[ferro-alloys.com]UK mining development company Cornish Lithium has raised around GBP826,000 ($1.03 million) from existing shareholders in order to continue its exploration for the electric vehicle raw material.

There are a clutch of lithium developers across the UK and Europe looking to bring the key EV battery ingredient on line, in order to create local secure supply chains.

The battery business is leaving a hefty carbon footprint, with ore being dug up in South America and Australia and then shipped tens of thousands of miles to be processed in China. But as consumers and investors become more environmentally savvy, there is also a need for companies to make sure they are on top of their game, CEO Jeremy Wrathall told S&P Global Platts in late 2019.

Since that interview, localized supply chains have been brought to the fore in the wake of the coronavirus pandemic, and its resulting disruptions.

Cornish Lithium, currently a developer with eyes on becoming a producer in around five years, believes it is well-positioned to address such environmental, social and governance concerns.

The battery industry is forecast to be worth GBP5 billion ($6.3 billion) domestically by 2025, and demand for lithium ion cells across a number of industries, including vehicle electrification, is already increasing dramatically.

"Recent exploration activity has proved highly encouraging and the company is now planning further phases of drilling as soon as current conditions allow. Samples from the recent hardrock drilling campaign are currently undergoing metallurgical testing and evaluation in both Cornwall and Australia," Cornish Lithium said in a statement July 7.

Wrathall added in the statement that, following Brexit, and as the UK moves to reopen its economy after the pandemic, "the UK government is focused on becoming a world leader in battery technology and electric vehicle manufacturing. Given this situation, it is now apparent that the creation of a battery and EV industry in the UK is more likely to happen if the nation has a domestic supply of lithium, especially if this lithium can be responsibly sourced with a low-carbon footprint."

S&P Global Platts assessed both battery-grade lithium carbonate and lithium hydroxide unchanged July 3 at $6,500/mt and $9,500/mt, respectively. The prices refer to spot deliveries on a CIF North Asia basis, considering the main ports of China, Japan and South Korea.

Platts assessed battery grade lithium carbonate stable at Yuan 41,300/mt, while lithium hydroxide dropped Yuan 1,000/mt to Yuan 50,000/mt. Both assessments are on a delivered, duty paid China basis.

The lithium hydroxide price is now at its lowest level since assessments began in September 2018.

(S&P Global Platts)

• [Editor:王可]