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WA Battery Minerals Profile – November 2019 Includes the Production and Exports/Sales of Battery Minerals Not Exclusively for Battery Manufacturing

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WA Battery Minerals Profile – November 2019 Includes the Production and Exports/Sales of Battery Minerals Not Exclusively for Battery Manufacturing Western Australia Battery Minerals Profile November 2019 WORLD BATTERY MINERALS MARKET Major global battery minerals mine production: 2018 Western Australia is the world’s largest lithium producer and a significant producer Lithium(a) of other battery minerals. Graphite Western Australia accounted for 57% of Nickel global lithium production in 2018, followed by Chile (19%), China (9%) and Argentina Cobalt (7%). Manganese Western Australia ranked among the top 5 Rare earths global producers for nickel (7% global share), manganese (6%), rare earths (6%) Copper and cobalt (3%) in 2018. Vanadium China was the world’s largest producer of 0% 20% 40% 60% 80% 100% rare earths (71%), graphite (68%) and vanadium (54%) in 2018, and a major Western Australia China Rest of Asia(b) producer of all other battery minerals. Russia Americas Africa In 2018, the world’s largest producer of: Other • Nickel was Indonesia (24%). (a) Lithium content of brine, spodumene, other hard rock or clay mine production. (b) Excludes China. • Cobalt was Congo (64%). Source: US Geological Survey, Mineral Commodity Summaries; Office of the Chief Economist, Resources and Energy Quarterly; and Geoscience Australia. • Manganese was South Africa (31%). • Copper was Chile (28%). World lithium-ion battery manufacturing capacity forecast1 Lithium-ion batteries are made from 1,500GWh mostly lithium, followed by graphite, nickel, cobalt and manganese. World lithium-ion battery manufacturing capacity rose 54% to 335 gigawatt hours 1,000GWh (GWh) in 2018. China accounted for 74% of global lithium-ion battery manufacturing capacity in 2018, followed by the United States 500GWh (9%), Japan (8%), South Korea (4%) and Europe(a) (3%). Roskill forecasts global lithium-ion battery manufacturing capacity will quadruple to 0GWh 2018 2022 2026 2028 1,340GWh by 2028, led by China. By 2028, Roskill forecasts 65% of global China USA Japan South Korea Europe(a) India Other lithium-ion battery manufacturing capacity 1 Large-sized cells. (a) Sweden, Hungary, Germany, Poland, United Kingdom and France. will be in China, followed by the United Source: Roskill, Lithium-ion Batteries Outlook to 2028 (April 2019). States (10%), Europe(a) (9%), Japan (6%) and South Korea (5%). Battery minerals price indexes1 (annual average) 250 Lithium and other battery minerals prices have started to ease because of a slowing 200 in electric vehicle demand in China and an oversupply of battery minerals. 150 Western Australia exports lithium as spodumene concentrate, but will begin 100 exporting lithium hydroxide in 2019. Lithium hydroxide prices fell 34% to 50 US$14,257 a tonne in 2018-19. In 2018-19, the annual average price of: (a) 0 • Lithium spodumene concentrate 2008-09 2010-11 2012-13 2014-15 2016-17 2018-19 rose 5% to US$608/t. Lithium - spodumene(a) Cobalt(b) (b) • Cobalt fell 40% to US$45,368/t. Nickel(c) Copper(d) (c) • Nickel fell 1% to US$12,339/t. (d) 1 Prices in nominal US dollars a tonne (price index reference year is 2008-09 = 100.0). (a) Western Australia’s unit prices of spodumene • Copper fell 9% to US$6,155/t. concentrate sales converted to US dollars using annual average exchange rates. (b) Minimum 99.80% purity. (c) Minimum 99.80% purity, cathodes. (d) Minimum 99.9935% purity, cathodes and wire bar. Source: World Bank, Commodity Markets; and WA Department of Mines, Industry Regulation and Safety, Resource Data Files. WA Battery Minerals Profile – November 2019 Includes the production and exports/sales of battery minerals not exclusively for battery manufacturing. 1 Western Australia Battery Minerals Profile November 2019 WESTERN AUSTRALIA’S COMPETITIVENESS Estimated1 battery minerals reserves: 2018 Western Australia has globally significant Commodity Unit WA Aust. World WA share of battery minerals reserves of a quality world suitable for battery manufacturing. Nickel Mt 19 19 89 21% In 2018, Western Australia accounted for Lithium Mt 3 3 14 18% around a fifth of the world’s nickel, lithium Cobalt Mt 1 1 7 17% and cobalt reserves. Vanadium Kt 2 2 20 10% Western Australia accounted for over 10% Manganese Mt 36 99 760 5% of the world’s vanadium reserves in 2018. Copper Mt 18 88 830 2% Western Australia had 5% or less of the Rare earths Mt 2 3 120 1% world’s manganese, copper, rare earths Graphite Mt 1 7 300 0.4% and graphite reserves in 2018. 