British-Dutch oil major Shell has teamed up with Dutch utility Eneco and won the tender to build the subsidy-free 759MW Hollandse Kust (noord) offshore wind projects that will turn into a “super hybrid” – combining the 69 11MW wind turbines with a floating solar park, short-term battery storage, and a green hydrogen electrolyser for additional storage.
The Clean Energy Finance Corporation is now looking at playing a key role in the transformation of Australia’s mining sector towards a greener future after boosting its stake in a ‘sustainable’ lithium producer by $51 million.
An electric vehicle battery that its proponents say could recharge to 85% in just six minutes could be made at a Townsville factory being planned by Australian company Magnis Energy Technologies.
General Motors and EVgo announced today that they plan to add more than 2,700 new fast chargers at grocery stores, retail outlets, and entertainment centers in 40 metropolitan areas. The project, which will take five years to complete, is an effort to convince renters and condo dwellers that EVs are practical. The message is to fast-charge in a half-hour while you’re completing errands.
Panasonic Corp plans to boost the energy density of "2170" battery cells it supplies to Tesla Inc by 20% in five years and commercialize a cobalt-free version "in two to three years", the head of its U.S. EV battery business said.
Panasonic has developed new battery technology for the “2170” lithium-ion cells it produces and supplies to Tesla, a change that improves energy density by 5% and reduces costly cobalt content. “It’s kind of exciting from the Panasonic perspective; we’re driving towards cobalt free and we’re driving towards higher energy dense batteries, which gives our customers a choice of how they want utilize that.”
Australia has granted "major project status" to an ambitious $22 billion plan to export power from a giant solar farm in the country's north to south-east Asia via undersea cable. The Australia-ASEAN Power Link envisions connecting the world's largest solar farm and battery system in Australia's Northern Territory to Singapore and Indonesia via a 3700 kilometre undersea cable.
Tesla is expanding its plans for the planned German factory: The US electric car manufacturer wants to manufacture the required batteries in Grünheide near Berlin. "There will be local cell production that meets the needs of the Berlin factory," said Tesla boss Elon Musk, according to the company.
The Western Australia state government has announced a plan to spend $66.3 million on solar and battery storage installations for schools, isolated communities and social housing as part of a massive $5.5 billion plan to re-boot the state’s economy after the Covid-19 pandemic.
Tesla co-founder and CEO Elon Musk has named 300 miles, or close to 500km, as the “new normal” for electric vehicle range, and the “standard expectation” of electric vehicle drivers.
Tesla Inc boss Elon Musk urged miners to produce more nickel, a key ingredient in the batteries that power the company’s electric cars, warning the current cost of batteries remained a big hurdle to the company’s growth. “Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way,” Musk said on a post-earnings call on Wednesday.
European governments approved the most ambitious climate change plan to date, agreeing to pour more than 500 billion euros ($572 billion) into everything from electric cars to renewable energy and agriculture. Germany’s recovery plans are among the greenest so far, with about a third of the 130 billion euros ($145 billion) recovery budget going into areas such as public transport and development of green hydrogen. Significantly, for a country where car manufacturing represents a significant part of the economy, no funds were directed toward fossil fuel cars. Subsidies to buy electric vehicles in Germany are so generous that some Renault models can be acquired for free.
Car buyers in Europe can now get their hands on a brand-new electric vehicle for less than the typical cost of a mobile-phone contract. Thanks to newly generous subsidies, some are even free. The state support is allowing Autohaus Koenig, a dealership chain with more than 50 locations across Germany, to advertise a lease for the battery-powered Renault Zoe that is entirely covered by subsidies.
The Hornsdale Power Reserve – more commonly known as the Tesla big battery – has set a new record for itself, and the world, in terms of output from a lithium-ion battery, feeding 150MW into the South Australia grid as it continues its complex series of tests.
A new study has concluded that the economic value of energy storage increases as variable renewable energy generation increases its share of electricity supplied, however, the degree to which such variable renewable energy sources can be deployed hinges upon the future availability and cost of energy storage technologies.
Volkswagen and Ford said a U.S. legal row between South Korean battery makers could disrupt supplies of the key electric vehicle parts and cost U.S. jobs during the Covid-19 outbreak, according to documents submitted to a U.S. trade panel. “Any remedial orders should seek to avoid collateral damage to SKI’s existing customers,” Volkswagen said in its public interest comments to the ITC in May. Ford said that LG Chem’s assertion that it can replace SK Innovation as a supplier is not “credible” given EV battery supply shortages and the long development period required for EVs.
