Lithium Report 2018 Everything you need to know about lithium! - www.resource-capital.ch | - Liberty One Lithium Corp.
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Lithium Report 2018
Everything you need to know about lithium!
www.resource-capital.ch | info@resource-capital.ch
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in this publication: Advantage Lithium as well. Every exchange participant trades at plete and accurate and the used estimates and
Corp., Durango Resources Inc., First Cobalt his own risk. The information in the publica- made forecasts are realistic. Therefore, liability
Corp., Liberty One Lithium Corp., Millennial tions of Swiss Resource Capital AG do not is categorically precluded for pecuniary losses
Lithium Corp., Nemaska Lithium Inc., Pure replace an on individual needs geared profes- which could potentially result from use of the
Energy Minerals Ltd., Standard Lithium sional investment advice. In spite of careful information for one’s own investment decision.
Ltd., Wealth Minerals Ltd. research, neither the respective author nor
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Preface
Dear reader,
it is with great pleasure that we are ente- clean local public transport with a range Jochen Staiger is founder and CEO of
ring the second year of our Lithium Spe- of over 300 km. Volkswagen wants to in- Swiss Resource Capital AG, located in
cial Report. Swiss Resource Capital AG vest around € 10 billion in the electro mo- Herisau, Switzerland. As chief-editor
has made it its business to topically and - and founder of the first two resource
comprehensively inform precious metals ting 2025 sell more than one million IP-TV-channels Commodity-TV and its
and commodity investors, interested electric cars per year. German counterpart Rohstoff-TV, he
parties and the individual who wants to reports about companies, experts,
become an investor in various commodi- All this will be an enormous drive for the fund managers and various themes
ties and mining companies. On our web- lithium demand and in the interview with around the international mining
site www.resource-capital.ch you will Tobias Tretter you will read how and in business and the correspondent
which directions the developments ad- metals.
well as articles about the topic commodi- vance. Commodities are the base of our
ties. economic activities. Without commodi-
ties there are no technical innovations
A year ago, we started our series of spe- and no products that can be manufactu-
cial reports with lithium because we con- red with new materials.
sider this metal to be one of the great
future metals in the energy sector and, in With our special reports we would like to
spite of the already happened boom, see give you the necessary insights and in-
big chances and potentials in the short form you comprehensively.
term. The battery development is only at In addition, our two Commodity IPTV
the beginning of a long road and the channels www.Commodity-TV.net &
electric automobile has to capture its are available to
place among consumers and in the auto- you free of charge. For on the go we re-
mobile history. Lithium is the main com- commend our new Commodity-TV App
ponent of all available large-scale pro- for iPhone or Android which also provi-
duction batteries and accumulators and des real-time charts, share prices and
therefore the crucial link in the electro the latest videos.
mobility dream. The necessary charging
infrastructure is pushed along and ex- My team and I hope you will enjoy rea-
panded in Germany which might accele- ding this Special Lithium Report and Tim Roedel is chief-editorial- and
rate the future trend. hope that we can provide you with new chief-communications-manager at
information, impressions and ideas. Only SRC AG. He has been active in the
The annual Paris car show was dedica- the one who gets broadly informed and commodity sector since 2007 and
ted to the electro mobility in the past ye- takes matters relating to investments in held several editor- and chief-editor-
ars and the 2018 shows in Geneva as his own hand will be in the winners and positions, e.g. at the publications
Rohstoff-Spiegel, Rohstoff-Woche,
issue of the short range should resolve times. Rohstoffraketen, Wahrer Wohlstand
itself with new accumulator technologies and First Mover. He owns an
enormous commodity expertise and a
This will drastically increase the demand Yours Jochen Staiger wide-spread network within the whole
for electric cars. According to experts resource sector.
the demand increase will be based on
the formula “500+200” meaning 500 km
range plus 200 km reserve. Then, it is be-
lieved, the die-hard driver of combustion
engines will switch to electric cars. Daim-
ler-Benz is already working on a bus for
9
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Lithium – the most important substance of the 21st
century is just gaining momentum!
Carbon was the past – Lithium Usually metallic lithium is produced in a
is the future multi-stage process starting from lithium
carbonate, and is traded mostly with a
Rarely was a chemical element of similar purity of 99.5 %. The metallic lithium is
great importance as lithium will be in the used as a catalyst in the chemical and
coming decades. Since the announce- pharmaceutical industry as well as in the
ment of Tesla Motors’ plans to build up to production of aluminum lithium alloys.
