[Hyundai Motor Group and Huayou Cobalt Jointly Built a Power Battery Recycling System in Indonesia] Recently, Hyundai Motor Group signed a cooperation agreement with Zhejiang Huayou Recycling Technology Co., Ltd. (a subsidiary of Huayou Cobalt) to jointly build an EV power battery recycling system in Indonesia. The cooperation covered the recycling and utilization of battery production scrap and end-of-life batteries, aiming to achieve a closed-loop resource system throughout the entire battery life cycle.

Hyundai Motor Group announced that it has signed a memorandum of understanding (MoU) with Zhejiang Huayou Recycling Technology, a subsidiary of China’s Huayou Cobalt, to jointly build an electric vehicle (EV) battery circular economy in Indonesia. Under the agreement, the two parties plan to collect battery scrap generated during production at HLI Green Power, the joint battery cell plant established by Hyundai Motor Group and LG Energy Solution in Indonesia. The scrap will be pre-treated at Huayou Recycling’s local facilities and crushed into “black mass,” a powder containing various metals, from which key minerals can later be extracted and reused in battery manufacturing.

PT PLN (Persero), shareholder of Indonesia Battery Corporation (IBC), supports IBC’s partnerships to accelerate an integrated national battery industry from upstream mining to downstream production. On Jan 30, 2026, in Jakarta, IBC signed a framework agreement with PT ANTAM and HYD Investment Limited consortium (Zhejiang Huayou Cobalt & EVE Energy). IBC CEO Aditya Farhan Arif called it the first step in national battery downstreaming—emphasizing investment, technology transfer, and domestic capacity building. The $6B project builds a full mine-to-battery chain: nickel mining & processing, precursor/cathode materials, battery cell production (starting 20 GWh), mainly in East Halmahera and West Java. PLN CEO Darmawan Prasodjo stressed its key role in boosting Indonesia’s EV ecosystem.

On January 30, Huayou Cobalt announced that its controlled subsidiary HYD has signed a cooperation framework agreement with ANTAM and IBC. The three parties will collaborate in Indonesia to develop the full industry chain for new energy vehicle batteries. According to the agreement, the parties intend to invest in and construct an integrated battery industry in Indonesia, aiming to establish the country as a production base for electric vehicle batteries and other battery application products. These products will supply the domestic Indonesian market, regional markets, and international markets, thereby contributing positively to Indonesia's sustainable economic development.

Huayou Cobalt (603799.SH) announced that its controlling subsidiary, HYD, has signed a cooperation framework agreement with ANTAM and IBC. The three parties will collaborate in Indonesia around the entire industry chain of NEV batteries. The parties intend to invest in the construction of an integrated battery industry in Indonesia, aiming to establish the country as a production site for EV batteries and other battery application products. These products will supply the domestic market of Indonesia, regional markets, and international markets, thereby positively impacting Indonesia's sustainable economic development.

Polaris Energy Storage Network learned that on June 10, 2025, Zimbabwe's Minister of Mines, Winston Chitando, announced at a media briefing following a cabinet meeting that the Zimbabwean government had decided to impose a complete ban on the export of lithium concentrates starting from January 1, 2027, allowing only the departure of processed products such as lithium sulfate and above.

