SRC：2022年电池金属报告 Battery Metals Report 2022 -Everything you need to know about the battery metals lithium,nickel,cobalt and copper

BatteryMetalsReport2022ythingyouneedtoknowaboutthebatterymetalsltandcopper23Dearreader,Pleasereadthecompletedisclaimerinthefollowingpagescarefullybeforeyoustartrea-sResourceCapitalPublicationByusingthisSwissResourceCapitalPublicationyouagreethatyouhavecompletelyunderstoodthefollowingdisclaimerandyouagreecomple-telywiththisdisclaimer.Ifatleastoneofthesepointdoesnotagreewithyouthanreadinganduseofthispublicationisnotallowed.Wepointoutthefollowing:dtheauthorsoftheSwissResourceCapitalAGdirectlyownand/orindirectlyownsharesoffollowingCom-panieswhicharedescribedinthispublication:AlphaLithium,CanadaNickel,CypressDevelop-ment,HannanMetals,IonEnergy,KutchoCop-SurgeCopperSwissResourceCapitalAGhasclosedIRconsultantcontractswiththefollowingcompa-nieswhicharementionedinthispublication:AlphaLithium,CanadaNickel,HannanMetals,KutchoCopper.SwissResourceCapitalAGreceivescompen-sationexpensesfromthefollowingcompanieslphaLithiumCanadaNickel,CypressDevelopment,HannanMe-KutchoCopperSurgeCopperTherefore,allmentionedcompaniesaresponsorsofthispublication.osureandLiabilitySwissResourceCapitalAGisnotasecuritiesyrinformationpurposesitiestionsofSwissResourceCapitalAGreorelopsisapiectiveauthornorSwissResourceCapitalAGatnsmallandmicrocapsector,andespeciallyintheithanoutstandinglyhighriskAswellsmallandmicrocapsarereendsandletotallossthedepositwillonlyAllpublicationsofSwissResourceCapitalAGrmationpurposesonlyAllsReurceCapitalAGsactegoricallynsangeSwissResourceimeofpreparationareSwissResourceCapitalAGandtherespectivetheusedandunderlyingdata,facts,aswellasinsnatinvestmentsancialproductsbearsanextremelyhighgnificantstockpricelossescanariseandintheansAGandllapitalAGareneitheresuchacontext.SwissResourceCapitalAGisnotpublications.SwissResourceCapitalAGandtheranteethattheexpectedprofitsormentionedsharepriceswillbeCapitalAGandtherespectivesaswellasassetsrespectiveauthorswillsharepriceswillbeachieved.NeitherSwissRe-italAGnortherespectiveauthorsareinvestmentInadditionSwissResourceCapitalAGwelco-nsoftheGermanpressrtywillForward-lookingInformationSwissResourceCapitalAGespeciallyin(transla-uritieslawsTheycontainrisksandroosumptionincludebutarenotserveestimates,grade,orerecoverythatdiffersnctdifhepliertherefineriesandotherpartiesthatareientlistsinconnectionwiththeminingdesultsofonmentalsecurityandyforgeuonsforecastsprojec45dtooobligationslaw(Switzerland)SwissResourceCapitalAGaswellastheres-nyorrelatedthirdossibilityexistsAtanytimeSwissResourceCapitalAGaswellSwissResourceCapitalAGcouldholdlongandherighttoAdisclosureofthesecurityholdingsofSwisspitalAGaswellastherespectiveauthorsbythenstntsintherespectivepublicationsareifnotItcannotberuledoutthattheinterviewsandiaitationanddistributionrightspanUSAorCanadaortoanUScitizenresubjecttoregulationSoftheU.S.SecuritiesActof1933andcannothavetivestatelawsofisTheuseofanypublicationofSwissResourceeuseonlySwissryNotetosymmetricalinformationandopiniongenerationroductswhicharepresentedinallpublicationsofSwissResourceCapitalAG.ThisonNoguaranteeforsharepriceforecastsmentneitherSwissResourceCapitalAGnorthelAGbleforthatallassumedsharepriceandprofitdensofdNoguaranteeforsharepricedataanddatatothecommodity,currencyandstockssReightpiderhttpwwwresourcecapitalchermanAustrianndSwisscopyrightandancillarycopyrightAnyentsoInformationfromtheFederalFinancialSuper-ersinBaFinbrooftheauthorityatlimitationforlinksurcecapitalchwebsiteandallsub-websitesandthewww.resource-capital