500,000 electric vehicles per year in its
mega-factory starting 2017, lithium, in The industry distinguishes three basic ty-
connection with lithium-ion batteries, is pes or qualities of lithium compounds:
on everyone’s lips. The metal in its future
- 1. “Industrial grade”, with a purity of over
bon that is not only important in daily life -
in the form of plastics but also as energy bricant;
source in form of coal and crude oil. 2. “Technical grade”, with a purity around
Whereas carbon above all is an energy 99.5 % for ceramics, lubricants and
supplier and energy source, lithium will batteries; and
become more and more the energy sto- 3. “Battery grade”, with a purity of over
rage medium of the future. 99.5 % especially for high end battery
cathode materials.
What is lithium?
Main application area: batteries
Lithium is a light metal belonging to the and accumulators
alkali metal group. It is the least dense of
all known solid elements. It has half the -
weight of water, is silver-gray and relati- satile properties make lithium a
vely soft. Lithium is highly reactive and sought-after material used in many appli-
therefore found in nature only as a lithium cation areas. It is not a surprise that the
compound. Contact with air tarnishes main application area of lithium was
the surface due to the formation of lithi- constantly changing in the past. Initially it
um oxide and lithium nitride. In pure oxy- was used primarily in medicine and in the
gen lithium combusts at 1800 Celsius 1950’s the element became commercial-
ly successful as an alloy component.
oxide. Lithium reacts with water violently Due to its low weight and the positive
forming lithium hydroxide. properties regarding to tensile strength,
hardness and elasticity lithium became
an inherent part of the aerospace
The global lithium extraction is divided in technique. During the past 20 years the
several branches producing the following situation changed. In the course of the
types of lithium compounds: beginning of the electro revolution it was
recognized that due to the low standard
1. Lithium carbonate electrode potential of lithium the metal is
2. Lithium hydroxide almost perfectly suited as the anode in
3. Lithium chloride batteries. Lithium batteries are characte-
4. Butyl lithium and rized by a very high energy density and
5. Lithium metal can generate a very high voltage, but
they are not rechargeable. This property
is found in lithium-ion accumulators
10
Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz
where lithium metal oxides, like lithium ge of lithium ions. Due to the high energy
cobalt oxide, are used as cathode mate- density lithium-ion accumulators deliver
rial. For the production of accumulators – in contrast to conventional mercury or
and batteries purity grades above 99.5 nickel based batteries – a constant per-
% are needed. Industrial grade lithium formance throughout the discharge peri-
hydroxide is used, among other things, od and not subjected to any memory ef-
as raw material for lubricants as well as fect - that is, the gradual capacity loss
coolants and technical grade lithium throughout their service life due to many
hydroxide is used in the production of partial discharges. Therefore lithium-ion
accumulators and batteries. Lithium accumulators have a clear advantage
carbonate – crystalline, granulated or as over conventional nickel-cadmium accu-
powder – for example is used for the mulators.
electrolytic production of aluminum, in
the ceramic and pharmaceutical industry
as well as in the alloy technique. For the The production requires large
production of lithium-ion-accumulators, quantities of lithium
The “disadvantage”: the production of
(battery grade powder). The extraction lithium-ion accumulators requires large
and processing of (especially high grade) quantities of lithium. Every smartphone
lithium is considered to be very expensive. contains 5 to 7 grams LCE (Lithium Car-
bonate Equivalent). In a notebook or tab-
let there are 20 to 40 grams. Power tools
Lithium-ion accumulators are like electric screwdrivers or electric saws
considered the non-plus-ultra need 40 to 60 grams for their accumula-
tors. A storage unit with a capacity of
Currently research is conducted and 10KWh for domestic use contains around
works done globally on increasing the 23 kg LCE and the accumulators for
power of accumulators for electric cars. electric cars contain 40 to 80 kg. A pow-
In the meantime, it has become evident er storage unit with a capacity of 650MWh
that the lithium-ion accumulator is a clear contains 1.5 tons of LCE. Billions of
favorite. One reason among others is smartphones and the high millions of
that inside a lithium-ion accumulator the notebooks, power tools, cars, e-bikes
voltage is generated through the exchan- etc. adds up to a demand of several
100,000 tons of LCE per year.