[Surg e Battery Metals PEA Reveals US$9.2 Billion Nevada Lithium Project] Surg e Battery Metals (SBM) has released a Preliminary Economic Assessment (PEA) for its North Nevada Lithium Project (NNLP), outlining the project's potential to become a low-cost, long-life producer of battery-grade materials for the US market. The PEA, jointly completed by M3 Engineering & Technology Corporation and Independent Mining Consultants, is based on a two-phase construction of the lithium plant to support a conventional open-pit mining operation projected to last 42 years. The report indicates that approximately 205 million mt of mineralized material will be mined over this period, with an average lithium grade of 4016 ppm. Mining will commence from the shallow, high-grade portion of the resource, which currently has an estimated lithium carbonate equivalent (LCE) of 8.65 million mt. The lithium plant will initially process ore at a rate of 2.58 million mt per year in Phase 1, doubling to 5.15 million mt per year in Phase 2, which is expected to come online in Year 4, resulting in an average throughput of 4.88 million mt per year over the life of the mine. Over 42 years, NNLP is projected to produce 86,300 mt of LCE per year, with an average recovery rate of 82.8%. Peak production of 109,100 mt is expected to be reached in Year 6. According to the PEA, the construction cost for Phase 1 is approximately US$2.97 billion, including US$23 million in mine capital expenditure, while Phase 2 is expected to cost an additional US$2.35 billion. Adding US$1.51 billion in sustaining capital, the total project cost will reach US$6.86 billion. Using a base case LCE price of US$24,000 per mt, the study results in an after-tax net present value (at an 8% discount rate) of US$9.21 billion and an internal rate of return of 22.8% for the project. Operating costs are set at US$5,097 per mt of LCE, owing to NNLP's near-surface, high-grade mineralization. The report projects a payback period of 4.7 years for the project. Following the release of the PEA, SBM's share price surged 15.8% to reach CAD$0.33 per share by midday Toronto time, giving the company a market capitalization of CAD$59 million (approximately US$43 million). "NNLP has the potential to become a major low-cost producer of battery-grade lithium carbonate for the US battery industry, and our results today take us a significant step closer to achieving that goal," said SBM CEO Greg Reimer in a press release. "Low operating costs, a good return on investment, and the ability to produce significant quantities of battery-grade lithium carbonate, including a peak of 109,100 mt in a single year, all demonstrate NNLP's first-tier status," he added. Source: mining.com [Zimbabwe to Ban Lithium Concentrates Exports from 2027] Zimbabwe's Minister of Mines, Winston Chitando, announced on Tuesday that the country will ban the export of lithium concentrates starting from 2027 to promote the development of more local processing industries. As Africa's largest lithium producer, Zimbabwe's lithium resources are primarily used in batteries that power renewable energy technologies. In 2022, Zimbabwe banned the export of lithium ore and has been encouraging miners to increase domestic processing. Currently, most of Zimbabwe's lithium mining companies are from China, and they previously mainly exported lithium concentrates to China for further processing. Chitando stated that currently, Bikita Minerals (owned by China's Sinomine Resource Group) and Prospect Lithium Zimbabwe (owned by Zhejiang Huayou Cobalt) are actively developing lithium sulfate plants. Lithium sulfate is an important intermediate product that can be further refined into battery-grade materials, such as lithium hydroxide or lithium carbonate, for battery manufacturing. He pointed out, "As the country's relevant capacity gradually improves, we will completely ban the export of lithium concentrates starting from January 2027." In 2023, Zimbabwe required lithium mining companies to submit plans for building local refineries by March 2024, but this requirement was adjusted due to the sharp decline in metal prices. Sinomine Resource Group and Huayou Cobalt are part of a group of Chinese companies. Since 2021, companies including Chengxin Lithium Group, Yahua Group, and Canmax have invested over $1 billion in total to acquire and develop lithium projects in Zimbabwe. Source: mining.com [Volt Lithium to Deploy Mobile Direct Lithium Extraction Unit in Bakken Region, North Dakota] Volt Lithium Group, soon to be renamed LibertyStream Infrastructure Partners, announced that its proprietary mobile direct lithium extraction ("DLE") unit will undergo final assembly and deployment in the Bakken region of North Dakota, with plans to be put into use in the second half of June 2025. This initiative, in collaboration with Wellspring Hydro ("Wellspring"), has received a total of $2.5 million in funding support from the North Dakota Industrial Commission's Clean and Sustainable Energy Authority and Renewable Energy Program. "Wellspring and the North Dakota government are very excited