Lithium producer Livent is eyeing acquisitions in Canada and different international locations because it seems to spice up its manufacturing and processing of the steel used to make electrical car batteries, its chief govt informed Reuters.
Already one of many high international producers of the steel, Livent has expansions underway throughout the globe, together with Canada, however needs to develop extra to fulfill rising demand for the steel from the electrical car (EV) and renewable vitality industries.
“We see Canada as a core a part of our enlargement capability,” Paul Graves, Livent’s CEO, stated in a Thursday interview. “Now we have to get larger. We won’t simply sit nonetheless.”
The Philadelphia-based firm final month named Sarah Maryssael as its chief technique officer to pursue potential lithium offers throughout the globe. Livent poached Maryssael from Tesla, the place she oversaw the automaker’s lithium, cobalt and nickel sourcing.
Livent earlier this week posted better-than-expected quarterly earnings and raised the midpoint of its annual forecast, although the corporate trimmed the forecast’s high finish on account of inflation issues.
Livent has been steadily rising in Canada since forming a three way partnership in 2020 to purchase Quebec’s Nemaska lithium challenge, which is now anticipated to open by 2025 and produce 34 000 t of lithium. Graves stated Nemaska might ultimately produce 100 000 t yearly, however Livent would nonetheless search different progress alternatives in Canada.
Graves, CEO since 2018, added that Livent is curious about offers in Argentina, the place it operates a lithium brine challenge, and Australia. Nevertheless, Livent wouldn’t purchase a lithium mine with out having sufficient processing capability close by, he added.
Livent counts Normal Motors, BMW and Tesla as key clients.
Canada’s authorities has been typically supportive of EV minerals initiatives, though on Wednesday it ordered three Chinese language firms to divest from Canadian crucial mining initiatives, citing nationwide safety issues.