Application in the area of rege-
nerative energies
The application of lithium in lithium-ion
batteries or accumulators in car manu-
facturing is only one of many possible
uses. Corresponding energy storage
systems will be increasingly used for the
storage of electricity derived from alter-
native energy sources. The phenomenal
expansion of the power generation in
wind farms or solar cells is a giant advan-
11
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tage for the environment but an enor-
mous challenge for the power grids. The
Supply Situation
during power generation by regenerative Two types of lithium deposits
energy sources. When the wind blows or
the sun shines large quantities of electric In general lithium is derived from two dif-
energy are “pumped” into the grid in a ferent sources.
very short time creating enormous short
lived overcapacities that are not used. 1. Brine deposits: Lithium carbonate is
According to calculations of the German primarily derived by evaporating the
Federal Association of Wind Energy 20 lithium bearing brines with addition of
percent of the annual return of a wind sodium carbonate in salt lakes. For
farm is lost due to turbine shutdown du- the production of metallic lithium, the
ring power grid overload. lithium carbonate is dissolved in hy-
drochloric acid which produces car-
bon dioxide that escapes as gas and
The biggest future field of lithium chloride in solution. This solu-
application for lithium-ion tion is reduced in the vacuum evapo-
accumulators: Decentralized rator until crystallization of the lithium
Energy Storage chloride.
Smart-Grid-Systems should prevent a 2. “Hard rock spodumene” deposits: in
power grid overload but need a large this case the lithium compounds are
number of short and middle term energy not derived from the salt of salt lakes
storage systems to store the surplus but from spodumene, a lithium bea-
energy and feed it into the grid when the- ring aluminum silicate mineral. The
re is a lack of wind and solar power. Lithi- spodumene is mined using conventi-
um-ion accumulators could be the soluti- onal techniques and processed to a
concentrate that is often transformed
surplus energy and feeding it into the to lithium carbonate with a purity of
grid on demand. Many producers alrea- more than 99.5 %. The necessary in-
- tensive thermal and hydrometallurgi-
tors that will be used decentralized in a cal processes are considered as very
family home with a photovoltaic system expensive. This type of deposit is al-
on the roof. An example is the Tesla Po- most exclusively mined in Australia
werwall, a solar battery for private homes and the processing takes place pri-
which is produced in the Tesla mega-fac- marily in Chinese facilities.
tory in Nevada, USA, since October
2015. The electric energy storage system Recently more and more exploration and
consists of accumulators, charge control development companies count on a third
and a liquid cooling system. It is possible source of lithium; the possibility to ext-
for private customers to connect up to 9 ract lithium from old exploited oil reser-
batteries to reach a total capacity of 57.6 voirs. The lithium is extracted from was-
kWh. With this, Tesla got the ball rolling tewater remaining in the reservoir. The
and by doing so is making the decentra- viability of this process was proven seve-
lized energy storage cheaper as well as ral times. In addition, this unusual lithium
- production is economically feasible. The-
portant driver for the lithium market.
become the focus of the lithium industry.
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Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz
Currently, around 80 % of the total lithium
production worldwide originates in four
countries.(Source: USGS Mineral Commodity
Summaries / Lithium X)
Lithium is abundant Currently Lithium production is
focused primarily in four coun-
In the past it was wrongly assumed that tries and by four companies
a global switch from conventional com-
bustion engines to electric motors is im- Currently, around 80 % of the total lithi-
possible due to lack of lithium. That is um production worldwide originates in
not quite right. Lithium is not that rare in these three South American countries
the earth, accounting for approximately plus Australia and production is split bet-
0.006 % of the earth‘s crust, therefore ween four companies. As a result, the
rarer than zinc, copper and tungsten but whole lithium market is lacking transpa-
a bit more common than cobalt, tin and rency. This is the reason the big battery
lead. According to estimates of the US and accumulator producers like Panaso-
Geological Survey, there are 40 million nic and the leading electric car manufac-
tons of lithium mineable globally, 65 % of turers, above all Tesla Motors, are look-
that alone in the South American coun- ing for long-term supply contracts with
tries of Bolivia, Chile and Argentina. Cur- relatively small development companies
rently the biggest lithium carbonate pro- that in part are not producing before
duction takes place in the Salar de 2020. As a result of this supply oligopoly,
Atacama, a salt lake in the northern Chi- lithium is currently not traded in the mar-
lean province of Antofagasta. Approxi- ket and the actual trading prices are
mately 40 % of the global lithium produc-
tion originates in this region. mentioned by the supplier is that the
available and produced lithium qualities
-
ket place.