to commence on-site operations with Volt in North Dakota in the second half of June," commented Mark Watson, President and CEO of Wellspring. "Volt is the only DLE company funded in North Dakota to date," added Mr. Watson. "Based on Volt's successful lithium extraction results at its Calgary R&D facility, both parties are confident in the success of Volt's proprietary lithium extraction unit on-site." The upcoming renaming to LibertyStream Infrastructure Partners reflects the company's strategy of continuing to collaborate with major oilfield infrastructure players in the US, aiming to extract valuable lithium, a critical mineral, from the large volumes of produced water associated with oil and gas production. Key Highlights: Proprietary technology and processes adapt to diverse brine chemistries, facilitating Volt's expansion in the Bakken region of North Dakota. Strategically located in two major oil-producing basins in North America (Permian and Bakken). Permian Potential: Up to 170,000 mt LCE per year. Bakken Potential: Up to 50,000 mt LCE per year, with lithium concentrations nearly three times those of the Permian. Actively building lithium chloride inventory and converting it into high-purity lithium carbonate for potential buyers. Within six months of initial deployment, deployed, expanded, and optimized the largest operational DLE system in North America (over 10,000 barrels per day). Source: junior mining network [Q2 Metals Announces Final Analysis Results of 2025 Winter Drilling Program and Initiates Work on Exploration Targets for the Cisco Lithium Project] Q2 Metals is pleased to announce the remaining analysis results of the 2025 Winter Drilling Program (the "2025 Winter Program") for its Cisco Lithium Project (the "Project" or "Cisco Project") located within the traditional territory of Nemaska in the Eeyou Istchee James Bay region of Quebec, Canada. During the 2025 Winter Program, the Company drilled a total of 14 holes for 6,980 meters, and the analysis results reported herein cover 4,409 meters of drilling data from the last 10 holes. "We are extremely pleased with the final results from these widely spaced holes. Not only did they intercept significant widths and grades, but they also provided us with critical information that will guide subsequent drilling activities. The Cisco Project continues to demonstrate immense potential and is emerging as a significant discovery within one of the world's top mining jurisdictions," said Alicia Milne, CEO and President of Q2 Metals. "We look forward to commencing work on exploration targets, which will provide initial guidance on the potential size, grade range, and relative position of the Cisco Project compared to other major hard-rock lithium projects." "Q2 is in for a busy summer at the Cisco Project. Currently, our team is on-site conducting geological mapping and sampling work, with the first hole expected to commence next week," said Neil McCallum, Vice President of Exploration for Q2 Metals. "The information we have gathered through multiple drilling campaigns is currently under review by BBA Engineering, which is developing an exploration target aimed at quantifying the potential of the main mineralized zones at the Cisco Project. Additionally, three composite samples are undergoing testing by SGS to understand the potential for heavy liquid separation processing capabilities." Hole CS25-028 tested the eastern part of the main mineralized zone and provided additional data for this area. Combined with other drillholes previously drilled in the east, the mineralized zone in this area remains open to the east. Drillhole CS25-030 targeted the deep part of the northern extension of the main mineralized zone, and the results indicate that the mineralized zone is also open in this direction. Drillhole CS25-036 was terminated prematurely before the suspension of the current year's goose hunting season, failing to reach the planned final depth. Nevertheless, the objectives of the drillhole were achieved, intercepting multiple wide pegmatite intervals, which will help determine the geometry of the pegmatite and provide guidance for scale-defining drilling. The drillhole will be restarted during the 2025 summer drilling campaign. Drillholes CS25-029, 031, and 033 targeted the southern extension of the main mineralized zone. Due to a drillhole spacing of 200 meters and a limited number of drillholes on each profile line, pegmatite intervals wider than 100 meters were not intercepted. Although wide pegmatite intervals are expected in this area, further testing is required. It is noteworthy that the pegmatite intervals in the southern drillholes are deeper, and further work will be conducted in this area during the 2025 summer exploration season to test the potential location of the pegmatite plunging to the west. Overall, the main mineralized zone remains open to the south. Drillholes CS25-032, 034, 035, and 037 were used to define the subsurface expression of prominent mineralized carbon dioxide veins. There are still multiple potential directions in this area that have not been tested, requiring further follow-up. Source: junior mining network

