1 million tonnes at 1.0% Li₂O.

Sayona has a producing lithium project, the North American Lithium (NAL) operations between Val d’Or and Amos, in the Abitibi-Temiscamingue hub of northern Quebec. Last year, it began producing spodumene to meet growing battery demand.

The NAL operation is a joint venture of Sayona (75%) and Piedmont Lithium (25%). It is currently the subject of review as the spot price for lithium is expected to dip to roughly $2,200/tonne in 2025 from an average of $42,840/tonne last year.

“We are confident that the current lithium market will recover over the medium term,” said Sayona interim CEO James Brown, adding that Sayona will now look to review the timelines given the current market conditions and secure the necessary financing and partners capable of advancing the Moblan project through to successful production.

The authors point out that 2023 was the first time that more than 50% of BRI engagement was through investments where Chinese investors take equity stakes as opposed to construction contracts, which are typically financed through loans provided by Chinese financial institutions or contractors, often accompanied by guarantees from the host country.

Last year Africa overtook the Middle East as the no. 1 target of BRI projects after a 114% jump in investments and a 47% jump in construction projects on the continent. Investments in Latin America and the Caribbean also doubled last year.  

China’s BRI-related investment in metals and mining reached $19.4 billion in 2023 according to the study, a 158% jump compared to 2022 and the highest on record.  

Minerals and metals investment focused on the green energy transition with copper making up the lion’s share of new project announcements last year, followed by sizable lithium, nickel and uranium spending under the BRI. 

Apart from a giant new copper processing facility in Saudi Arabia, mining investments were focused in Indonesia and various countries in Africa and South America.  

Examples include vertical integration investments by the world’s largest battery manufacturer CATL, which bought shares for a nickel mining concession in Indonesia from PT Aneka Tambang (Antam).

Lithium projects in Mali attracted investment from Chinese firms Jiangxi, Ganfeng and Hainan Mining (through the acquisition of Kodal Minerals) while Zhejiang Huayou Cobalt commissioned a lithium processing plant in Zimbabwe.

Downstream investment in battery and electric vehicle manufacturing also soared, reaching nearly $10 billion, according to the report. The largest investors under the BRI last year were CATL, accounting for more than 15% of overall spending, followed by Zijin Mining at 11%.  

Zhejiang Huayou Cobalt contributed nearly 9% of the total while CMOC (formerly China Molybdenum) and Minmetals each had a 5%-plus share of the $92.4 billion total investments in 2023. 

For 2024, the Griffith Asia Institute sees further growth of Chinese BRI engagement with a strong focus on country partnerships in renewable energy, resource-backed mining and related technologies including EV batteries.  

The US-based startup aims to earn a 75% interest in the Dumbwa portion of Solwezi by spending $15 million in exploration and making cash payments totalling $500,000 over four and a half years.

“We look forward to KoBold applying their groundbreaking exploration approach to the Dumbwa Target and moving this important Zambian copper asset toward development together, which we view as perfectly timed to coincide with an upcoming phase of unprecedented global copper demand,” Midnight Sun chief executive Al Fabbro said in the statement.

KoBold Metals Africa CEO Mfikeyi Makayi said the Dumbwa target hosted “intriguing” copper-in-soil anomalies and a structural setting comparable to other major deposits in the region.

“The KoBold sediment-hosted copper team has decades of experience working in the African Copperbelt, which we will combine with our library of analytical tools and proprietary technology to aggressively explore at Dumbwa,” Makayi said.

KoBold has an established presence in Zambia, including its flagship Mingomba project for which it is currently completing resource definition drilling and a pre-feasibility study. 

Earlier this month the California-based firm said recent drilling at Mingomba had confirmed the “huge” size of the deposit.

It noted the asset was shaping up to be “extraordinary”, according to KoBold president Josh Goldman, who said the potential of the discovery compared to that of the Kamoa-Kakula mine, owned by Ivanhoe Mines and China’s Zijin Mining. This operation, located just across the border in the Democratic Republic of Congo (DRC), produced almost 400,000 tonnes of copper last year. 

Beyond copper

KoBold is not just focused on copper, but rather all minerals and metals considered critical for the energy transition.

It began its quest for battery metals began almost four years ago in Canada, after it acquired rights to the area in northern Quebec, just south of Glencore’s Raglan nickel mine, where it detected lithium.

The startup is now advancing 60 active projects spanning four continents, Africa, North America, Australia and Asia.

Using artificial intelligence, Kobold aims to create a “Google Maps” of the Earth’s crust, with a special focus on finding copper, cobalt, nickel and lithium deposits. It collects and analyzes multiple streams of data — from old drilling results to satellite imagery — to better understand where new deposits might be found.  

Algorithms applied to the data collected determine the geological patterns that indicate a potential deposit of cobalt, which occurs naturally alongside nickel and copper. 

The technology, KoBold said, can locate resources that may have eluded more traditional geologists and can help miners decide where to acquire land and drill.

“Clearly now, we are reaching a very high level of interest so I would say that yes it seems to be inevitable,” said Michael Lodge, the secretary-general of the ISA, in an interview with CNBC.

“One of the main drivers of industrial interest is the potential to produce larger quantities of minerals at equivalent or lower cost to what can be produced on land,” Lodge added.

His comments come as the ISA prepares to recommence talks on deep-sea mining in Kingston, Jamaica, next month.

Recently, Norway’s parliament greenlit seabed mining exploration in the country’s territorial waters. The determination on January 9 made Norway the first country to formally authorize seabed mining activities in its waters.

Minerals and metals such as cobalt, nickel, copper and manganese can be found in potato-sized nodules on the ocean floor. Reserves are estimated to be worth anywhere from $8 trillion to more than $16 trillion.

According to a study published in the Journal of Cleaner Production, producing battery metals from nodules could reduce emissions of CO² by 70-75%,  cut land use by 94% and eliminate 100% of solid waste.

Meanwhile, scientists have warned that the full environmental impacts of deep-sea mining are hard to predict, and environmental campaign groups say the practice can lead to ecosystem destruction and species extinction.

“It hasn’t been done yet, so it is very hard to say conclusively that it would be as destructive as some people claim that it would be,” said Lodge.