13
www.resource-capital.ch | info@resource-capital.chFrom 2017 on, the lithium market went into a
supply deficit.
Source: Orocobre, Advantage Lithium
Lithium production will increase per ton lithium carbonate. Either way,
sharply this is a lucrative business for the pro-
ducer because the mining costs at cur-
In 2015 the global lithium production (for rent projects are US$ 3,200 to 6,500 per
standardization reasons LCE = “lithium ton. Lithium hydroxide shows similar
carbonate equivalent” a universal con- numbers. From a quantitative point lithi-
version factor for all above mentioned
lithium compounds) was approximately battery, but accounts for only roughly 4-5
175,000 tons LCE. According to projec- % of the costs of a battery. Hence the
tions, this number will increase to
330,000 tons LCE by 2020. The latter is the production of lithium ion batteries
not based on concrete mine expansions and could be kept at an economic level
or new mines. for the lithium producer.
The price is always crucial but Development companies work
relatively negligible for the under high pressure at new
accumulator production! projects, …
In the end the price is only important for As the big companies Albemarle, SQM,
the economic extraction of the existing FMC and Tianqi have plans to increase
lithium deposits. In the past months the their production and at the same have no
price has risen sharply. In mid-2015 the interest in falling lithium prices, many de-
price for a ton lithium carbonate was velopment companies work on the ad-
around US$ 6,000 and has climbed to vancement of new lithium projects and
the presently over US$ 25,000 and surely the delineation of concrete deposits and
just a snap shot. We can assume that the resources.
price will settle, in the middle to long
term, between US$ 10,000 and 12,000
14
Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz… in part at new lithium hot Summary supply side
spots
The lithium production is (still) in the
Therefore, besides the typical lithium re- hands of a few producers. The worldwi-
gions South America and Australia, new de biggest lithium producer Albemarle
regions in North America and especially acquired Rockwood Holdings, the owner
Canada, Mexico and (due to the proximi- of the two largest lithium deposits in Chi-
ty to the future top consumer Tesla Mo- le at the beginning of 2015. Albemarle
tors) the US, especially the US-state Ne- and three other companies, SQM, FMC
vada emerge as lithium hot spots. In the and Tianqui (i.a. Albemarle’s joint venture
past years the Clayton Valley in Nevada partner in Australia) share the lithium
has become the Lithium-Eldorado market mostly between each other. Al-
because it hosts Albemarle’s Silver Peak though there is seemingly enough lithium
Mine, the only operating brine lithium on the planet, the extraction can be cost-
mine in North America. The Clayton Val- ly and time consuming so that higher
ley is one of the few areas worldwide prices are not an automatically leading to
where commercially mineable lithium bri- a supply increase. The supply should in-
nes are found. Recently, Pure Energy Mi- crease in the coming years but forecas-
Tesla Motors. Another important hot spot due to current lack of data for potential
is in Argentina’s northwest where Oro- mine extensions or construction of new
cobre operates the Olaroz lithium mine. mines. Increased exploration activities
In this region and in nearby Chile, some by (smaller) development companies are
development companies like Millenial indications of the potential establishment
Lithium and Lithium X are active and of new mines. Development of the lithium carbonate price
were also be able to announce some gre- and transformational bull events
at results. (Source: Asian Metals, Navigant Research,
Wealth Minerals)
15
www.resource-capital.ch | info@resource-capital.chDemand situation sible that Tesla will purchase the neces-
sary lithium from its previous cathode
partner Panasonic. On the other hand,
The demand is rising rapidly! there is the possibility to buy the needed
lithium hydroxide and lithium carbonate
One reason for the current rapid price directly from the relevant producer. The
development is a constantly rising de-
mand. In 2000 the demand was at appro- agreements with only two lithium develo-
ximately 65,000 tons LCE and reached pers in Nevada and Mexico. These two
184,000 tons LCE by 2015. For 2025, companies (Pure Energy Minerals and
experts are estimating a LCE demand of Bacanora Minerals plus their joint ven-
more than 530,000 tons! ture partner Rare Earth Minerals) will
most likely not start with production be-
fore 2020 and satisfy only part of Tesla’s
The driving factor will primarily be the de- demand. This indicates that Tesla has no
mand from the battery and accumulator reliable lithium supplier between 2017
sector in association with the automotive and 2020 and they still have to secure
industry. But also, the energy storage
sector will create an immense demand. time afterwards to guarantee acceptable
2015, only one third of the lithium de- prices and to become independent from
mand came from the battery sector; by middlemen like Panasonic.