SMM News on May 14: Today, driven by positive policy developments, the main lithium carbonate futures contract fluctuated upward after opening, surging over 3% during the session. By the close of the daytime session, the main contract closed up 3% at 65,200 yuan/mt, up 2,640 yuan/mt from the low of 62,560 yuan/mt set during the session on May 12, representing a 4.22% increase. In terms of spot prices, according to SMM's spot quotes, the spot price of battery-grade lithium carbonate also rose slightly by 100 yuan/mt today, trading at 63,600-65,800 yuan/mt, with an average price of 64,700 yuan/mt. 》Click to view SMM's spot quotes for new energy products Regarding the reasons for the rise in lithium carbonate futures prices, SMM believes it is mainly related to positive policy news. On May 12, the Ministry of Commerce website released a joint statement on the China-US Geneva Economic and Trade Talks, announcing that the US's 24% reciprocal tariff on Chinese products would be suspended for the initial 90 days. According to the latest news today, this tariff adjustment has been temporarily implemented. SMM understands that, overall, due to exemptions for NEVs and their parts before and after this reciprocal tariff adjustment, the change in reciprocal tariffs will have a greater impact on the export of ESS batteries, potentially prompting an anticipated rush in exports of Chinese ESS battery cells, thereby driving up the demand for lithium carbonate. Starting from May 14, the tariff on new energy end-use products exported from China to the US is as follows: SMM predicts that, given the installation rush demand for ESS storage mentioned in China's Document No. 136 regarding the "May 31" grid connection deadline, the ESS battery cells produced in May may not be able to meet the installation rush demand in time this month. Therefore, the market previously expected that the production volume of ESS battery cells in May might decrease by 5-10% MoM compared to April. However, influenced by the golden export window period brought about by the change in US tariffs, and considering that it takes approximately one month for transportation and customs clearance from China to the US, it is expected that the production schedule of ESS battery cells for top-tier enterprises will remain at a high level in May and June, and the growth rate of ESS battery cell production is expected to turn from negative to positive MoM. 》Click to view details Returning to the supply and demand dynamics of the lithium carbonate market, lithium carbonate prices are currently hovering near recent lows. Under the pressure of cost losses, upstream lithium chemical plants have shown a strong sentiment to stand firm on quotes. Currently, there is only a certain level of trading activity between traders and downstream enterprises. The positive expectations for an increase in end-use demand driven by the aforementioned policy developments may, to a certain extent, drive a rebound in lithium carbonate prices. However, it should also be noted that although lithium carbonate inventory levels have slightly decreased after the Labour Day holiday, the current cumulative inventory level of lithium carbonate remains high. Moreover, ore prices continue to hit new lows, and cost support is continuously weakening. Therefore, the overall price of lithium carbonate will continue to exhibit a fluctuating trend at lows. As the futures and spot prices of lithium carbonate rose together, the shares of energy metal companies, including Tengyuan Cobalt, Huayou Cobalt, YOUNGY, Zhongkuang Resources, Weiling Co., Ltd., and Tianqi Lithium, also "rose", with multiple stocks increasing by over 1%. Dazhong Mining also responded today on the investor interaction platform regarding the progress of the lithium mine tunnel in Hunan. The company stated that as of now, the lithium mine tunnel in Hunan has been completed, laying a certain foundation for the early commissioning of mining and beneficiation operations. According to the "Lithium Exploration Report of the Tongtianmiao Ore Block in the Jijiaoshan Mining Area, Linwu County, Hunan Province" reviewed and filed by the company for its resource reserves, the associated minerals of the Jijiaoshan lithium mine in Hunan include metals such as rubidium, niobium, tantalum, tin, and tungsten. Institutional Comments Xinhu Futures commented that there are no significant positive factors in the short-term fundamentals, making it difficult for lithium prices to reverse their trend. However, at the current price level, it is necessary to be cautious about the rising expectations of supply-side disruptions and the capital-driven nature of low valuations. Given the relatively high channel inventory levels across the upstream, midstream, and downstream sectors, this will also limit the rebound space for lithium prices. Yide Futures stated that, on the supply side, the CIF price of Australian ore has fallen to $687.5/mt, while the price of African ore has remained stable at $637/mt. Port lithium ore inventory