Good times are ahead for lithium miners as prices continue to surge
May 5, 2022
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Good times are ahead for producers of lithium, the battery material that’s key to the electrification of transportation.
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The popularity of electric vehicles has driven prices for battery metals sharply higher, even sparking fears of shortages of materials like lithium, cobalt and nickel. Lithium supplies are a concern in particular because there’s no substitution for it in electric vehicle batteries. A gauge of lithium prices more than doubled in the first four months of this year after surging 280% last year.
Albemarle raised its profit and sales guidance for the full year, citing pricing in its lithium and bromine businesses. The Charlotte, North Carolina-based company’s first-quarter earnings also topped expectations. Shares jumped as much as 19% to $256.46 in after-market trading.
Livent almost doubled its 2022 earnings guidance on higher price assumptions for the year. Shares rose as much as 31% to $28.62 Wednesday, the biggest intraday gain on record.