2025 it will probably reach 70 %.
… but the action is elsewhere
North America is Tesla by now!
Country …
Although Tesla’s share at the global lithi-
Outside Asia, North America in particular um demand will be 10% after completi-
is dominating the lithium demand. Tesla on of its Gigafactory 1 it is already clear
Motors is playing an important part abo- that Asia will need much more lithium.
ve all. The company is constructing its so China alone accounts for one third of the
called “Gigafactory 1” in Nevada. Since total demand, today. Experts estimate
2016 lithium-ion cells, battery packs, this will not change soon because China
(Source: McKinsey, Bloomberg New Energy electric motors and drive units for up to produces the most accumulators, batte-
Finance, Deutsche Bank, Wealth Minerals) 500,000 electric vehicles per year are ries, glass, lubricants, air conditioning
built there. In the future it could be pos- units and synthetic rubber by far. This
stimulates the immense lithium
consumption of the country. According
to expectations China will have the
strongest yearly increase in lithium de-
mand of all important market partici-
pants during the coming 5 to 10 years
due to an expected tripling of the quan-
tity of rechargeable batteries. Additional
important suppliers of lithium-ion batte-
ries including South Korea and Japan
will also guarantee a robust increase of
the lithium demand. The highlights are
by far the electronic giants Sony, Panas-
onic, Samsung, LG, BYD, Boston Power,
Lishen and CATL.
16
Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | SchweizIn the coming years, around 300 new electric
car models are in the pipeline
(Source: Benchmark Mineral Intelligence,
Nemaska Lithium)
Additional giga-factories in the 2. The car manufacturers and (initially)
construction stage above all Tesla Motors, but also from
all other leading car manufacturers.
Tesla is not the only lithium consumer 3. The producer of power banks i.e.
who plans a bigger production of lithi- decentralized energy storage units
um-ion accumulators. LG Chem has al- which are used in the private and in-
ready begun production for Chevy in Mi- dustrial sector where electricity is
chigan in October 2015. Also, Foxconn, produced by photovoltaic cells as
BYD (largest producer of rechargeable well as wind power stations and used
accumulators especially for cell phones), for their own needs.
Lishen, CATL and Boston Power are buil-
ding their own giga-factories for, among This constellation will increase the lithi-
other things, so called power banks, i.e. um demand by 100% and beyond during
decentralized energy storage units. The- the coming 5 years whereby the power
refore, the produced capacity of lithi- banks will generate the biggest demand
um-ion accumulators could more than increase and could eclipse the other sec-
triple by 2020. tors.
Summary demand side Conclusion
Currently, the lithium market is clearly a
supply oligopoly-market. This means few
suppliers face many customers. Unlike
1. The Asian electronic groups, which rare earth elements the market power is
aim primarily for the mass production not with one country (China) but with four
of powerful lithium-ion batteries and
accumulators for the daily use in mul- four countries: Australia, Argentina, Boli-
timedia devices etc. via and Chile. Currently, several (smaller)
17
www.resource-capital.ch | info@resource-capital.chIn the coming years, around 300 new electric
car models are in the pipeline
(Source: Scharfsinn/shutterstock.com) development companies advance and
try to bring to production good projects not interested in a lower market price.