has increased, and the planned production of lithium carbonate nationwide for May has increased MoM, with the latest weekly production data showing a significant increase. On the demand side, the planned production of cathode materials, including ternary materials and LFP, has increased MoM. Based on the current production schedule, the supply and demand fundamentals still maintain a surplus pattern. In terms of inventory, the latest weekly inventory has decreased by 464 mt. Specifically, the significant increase in smelter production has not yet been transferred downstream or to traders, leading to a noticeable increase in their inventory, while the inventory of downstream traders has decreased. In the short term, the combination of front-loaded consumption and collapsing costs has led to a significant pullback in lithium carbonate prices. From a long-term industry perspective, the market requires a more thorough exit of the resource side. SDIC Futures stated that the total market inventory has decreased by 500 mt to 132,000 mt, with downstream inventory decreasing by 3,000 mt to 42,000 mt and smelter inventory increasing by 3,800 mt to 55,000 mt. The intermediate links are actively destocking. In terms of inventory structure, there is a weak willingness for downstream restocking, while passive restocking has occurred upstream, reflecting differences in market sentiment. The latest quote for Australian ore is $700, with a decline of over 15% in the past month, basically reflecting a downward shift in the price center. The midstream production has recovered rapidly, with a 28% increase in production MoM in the first week after the holiday, and an improvement in supply and demand still needs to be awaited. The futures price of lithium carbonate is in a downward channel, and short positions are being maintained.

Recently, data released by Thailand's Ministry of Industry showed that the number of Chinese automotive parts enterprises registered in Thailand reached 420 in Q1 2025, a threefold increase from 2020, with their share of foreign-funded enterprises surging from 7% to 22%. The Thailand Board of Investment (BOI) predicts that by 2030, the total investment by Chinese parts enterprises in Thailand will exceed $5 billion, driving the share of Thailand's new energy vehicle production from the current 5% to 30%. Dianchiwang (Battery Network) has noticed that in recent years, Chinese lithium battery enterprises have collectively moved "south" to Southeast Asia, accelerating their local factory construction and layout, with many enterprises establishing their first overseas factories in Southeast Asia.

[Rio Tinto and Codelco Collaborate on Lithium Project] Rio Tinto and Codelco signed a binding agreement to establish a joint venture for the development and operation of a high-grade lithium project at the Maricunga Salt Lake in Chile. This agreement is the next step in a broader strategic partnership aimed at strengthening the positions of Rio Tinto and Chile as major suppliers of materials for the global energy transition. The Maricunga Salt Lake is a large lithium resource base in the Atacama region, with potential for scalable, long-life, and low-cost production. Its brine has one of the highest average lithium grades in the world. Under the agreement, Rio Tinto will acquire a 49.99% stake in the Maricunga Salt Lake company, which holds Codelco's licenses and mining rights at the Maricunga Salt Lake, by funding research and development costs. Rio Tinto will invest: $350 million in initial funding for further research and resource analysis to advance the project until the final investment decision. Once the decision to proceed is made, $500 million will be invested in the company for construction costs. These milestones, depending on further research, are expected to be achieved by the end of this decade. If the joint venture achieves its target of first lithium delivery by the end of 2030, $50 million will be invested in the company. Partners will provide further funding needs based on their shareholding in the joint venture. The joint venture will focus on deep engagement with local communities, support the development of infrastructure such as power and roads, and apply leading extraction, processing, and reinjection technologies to the project to maximize mineral recovery and minimize environmental impact. The transaction is expected to be completed by the end of Q1, subject to obtaining all applicable regulatory approvals and meeting other customary closing conditions. Source: junior mining network [Arizona Lithium Approved to Launch Saskatchewan's First Lithium Brine Project] Arizona Lithium (ASX: AZL) has received approval to commence the first phase of production at its Prairie Lithium Brine Project in Saskatchewan, the first such project in the province. The permit granted by the provincial Department of Energy and Resources paves the way for the production of 150 mt of LCE annually using direct lithium extraction (DLE) technology. Arizona Lithium's share price has fallen 40% this year, dropping to $0.6 per share in Sydney, reflecting