1 Estimated from Australia’s battery minerals reserves and Western Australia’s share of Australia’s battery minerals production. Source: US Geological Survey, Mineral Commodity Summaries; Office of the Chief Economist, Resources and Energy Quarterly; and Geoscience Western Australia’s estimated battery Australia. minerals exploration expenditure rose 54% to $348 million in 2018-19. Total cash cost1 of seaborne lithium exports: 2018 Western Australia’s lithium producers are among the world’s lowest cost seaborne Zimbabwe US$1,965/LCE lithium exporters. The average total cash cost1 of Western Western Australia US$2,603/LCE Australia’s lithium exports was US$2,603 a lithium carbonate equivalent (LCE) in Portugal US$2,800/LCE 2018, well below the world average of Argentina US$4,426/LCE US$3,714/LCE and the global average lithium carbonate price of US$15,839/t. Brazil US$5,286/LCE Western Australia’s nickel and copper producers are also competitive Chile US$5,986/LCE internationally. USA US$6,892/LCE In 2018, the average total cash cost1 of Western Australia’s exports of: China US$7,860/LCE • Nickel was US$8,914/t (world US$0/LCE US$5000/LCE US$10000/LCE average was US$8,635/t). • Copper was US$4,219/t (world 1 Production costs for different lithium products and grades are adjusted to a benchmark product (lithium carbonate equivalent). Source: S&P Global Market Intelligence, Mine Economics Model. average was US$3,499/t). Battery minerals1 export markets (selected) Around 59% of Western Australia’s battery $7b minerals exports went to China in 2018-19, with the value of exports up 21% $6b to $3.6 billion. In 2018-19, Western Australia’s battery $5b minerals exports to: • Japan rose 20% to $670 million. $4b • Europe(a) rose from $165 million to $497 million. $3b • South Korea rose from $177 million to $448 million. $2b • India rose 6% to $136 million. • United States rose from $13 million to $1b $52 million. $0b Western Australia’s lithium and cobalt 2008-09 2010-11 2012-13 2014-15 2016-17 2018-19 exports are mostly for battery manufacturing. China Japan Europe(a) South Korea India USA Other New processing investment in Western 1 Includes copper, lithium, nickel and graphite. Excludes rare earths, cobalt and vanadium, and manganese from 2015-16. (a) Includes the larger Australia will see nickel and other battery European markets for Western Australia’s nickel exports only. Source: ABS 5368.0 International Trade in Goods and Services. minerals exported for battery manufacturing. WA Battery Minerals Profile – November 2019 Includes the production and exports/sales of battery minerals not exclusively for battery manufacturing. 2 Western Australia Battery Minerals Profile November 2019 CONTRIBUTION TO WESTERN AUSTRALIA’S ECONOMY Battery minerals sales $8b Battery minerals accounted for 5% of the value of Western Australia’s minerals and $6b petroleum sales in 2018-19. The value of Western Australia’s battery minerals sales fell 0.4% to $6.7 billion in $4b 2018-19. In 2018-19, the value of sales for: $2b • Spodumene (lithium) fell 2% to $1.5 billion. • Nickel rose 1% to $2.7 billion. $0b • Copper fell 2% to $1.3 billion. 2008-09 2010-11 2012-13 2014-15 2016-17 2018-19 • Other battery minerals(a) rose 1% to $1.2 billion. Spodumene (lithium) Nickel Copper Other(a) (a) Includes cobalt, manganese, vanadium and rare earths (and other minerals). Source: WA Department of Mines, Industry Regulation and Safety, Resource Data Files. Battery minerals royalties Lithium $83m Battery minerals accounted for 4% of Western Australia’s royalty revenue1 in Copper(a) $76m 2018-19. Battery minerals royalty revenue rose 15% Nickel 2017-18 to $268 million in 2018-19. $66m 2018-19 In 2018-19, the royalty revenue from: • Lithium rose 6% to $83 million. Other(b) • Copper(a) rose 8% to $76 million. $43m • Nickel rose 16% to $66 million. • Other battery minerals(b) rose 58% to Total battery minerals $43 million. $268m $0m $200m $400m $600m 1 Includes North West Shelf Grants. (a) Includes lead and zinc. (b) Includes rare earths, manganese, cobalt, vanadium and graphite. Source: Western Australian Department of Mines, Industry Regulation and Safety, Resource Data Files. Direct battery minerals industry employment1 Battery minerals(d) accounted for 11% of Nickel(a) 6,062 direct employment in Western Australia’s minerals mining industry in 2018-19 Lithium(b) (excluding exploration) on a full-time 3,596 equivalent basis. Copper(c) Direct employment in Western Australia’s 2,626 2017-18 battery minerals(d) industry rose 17% to 13,085 in 2018-19. Manganese 2018-19 497 In 2018-19, direct employment in the industry of: Rare earths (a) 298 • Nickel rose 11% to 6,062. • Lithium(b) rose 46% to 3,596. Total battery minerals(d) • Copper(c) rose 3% to 2,626. 13,085 • Manganese rose 31% to 497. - 4,000 8,000 12,000 16,000 • Rare earths rose 3% to 298. 1 Full-time equivalent. (a) Includes cobalt. (b) Includes lead and zinc. (c) Includes tin and tantalum. (d) Excludes graphite. Source: Western Australian Department of Mines, Industry Regulation and Safety, Resource Data Files. WA Battery Minerals Profile – November 2019 Includes the production and exports/sales of battery minerals not exclusively for battery manufacturing.
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