not only in the previous production coun- This is the reason why smaller lithium
tries but also in Canada, USA (above all companies will have very good develop-
in Clayton Valley a downright playground ment and production opportunities. Be-
for lithium developers), Australia, Zim- sides, from a quantitative point lithium
babwe, Mexico, Serbia and some other -
countries. One reason is the rapidly gro- tery, but it accounts for only roughly 4-5
wing demand which, in the course of the % of the costs of a battery. Hence the
electro revolution, is exploding. The low -
price for crude oil is playing, if at all, a duction of lithium ion batteries and could
minor part because lithium is used above be kept at an economic level for the lithi-
all as a medium for energy storage and um producer. The lithium companies
not for energy generation. whose projects are at a very advanced
stage should see the biggest upward
emerging on the market from now on, price potential in the coming months and
because the demand increase will possibly consolidation that is via takeo-
exceed the supply expansion in the fu- ver scenarios.
ture. Because there is no end of the de-
mand increase in sight past 2025 and Following we present a few of these acti-
there are no big noteworthy lithium pro- ve lithium development companies.
duction projects in the pipeline, that con-
dition could last for a foreseeable time.
In addition, the few suppliers have a sig-
18
Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | SchweizInterview with Tobias Tretter –
Manager of Structured Solutions Lithium Index
Strategic Fund
Mr. Tretter you are the manager of the
Structured Solutions Lithium Index doing so. Currently the resources graphi-
Strategic Fund. Which strategies do te, cobalt or magnesium are very interes-
you follow and what does the fund ting. For example, cobalt used as catho-
represent? de has some superior properties like a
faster recharging of batteries. But cobalt
The fund was established in 2010 becau- is not fully used by the battery producers
se we were aware of the potential for the because the biggest part of the global
resource Lithium at that time. We couldn’t production comes from the Congo and is
realize our original idea of a physical ba- thereby not a reliable source of this metal. Tobias Tretter has been active in the
Also, the mining conditions in the Congo mining sector since 2000. During his
- are very questionable and not only inves- activity at Dr. Jens Ehrhard Wealth
delible and cannot be stored in a safe. tors but buyers as well avoid this produc- Management he supported the
The only interesting possibility for our cli- tion. The demand for reliable sources and management of the DJE Gold &
ents was a public fund which invests di- ethically and environmentally clean mined Resources Fund, which was awarded
rectly into the 25 biggest producers and cobalt is enormous and will be another as the best performing commodity
developers of lithium deposits. We didn’t trend in the years to come. We have di- fund of 2003. From 2005 to 2008 he
want to invest directly into the battery - co-managed the Stabilitas Funds,
producers, because in contrast to the lit- versify even more in the future. Regarding which have been awarded as the
the risks we think that it is not too risky. "best performing Gold Fund" in 2006.
the higher lithium prices in the long term As soon as the trend weakens and other Since 2009, Mr. Tretter acts as CEO
but rather have to pay these. Our inves- resources due to a shift in demography or and responsible person for the
the reduced exploration activities, beco- Index- and Portfolio-Managements of
directly from the coming boom for lithium me interesting the fund can be realigned Commodity Capital AG. He is
brought on by the demand for lithium bat- at any time. The fund is a niche product managing the Commodity Capital
teries, based on electric cars or power and thought as an addition in a broad di- Global Mining Fund (ISIN:
walls, without the risk of single invest- LU0459291166), the Structured
ments. In the past year we rearranged the in the success of electric cars and power Solutions Lithium Index Strategie
investment universe of the fund from pure walls he has the choice to buy shares of Fund (ISIN: LU0470205575) and the
lithium investments to battery metals. We one or two companies in the sector or a Managed Accounts of Commodity
think that besides lithium the demand for - Capital. Tobias Tretter holds a
cobalt, magnesium, graphite or zinc will tions of the sector the investors should business diploma degree from the
also increase in the coming years and we - University of Bayreuth.
want to give our investor the possibility to tments in order to minimize the risk of a
single stock. That it can be useful having
a “niche product” in the portfolio for the
long term we could demonstrate last year
Is such a fund which is focused at a with the receipt of the Lipper Fund Award
niche resource not too specialized and for the best resource fund of the past
thereby too risky? three years.
Yes and no. The fund is very specialized,
but the success of the lithium sector con- In the past 10 years we have observed
- once in a while the formation of
tial for the resource lithium but also see bubbles in “trend resources”. The
the demand for other resources needed uranium bubble and the hype around
in lithium batteries. Therefore, we have the rare earth elements, graphite etc.
together with the restructuring of the fund comes to mind. Why should it be
expanded our investment universe and different for lithium?
19
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