.ch–urcelinkstowebsitesofthirdpartoliabilityoftherespectiveoperator.SwissRe-heinitiallinkingwiththeexternallinksifnostatutoryviolationswereevidentSwissRe-ignandthecontentsofthelinkedtmeanthatSwissResourceCapitalAGtakesow-oryviolationsIncaseofaplicitdissociationofthiscontent.Foralllinksonitssub-websitesandinallpublicationsofSwisssourceCapitalAGappliesSwissResourceCaellasallpublicationsofSwissResourceCapitalLiabilitylimitationforcontentsofthiswebsiteitalAGLiabilitylimitationforavailabilityofwebsitedaspossibleEvenLiabilitylimitationforadvertisementseNocontractualrelationshipalResourceCapitalAGInthisrespecttherearenoitalAGProtectionofpersonaldatatact)willonlybeusedbySwissResourceCapitalDataprotectionforentryofpersonalorbusinessdata(emailad-dresses,names,addresses),thisdatawillbedi-sclosedonlyiftheuserexplicitlyvolunteers.Thetdataorpseudonyms.SwissResourceCapitalAG(municationbyemail)canhavesecuritydatalikepostaladdresses,telephoneandfaxnumbersasrcecapitalchnewsletteryougiveuspermissiontocontactyoubyemail.SwissResourceCapitalAGreceivesandstoresautomaticallyviacookieinformation,IPaddressandtheaccessed66Disclaimer02Preface09 7thegreatenergymetalsofthefutureandasaE-mobilityisontheriseandthepricesforcanmeetonly15%ofdemandgrowthth-rough2050.85%willhavetobemetfrominMarch2022,whichwasquiteasurpriseesSwissResourceCapitalAGhasmadeititsncommoditiesinoneApp:Commodity-TVV11StructureStructureandfunctionofalithium-ionbatteryddfasterciale-carmanufacturer,wasfounded,elec-infancyridedTeslaandonlybelatedlyrealizedthattheythought.Increasingmovementstowardanevermorecarbon-freeworldalsoplayedintotheelectricenthusiasts‘hands.InthefaceofanincreasingnumberofextremeweatherphenomenaandagrowingclimatemoregovernmentsaroundtheworldfeltcompelledtosetCO2targetsandfurtherre-missionsoftheclimatedamaginggastivecompanieswithnochoicebuttofinallysToday,wellover300electriccarmodelsarealreadyonthemarketworldwide.Andeventhoughthenumberofnewelectricvehiclesregisteredeachyearin2015wasstilljust450,000worldwide,risingtoover2.5millionthenumberofunitsthatareexpectedtobesAccordingtoestimatesbyexpertsatBloom-lionin2030and54millionperyearin2040.Atthebeginningof,therewerearoundputthefigureatover130millionby2030.Itwillbeexcitingtoseewherethematerialsneededforthebatterieswillcomefromvolutionisstilllargelyunresolvedtheprocurementofmaterialsforthecorrespondingmobilebatteries.Thisisbecauselargequan-tionalvehicleswithinternalcombustionen-cobaltaswwhenathreatofglaringsupplybottlenecks,whichhavealreadycausedpricesformostofthesematerialsandmetalstoskyrocket.Especiallyinthecaseoflithiumandnickel,theminingtryismilesawayfrombeingabletosanothingthatTeslaCEOElonMuskliterallybeggedcorrespondingminingcompaniesinminesForinvesmationaboutthelithiumionbatteryThelithium-ionbatteryistheheartctricvehicleInadditiontotheengine,theheartofeverylebatteryInordertobeoperaingdecenesystemssuchasforphotovoltaicorwindpowerplants–requireeversTheonbatteryhasemergedasthemostcurrentlyavailableforvehicles.Oneofthereasonsforthisisthatwithinalithium-ionbattery,thevoltageisachievedbyexchan-gydensity,lithium-ionbatteriesdelivercon-fect,i.e.,successivelossofcapacityoverossibleelybeingreplackelbatteryhasnotchangedmuchoverthepastfewyears,developmentiscontinuingsteadily.Themainfocusisonefficiencyandchargingcapacity(inthecaseofelectricve-hicles,thisisoftenreferredtoasrange),butalsoontheuseofmetalsandelements.Inthisrespect,atransformationiscurrentlytakingplaceawayfromhighproportionsofthenumbersindicatetheratioofnickel,manganeseandcobalt)toahigherproportionofnickel(NMC811