Umicore SA, a global major in the cathode materials sector that is based in Belgium, will invest $30 million to build its largest research and development center in Asia in South Korea’s Cheonan, South Chuncheong Province.
Xpeng, an electric vehicle startup run by former Alibaba executive He Xiaopeng, said Monday it has raised around $500 million in a Series C round to further develop models tailored to China’s tech-savvy middle-class consumers. The announcement followed its Series C round of $400 million closed last November. A source told TechCrunch that the company’s valuation at the time had exceeded the 25 billion yuan ($3.57 billion) round raised in August 2018. The new proceeds bring the five-year-old Chinese startup’s to-date fundings announced to $1.7 billion.
The auto industry is undergoing the most “significant transition” it has seen in a century, and General Motors doesn’t intend to be left behind, the automaker’s chief sustainability officer said during a media briefing ahead of the release of GM’s annual sustainability report today. If anything, the company is accelerating plans to switch entirely to battery-electric vehicles, even as it continues to develop hydrogen fuel-cell technology. All told, the carmaker has now committed to “allocate more than $20 billion of capital and engineering resources to its electric and autonomous vehicle programs between 2020 and 2025,” according to a summary of GM’s 10th annual sustainability report.
A new study by three California utilities is good news for solar-plus-storage developers. The disparity between solar with and without storage suggests that storage will become all but universal in solar projects in future years.
The BMW Group is driving the expansion of electromobility and has signed a long-term supply contract worth 2 billion euros for battery cells with the Swedish company Northvolt. The battery cells will be produced in Europe at the Northvolt gigafactory currently under construction in Skellefteå in northern Sweden (series plant Northvolt Ett) from 2024. A decisive aspect for the BMW Group: Northvolt will obtain 100 percent of the energy needed to produce the battery cells regionally in northern Sweden and exclusively from wind and hydroelectric power.
The market share of battery and hybrid vehicles rose sharply across major European markets during the first half of the year, even as the outbreak closed showrooms in March and April. Germany saw an increase to 8.4% from 3.4% a year earlier as overall sales of all car types slumped 35%. France saw the plug-in share jump to 9% from 2.5%. Sweden saw a surge to 25%, from 10%.
Tesla Inc.’s relentless surge continued Monday amid several upcoming events that include the possible unveiling of new battery technology from the electric vehicle maker, entry into a lucrative new market and the potential inclusion of the stock into the prestigious SP 500 Index. The company late on Friday said its much-anticipated “Battery Day” event will be held on Sept. 22, at its Fremont, Calif., factory. According to Wedbush analyst Daniel Ives, Tesla could announce a number of new potential “game changing” battery developments at the event. Separately, Roth Capital upgraded the stock, saying the company is well down the path of preparing to enter the Indian market, where they see China-like potential.
The Italian government is preparing new fiscal measures to sustain the economic recovery, following months of lockdown at the peak of the coronavirus pandemic. Under the bill, full electric vehicles (technically, vehicles with CO2 emissions between 0 and 20 grams/km) will now be eligible for a 10,000 euro discount, when scrapping your old car, or 6,000 euro without. The new scheme will give the ability to get a brand new full electric car for as low as ~12,000 euro (almost half price!), for a tiny model such as the Skoda Citigo-e iV – currently the cheapest BEV offering in Italy alongside its VW and Seat siblings. 20,000 euro will buy you an Opel Corsa-e, and very likely the base version of the brand new Fiat 500e (currently listed at ~35,000 euro for the “La Prima” model, but due for a cheaper base version very soon). Go up a few thousands and the list will include all the most popular models in today’s Italian EV market.
VW will start selling the ID.3 - one of the most anticipated new electric cars of the year - on July 20. The ID.3 will be offered with three different battery packs, with the base version starting under €30,000 ($33,000).
India plans to impose tariffs on imports of lithium-ion cells for as long as a decade and offer incentives to boost local manufacturing as part of a broader effort to scale down trade ties with China, two people aware of the developments said. According to the contours of the energy security plan, India plans to issue expression of interests to shortlist around five companies for setting up Tesla-style gigafactories for cell and battery manufacturing—each having a 5-to-10 gigawatt hours (GWh) capacity.
German premium carmaker Audi, a VW subsidiary, will continue to invest heavily in the development of combustion engines. According to CEO Markus Duesmann, combustion engines will be “alive for a very long time,” reports Frank Johannsen in Automobilwoche. “This is why we continue to invest massively in the development of combustion engines,” Duesmann said, adding that the share of electric vehicles will rise significantly by the mid-2020s, but that combustion models will still make up 60 to 70 percent of the market. “And they must be top,” Duesmann explained, adding that their emissions must be lowered. “Of course, we will continue to step on the gas regarding combustion engines,” Duesmann said.