multiple capital raises and share dilution to approximately 4.5 billion shares. The company's market capitalization is $27 million. This downturn is in line with broader issues in the lithium industry, including falling lithium prices and investor caution towards early-stage companies. The LCE price plummeted from nearly $80,000/mt at the end of 2022 to less than $10,000/mt this year, a drop of 86%, due to supply surplus and weakening demand from EV manufacturers. The project is located in the Williston Basin of Saskatchewan, using traditional oil and natural gas drilling and completion methods to extract lithium-rich brine from approximately 2.3 kilometers underground. The approval comes as momentum builds for lithium brine projects in the prairie region. EMP Metals (CSE: EMPS) is also advancing a lithium brine project in Saskatchewan, while E3 Lithium (TSXV: ETL) and Volt Lithium (TSXV: VLT) are conducting similar projects in neighboring Alberta. The updated resource model based on data collected last year shows that Prairie's indicated resources have increased from 4.5 million mt LCE to 4.6 million mt LCE. The company stated that the annual producible indicated resources surged by 120%, from 7,700 mt LCE to 17,000 mt LCE. Southeastern Saskatchewan in Canada boasts the highest-grade lithium brine in the country. The project reported an average lithium concentration of 98 mg per liter in its resource base, with some wells reaching as high as 259 mg per liter—the highest ever recorded in Canada. Arizona Lithium is also advancing its Big Sandy Lithium Project in Arizona. Source: mining.com [Argentina Approves Rio Tinto's $2.5 Billion Lithium Mine Project] The Argentine government on Tuesday approved a $2.5 billion lithium mine project by Anglo-Australian giant Rio Tinto, marking the first mining project approved under a new investment incentive mechanism. The country's Mining and Energy Coordination Secretary, Daniel González, announced at a meeting in the capital Buenos Aires that Rio Tinto's Rincón project in the northern province of Salta has been approved under the RIGI incentive program. Since the RIGI program was launched nine months ago, the Argentine mining sector has expressed concerns over delays in the approval of seven projects submitted to the government. "We are grateful for this, as there has been strong anxiety regarding the RIGI situation in mining," said Roberto Cachola, head of the Argentine CAEM Mining Chamber, at the meeting. "This is significant news." The government of libertarian President Javier Milei is seeking to boost the mining sector in the South American country to attract much-needed foreign currency and maintain economic stability, as the country faces painful levels of inflation. Argentina is the world's fourth-largest lithium supplier, forming the so-called "Lithium Triangle" with Chile and Bolivia, and possesses the world's largest reserves of the white metal used in electronics, EVs, and other critical technologies. This South American country also exports gold and silver and has several significant copper mine projects in the pipeline, although none have yet commenced production. Other companies applying for mining projects under the RIGI program include China's Ganfeng, Canada's McEwen Copper, and South Korea's POSCO. Five of the projects are related to lithium mines, while the remaining two are focused on gold and copper mines. However, as of Tuesday, only Rio Tinto's project has been approved, despite regulations requiring decisions to be made within a maximum of 45 working days. Source: mining.com [Zimbabwe Lithium Exporters Seek to Delay Export Tax Until 2027] Zimbabwean miners are urging the government to postpone the export tax on lithium concentrates until the country's refineries capable of producing higher-value products become operational. The Zimbabwe Lithium Exporters Association, representing companies such as Chengxin Lithium Group, has requested the Ministry of Mines and Finance to delay the 5% tax aimed at promoting domestic refining industry development by two and a half years. In recent years, Zimbabwe has rapidly become a key supplier of lithium concentrates to Chinese refineries following billions of dollars in investments by companies like Chengxin, Zhejiang Huayou Cobalt, and Sinomine Resource Group in developing mines in the country. According to relevant data, last year Zimbabwe supplied approximately 14% of China's lithium imports. The Zimbabwe Lithium Exporters Association stated in a document seen by Bloomberg that the government considers lithium concentrates as unprocessed or "non-value-added" products and should suspend the export tax until the lithium sulfate production plant, expected to be completed and operational by 2027, is finished. This higher-value product will then be shipped to China for further processing into battery-grade materials. The group also complained that Zimbabwe calculates the royalties companies should pay based on the higher-value lithium carbonate price rather than the price of the ore actually produced in the country. Source: mining.com