),tiscurrentlystillatthe/NMC532).NMC111isconsideredthesimplestbatteryversion,basedonanequalamountoftheatomsofthethreeelements,NMC532/622haveahigherenergydensityandalowerpricethanNMC111duetoalowercobaltcontent,andNMC811isthenewestandmostadvancedbatteryversionperformance.ItispreciselybecauseofthisTeslaCEOElonMuskimploredrelevantminingcompaniestodevelopnewnickelminesineeOXYGEN+METALCOBALT/NICKEL/MANGANESECATHODE(+)ALUMINIUMCARBON(GRAPHITE)ANODE(-)COPPERCTROLYTELITHIUMIONELECTRONp13HowalithiumHowalithium-ionbatteryworkstral.ThenegativeelectrodeisaeelecLitronsfromtheexternalcircuit,butlhangetheirions.Duringthechargingprocess,directcontactbyaseparator.TheBasicinformationaboutthebatterysectorindividualplantstoanabsoluteboomdyonline.SincethebeginningofthenewiycomeringitsfirstyaheadinbatterysofanasonicSamsungLGChemTheEUiscatchingupTheEU,whichseemedtosleepthroughthehasbeenabletocatchuppowerfullywithprivatesupportprogramsandnotleastthankstoitsstrongindustrialbase.narejustatasteofwhatistocomeinthenext10years.By2030alone,morethanrespondingproductionsitesforbatteriesand/orcathodematerialsareplanned.Currently,theplannedbatterycapacityisatleast600GWhby2030.NorthAmericadominatedbyTeslaInNorthAmerica,TeslaholdsthedominanttioninlithiumionbatteryproductionratingthesocaleLithium-ionbatteries,batterypacks,electricnddriveunitsforuptoelectricvehiclesperyeararebuiltthere.„Gi-gafactory5“wasopenedinAustin/TexasinHowever,Teslaisfarfromtheonlylithiumandcobaltconsumerplanningalargerpro-ductionoflithiumionbatteriesLGChemalreadystartedproductionforChevyinMichiganinOctober2015andiscurrentlyteryproduction.Foxconn,BYD(theworld‘sespeciallyforcellphones),Lishen,CATLandBostonPowerarealsoworkingonthecon-forso-calledpowerbanks,i.e.,decentralizedpowerstoragesystems,whicharelikelytoThemostimportantbatterymetalsarelithium,nickelandcobalt–copperprovidesthecomponentlinkagetnickelandmanganeseiumionbatteryessentiallyalsoconsistsries,whichiswhythisreportdealsprimarilyich15Theelementlithiumtbasicallyalwaysoccursasalithiumcom-umnitride.Inpureoxygen,itburnswitha5.Lithiummetal.33hiandisusuallytradedwithapurityof99.5%.Thismetalliclithiumisusedasacatalystinthehemicalandpharmaceuticalindustriesasalloys..„IndustrialGrade“,withpurityover96%,mainlyforglass,castingpowderandlu-ithapurityofabout99.5%,mainlyforceramics,lubricantsesandemainlyforhigh-endcathodematerialsinTherearetwotypesoflithiumcescapesasagasanddissolvedlithiumdeiforthisisconsideredtobeverycostly.WaterconsumptionorCO2emis-remOeprocessingmethodsandwaterbalancenvaBatemanandIBCarstobeeconomicallyfeasibleThus17Lithiumaccountsforabout0.006%oftheEstimatesfromtheU.S.GeologicalSurveyfconcentratedinafewcountriescompaniesadingysplicationshavebeenatteriesinthefuturecular.Inthepast20years,thispicturehasterialforlubricantsandonroductionoflithiumionbatteriesrequiresalargeamountries.Eachsmartphonecontainsbetween5eadytogramsPowertoolssuchasricedevelopmentoflithiumcarbonatesctriccarsneedbetweenandkilocentpriceexplosionoforbatterymanufacturingUltimately,itisthepricealonethatdetermi-lithiumdeposits.Whilethepricewasstillteinmid-2015,itrecentlyshotuptoaroundUS$78,700(500,000yuan).Thisisalucrativebusinessfortheproducers,asthepureex-aroundUS00(Chile)toUS$8,000(China)cantpartofabatteryintermsofvolumeofthecostsofabattery,thelithiumpriceisultimatelyrelativelyinsignificantfortheproductionoflithium-ionbatteriesandshouldthereforebeabletobemaintainedataneconomiclevelforthelithiumpro-ducers.ablefromThemaindrivingfactorwillbedemandfromthebatterysectorandtheassociatedauto-700,000tonsofLCEperyearcanbeextrac-tedfromexistingminesandthatnewminesterm,asupplydeficitofwellover100,000outlookisevenbleaker.Abottleneckofun-1819TheelementnickeltionMostofthenickelisextractedfromnickel-andcopper-bearingironores.Amulti-layerprocessisusedtoproducecopper-nickelfines,whichconsistofabout80%copperandnickelandabout20%sulfur.Toobtainthecrudenickel,thenickelmustbesepa-urenickelrityofelectrolyticnickelisaboutsenceandproductiontentofabout0.008%,i.e.,withabouttwicetheamountofcobaltandsomewhatmorefrequentlythanlithium.Solidnickel,i.e.,inelementalform,occursonlyrarely.Asof2020,onlyabout50occurrencesofnativenickelwereknownworldwide.Themostim-portantdepositsarefoundinCanada,NewCaledonia,Russia,AustraliaandCuba.sulfideores.Inaddition,lateriticnickeloresarealsominedasrawmaterialsfornickelclassicsulfidedeposits,miningisincreas-keloreswhichnundtonsnoysotheproductionofstainlesseghesPurenickelmetalisusedinfinelydividedformasacatalystinthehydrogenationoflresistance,nickelisusedforapparatusinandthechemicalindustry,suchasnickelcruciblesfordiges-tions.Nickelalloys,forexampleforcoins,esinpowerkelisneededforrechargeablebatteriesSo-calledclass1nickelwithapurityofatThemovefromcobalt-tonickel-dominatedbatteriesfurtherpromotesthesupplydeficitlybeexpectedinthecomingyears.Thishastherandthisincludesnewnickelprojects.Itisfromthe2021loedevelopmentofnickelanes.obaltTheelementcobaltCobaltextractionisrelativelysim-Cobaltextractionisawell-known,relativelysimpleprocess.Cobaltismainlyextractedasaby-productfromcopperandnickelores.First,someoftheironsulfidespresentareslaggedwithsilicondioxideasironsilicate.insnickelcopperandotherironassulfideorarsenide.Furthersulfurisremovedbyfurtherroastingntheprocess,sulfatesandarsenatesarefor-medfromsomeofthesulfurandarsenic,tedwithsulfuricorhydrochloricacid.OnlytThisisconvertedtoCo3O4byheatingandThemajorityofglobalcobaltdepositsliebeneaththeseabednerals,butusuallyoccursonlyinsmallTheworld‘sknowncobaltresourcesaretons,withthelargestdepositslocatedintheDemocraticRepublicofCongo,Zambia,Ca-nada,Morocco,Cuba,Russia,Australia,UgandaandtheUSA.CobaltdepositsofflooroftheAtlantic,IndianandPacificOce-ans.ltminingmainlytakesplacecobaltproductionmocraticRepublicofCongo.Around70%ofthetotalproductionvolumein2021cameRussiaaccountedforafurther4.5%,thePhi-lippinesfor2.6%andChinafor1.3%atlastcount.AllcountriesthatarenotnecessarilyconsideredtoinspireconfidenceTheremai-ningproductionissplitbetweenCanada(2.5%),Australia(3.3%)andseveralothercountries,somewithevenlowerproductionvolumes.melycriticalbasedoncurrentproducers,whichiswhymoreandmoreattemptshavepnewminesproductionaccordinglyespeci2223Cobaltwillexperienceanimmen-plymingyearsepplicationsarepaintsicinemagnetsandrechargeablebatteriesandsuperalloys,asabinderphaseinhardfisistantalloysandasatracesrealotofcobaltCobaltCobaltpricedevelopmentstbeincreasedyears–evenifthefurtherdevelopmentofeasThefactisthatdespitethisolinareCobaltpricehasincreasedmorethantenfolddicvehiclesintheEuropeannfromtoopperofTheelementcopperCopperisachemicalelementwiththeele-mentsymbolCuandtheatomicnumber29.eofthetransitionmetalsthatoccurnaturallyasdopedele-fromtheLatincuprum,whichisderivedfromCyprus,locatedinancienttimes.Itisthe26thmostKandductileIthasaveryhighthermalandThedepositsarequiteconcen-trated,theextractionsimpleThereareseveralthousandsitesaroundtheever,existsinonlyafewregions.Byfartheonwas2425resultthereiscurrentlyashortageofrthereisrecycledcopperofabout900,000Mainfeatures:Highthermalandelectricalcon-ductivity,soft,antibacterial,red.ristsconductiviperisfarlessexpensivethantheothertwoandiron,greatlyreduceitsconductivity,theconductormaterials.Itssoftnessandredco-loysbrassbronzenickelsilver,redgold).Inaddition,ithasanantibacterialandpartiallyantiviraleffectandcanrenderbacteria,viru-ithinafewhourscationineeringpipingartopperiselectronicsandelectricalengineeringamongotherthings,forelectricallines,swit-chingwires,powercables,overheadlines,uitboardswireinelectricmotors.Furthermore,ascablecon-nectionbetweenelectricalcomponentslikeulatorsmotorsandapplicationsfor2020.Duetothefactthatinthefutureyearieaboutofcurrentproduction.increasetoover4milliontonsperyearbylongermeethigherdemandInadditiontoanexpectedincreaseinde-PricePricedevelopmentofcopperinlysible,i.e.,profitable.Anotheraspectisthewhichhasbeenextremelysparseovertheerewillbeafurthercopperpriceadjustmentupwards2627plosionindemandandinthefurthercoursetoanlpriceexplosionforbatterymetalsManagingPartnerofCommodityCapitalAGysoelectriccarsin2017toatleast20millioneryearstartingin2028!In2020,capacitywasanestimatedTLsourcesaswellasChina‘smarketcessingprocurementrisk,issuessuchaspooren-hernasasourceofneededallbatterymetalswillrewardespe-aradvanceddeveloperstheincreaseindedyMr.Tretter,batterymetalshaverecentlygonecompletelycrazy.Lithiumandnickelinparticularhaveseenpriceincreasesofseveralhundredpercent.Whatdoyouthinkwasthereasonforthis?Thedevelopmentsofthetwometalsweredthesupplyshortage.Thebestexampleisolystexpectationsandestimatesasstillfarsing,butnowherenearasmuch.ForLFPmtermwell.The250%increaseinthenickelpricesingshannsiderableInadditiontospecialeffectssuchastheRussia-Ukrainecrisis,theexpecteddemandforecastswillcertainlyplayanimportantrole.Whatdoyouexpectinthisrespectinthecomingmonthsandyears?therewasoneconstant.AndthatwasthatthedemandforecastwasseenasfartooneattheconstructionandexpansionofnewbalrecessionislikelytohaveonlyaveryeeIsamoveawayfromlithium-basedbatte-riestootherstoragetechnologiesexpectedintheforeseeablefuture,andifso,whatim-pactwouldthishave?enormousandawidevarietyofcomposi-suchashydrogenorsyntheticfuelwill2829ficiencyofalithiumAlthoughcopperisnotaclassicbatterymetal,itisconsideredanimportantlinkbetweenthebatteryandthecorrespondingcontrolunits.Whatcanweexpectfromtheredmetalinthefuture?Notonlydoesanelectriccarrequiresignifi-cantlymorecopperthanacarwithaninter-nalcombustionengine,buttheentirechar-cturewillneedvastamountsofmentiontheconsumptionforwindturbines,solarcellsandtheirconnec-doubledindemandevery10yearsregard-lessofeconomiccrisesorwars,andweex-years.Knowingfullwellthatthisforecastisalmostcertainlytooconservative.Inrecentyears,theindustryhasprimarilylivedoffexistingstoragecapacityand,whilenotintheshortterm,weseeasignificantunder-supplyofcopperoverthenextto0years.Findinganddevelopingnewprojectsisbe-almostimpossibletoadequatelyreplacetheoldminesthatwillbephasedoutintheco-mingyears.Letalonetoserveanincreasingdemand.Forusasinvestors,however,itisdifficulttoinvestincopperminesbecausestableregionssuchasAfricaorSouthAme-rica,ortheinitialinvestmentistoohighforsmallerorevenmedium-sizedcompaniestoManyinvestorsstillseebatterymetalsasahotpotato.Whatadvicedoyouhaveforin-vestorswhowanttogetinvolvedinthissector?Whatshouldtheypayattentionto?Electromobilityandthereforebatterymetalsrmalforinvestorstoexpecthighervolatility.2009andinourinvestments,westicktoAndreKostolany‘sstockmarketwisdomofbuyingtheshares,takingasleepingpillandlookingatthesharesagaininmanyyearstose,that‘snotreallypossibleforusasfundmanagers,however,Ithinkthebeststrategyistopickcompanieswithexcellentmanage-ment,investearlyandbenefitfromthe