Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Companies announced the verified discovery of one of the largest palladium mineral systems in Australia.
The London Metal Exchange (LME) is partnering with Fastmarkets to develop the reference price for its planned lithium futures contract, which will help analysts and executives to get a full sense of the global market for the key ingredient in the making of the batteries that power electric vehicles (EVs).
Unlike for copper or other metals used in the making of EVs, there currently is no traded price for lithium.
“In recent years there has been unprecedented price volatility in the lithium market, driven particularly by explosive electric vehicle (EV) battery demand,” the exchange said.
Unlike for copper or other metals used in the making of electric vehicles, there is no traded price for lithium.
The move, it added, comes after industry players, including producers, end-users and several leading automotive firms, urged the LME to develop effective lithium price-risk management tools.
“This global strategic partnership will develop a definitive roadmap aimed at providing a pricing mechanism for lithium that can be utilized throughout the supply chain and will support the development of risk-management tools for the industry,” Fastmarkets said in a separate statement.
Last year, the LME asked companies that assess prices of battery-grade lithium to submit proposals to supply a reference for cash-settled contracts it planned to launch in the fourth quarter of this year.
Today, however, the exchange only said it would continue “to gauge appropriate timing” for a launch.
Currently, producers negotiate contracts with buyers, but the terms of the deals are not made public.
The LME, the world’s oldest and largest market for industrial metals, said it selected Fastmarkets because their prices were used widely across the industry.
The agency already provides the global benchmark for the cobalt market — another key battery raw material.
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StockShaman
Belmont who as a result of the recent malaise in the Lithium sector has succumbed to a 8:1 roll back leaving 11m shares outstanding. The Kibby Basin, lithium brine project has the potential of being the next silver Peak.