Since 2021, lithium prices have surged 10-fold, only to crash back to earth, wiping out billions of dollars in miners’ shares and forcing supply cuts. The ripple effects of this ride are only just beginning.
The reversal of fortunes for the electric-vehicle battery metal has been nothing short of stunning. Its rapid ascent to a record in late 2022 sparked a rush by mining and refining companies to expand output, while automakers scrambled to lock in supply deals.
A little over a year later, it’s a different landscape. Major producers are issuing profit warnings, and in Australia — the No. 1 source of unprocessed lithium — miners are retrenching. Even Greenbushes, the country’s largest project, announced cutbacks this week.
The turnaround is bad news for the nation’s economy, where the hope was that energy-transition metals would breathe new life into a mining sector dominated by iron ore and coal. It’s already prompted discussions of government support, with one industry group calling for tax credits and royalty reform.
Lower lithium prices are, in theory, good for automakers as well as EV buyers. But in practice, the slump may deter investors as they wait to see whether the market has bottomed.
Arrive”Can’t”
Globe and Mail- Canada’s chief technology officer accused of manipulating, destroying files at CBSA
Canada’s chief technology officer, Minh Doan, a central figure in the hearings related to the ArriveCan app and contracting misconduct allegations, faces accusations of taking unusual steps that led to the destruction of e-mails at the Canada Border Services Agency, a claim he strongly denies.
According to an internal complaint filed by a CBSA IT employee and obtained by The Globe and Mail, Mr. Doan is accused of moving data files around in a way that led to the permanent destruction of e-mails and other documents that may have been relevant to an access to information request about the agency’s interactions with GCStrategies. The private two-person IT staffing company has received more than $59-million in federal contract work since 2017.
We’re #2
Tucker Carlson Talks to Gord Magill About The Coutts 4
Gord Magill is Canadian trucker and writer for Newsweek. He talks to Tucker Carlson about the Coutts 4.
Signature Monorails
When I first heard about Wab Kinew’s latest plan, the Simpsons’ Springfield Monorail episode came to mind. True to his socialist roots, he firmly believes that the only reason why Manitoba has not become a “have” province is because the provincial government never instituted the “correct” central planning scheme which would magically end Manitoba’s dependence on transfer loot from Ottawa.
Manitoba can cut its dependence on federal equalization payments over the next decade by going big on zero-emission advanced manufacturing, Premier Wab Kinew says.
The ambitious goal could be reached within 10 years, and would be achieved through building up a zero-emissions advanced manufacturing sector, the NDP premier argued.
The government must pursue a “few signature investments” that will make Manitoba a hub for mineral extraction, component assembly and exporting locally manufactured goods, he added.
7.6 Japan Earthquake
A powerful earthquake struck central Japan on Monday, triggering warnings for residents to evacuate some areas on its west coast, destroying buildings, knocking out power to thousands of homes and disrupting travel to the region.
The quake with a preliminary magnitude of 7.6 triggered waves of around 1 metre along parts of the Sea of Japan coast, with authorities saying larger waves could follow.
The Japan Meteorological Agency (JMA) issued tsunami warnings for the coastal prefectures of Ishikawa, Niigata and Toyama. A major tsunami warning – the first since the March 2011 earthquake and tsunami that struck northeastern Japan – was initially issued for Ishikawa but later downgraded.
Photos and video at #Japan. (Some may be old, exploited for clickbait)
2024 Predictions
It’s the last day of what was clearly a very bizarre year. Please share your predictions for what you think will happen in 2024!
From Kate: Before you weigh in, first review your 2023 Predictions.
But I Was Told They Wanted to Die For Palestine?
Shahid for thee but not for me?
Related: A Gaza Day Trip? Great idea!
Y2Kyoto: Ghosted
A temperature ghost station … USHCN No. 450729 at Blaine, WA. Station still reports precipitation, but now NOAA fabricates temperatures for this northern station
And more.
Know Your Victim Pyramid
First, open your calculator.
“Where the sun never shines…
What Could Possibly Go Wrong?
I’m no restaurant industry expert but I could have guessed that $20 unlimited shrimp was going to be A) very popular and B) a money-loser.
“Lets All Say, What We Came To Say”
Honey, I Finished The Internet
Rainbow Bridge Driver?
Unconfirmed, but the occupants of the Bentley that crashed at the Rainbow Bridge are said to be the owners of Gui’s Lumber/Ace Hardware in the Buffalo, NY area. I’ll update as I work on this. Update: Confirmed.
Well, this is interesting: 2018-2021 Bentley Continental GT and Flying Spur recalled with risk of stuck accelerator (h/t Burton)
Space Race
Lex Luthor, YouTube reporter.
And How Was Your Day?
Pegasus: Horse Breaks Loose In Cargo Hold Of Boeing 747, Forces Flight’s Return To JFK
Petgrave Arrested, Charged With Manslaughter
@joe_warmington – British Police have arrested Hockey player Matt Petgrave and charged with him with manslaughter in death of Adam Johnson — developing
Det Ch Supt Becs Horsfall, from South Yorkshire Police, said: “We have been carrying out extensive inquiries to piece together the events which led to the loss of Adam in these unprecedented circumstances.
“We have been speaking to highly specialised experts in their field to assist in our inquiries and continue to work closely with the health and safety department at Sheffield City Council, which is supporting our ongoing investigation.
“Adam’s death has sent shockwaves through many communities, from our local residents here in Sheffield to ice hockey fans across the world.”
Gradually, Then Suddenly
Ban All The Things! Trust New Technology!
Oh, well I guess it’s back to coal.
Nuclear power is emission-free but complex, expensive and politically fraught. In recent years, small modular reactors have been touted as the answer to those problems. In the US, NuScale Energy Corp. has been at the vanguard of efforts to build viable SMRs.
So it was a significant blow to the industry last week when NuScale abruptly canceled a deal to construct the Carbon Free Power Project, a 462-megawatt power plant slated for a Utah-based consortium of municipal utilities.
For nuclear advocates, SMRs promise atomic plants that are faster and cheaper to build than large, conventional facilities that are bespoke. NuScale is the only company to win US approval
for an advanced fission reactor design. It was widely expected to deliver the first commercial power plant using next-generation technology.
However, like many other industrial projects, NuScale’s plans were beset by delays and soaring costs. It faced rising prices for steel and other key materials, as well as higher interest rates. The final blow for NuScale came when some members of the Utah group backed away from commitments to purchase power. NuScale wanted contracts for at least 80% of the electricity, but it fell short.
Related. Trust me, this is worth five minutes of your time.