Western Australia could soon become lithium-ion battery cathode manufacturer, according to a Department of Industry, Innovation and Science report. Commissioned by the Future Batteries Industry Cooperative Research Centre (FBICRC), the report proposes that a cathode precursor plant can be constructed at the CSIRO’s Waterford facilities in Western Australia, which includes the use of BHP Nickel West’s nickel sulphate pilot plant.
Contemporary Amperex Technology has seen its spark fade this year, losing its position as the world's top electric-car battery maker after foreign rivals began to invade the country's massive market. The luck of CATL, as the company is known, has turned amid changes to China's industrial policies, which initially helped the company's rapid rise to the top. CATL's real challenge came in June last year when a government list of recommended battery suppliers was abolished, clearing the way for foreign companies to enter the Chinese market.
Hyundai Motor, once a perennial also-ran in next-generation autos, has rapidly gained ground against rivals, surpassing Chinese peer BYD to take fourth place in the global electric vehicle market.
Cars aren’t going away any time soon. So the ultimate green move will be combining two emerging technologies: autonomous driving and fully electric cars. Autonomy brings efficiency in driving and battery use, while electric cars drastically cut emissions, fuel costs and maintenance.
Finland’s government decided on Thursday to invest further 150 million euros ($170 million) by 2022 in the state’s mining investment firm Suomen Malmijalostus Oy which has holdings in three mining companies. The investment vehicle will use the capital mostly for taking part in future funding rounds of two of its portfolio companies - Terrafame, which produces nickel, zinc, cobalt and copper, and lithium hydroxide (sic) miner Keliber.
Japan’s Honda Motor Co Ltd will buy a 1% stake in Chinese electric vehicle battery maker Contemporary Amperex Technology and the two will jointly develop EV batteries, the companies said on Friday. The move comes at a time when auto manufacturers and EV battery makers are joining forces in pursuit of an electric future. CATL, based in Ningde, said last year it would develop batteries with Honda and also supply batteries to Tesla, Toyota and Volkswagen AG).
Electric vehicle startup Rivian, which is backed by Amazon and Ford Motor and aims to put an electric pickup and SUV in production in 2021, boosted its war chest further with a $2.5-billion investment round led by T. Rowe Price (TROW.O), Rivian said Friday. The new round takes total investment in Rivian to at least $6 billion, including a $1.3 billion round in December led by T. Rowe Price and including Amazon, Ford and BlackRock, according to investor website Pitchbook.
The market gloom over the metals that will power the cars of the future is starting to lift. Supply overhangs and then the coronavirus pandemic had crushed short-term prospects for the minerals used to make rechargeable batteries. But new government commitments to green transport in China and Europe, as well as curtailments to mining and future investments, have led to a growing consensus the markets are bottoming out. Add in the fact that battery technologies are continuing to get cheaper, and there’s reason to be bullish “over the next few years once we get through the current predicament,” said Chris Berry, president of House Mountain Partners, an industry consultant.
A key lithium-ion battery cathode material could be produced in Western Australia, a Queensland University of Technology (QUT) feasibility study has found. The study, released by the WA state government today, investigated whether superior nickel-rich nickel cobalt manganese (NCM) can be produced cost effectively and sustainably in the state in which nine of the ten mineral elements required for lithium-ion battery cells are present. The QUT report provides recommendations for the production of precursor and final lithium-ion cathode active material (CAM). It concludes that currently there exists a “once-in-a-generation opportunity [for Australia] to transition into a major processing, manufacturing and trading hub to increase its share of market value.”
Lithium producers continue to be squeezed by weakening prices as the market weathers lower than anticipated EV demand and material oversupply from hard rock mines in Australia. To date, brine producers have been largely able to endure this weak market, owing to their lower operating cost base compared to their mineral counterparts. However, Orocobre’s recent announcement, about its expected Q2 2020 sales volume and prices, highlights that the brine sector is no longer immune, as market conditions and prices have been further squeezed by the COVID-19 pandemic.
Hyundai Motor Group Executive Vice Chairman Chung Euisun will meet SK Group Chairman Chey Tae-won this week, as the carmaker scrambles to form a more stable supply chain for electric vehicle (EV) battery cells ahead of an expected EV boom, according to industry sources, Sunday.
German luxury carmaker Daimler on Friday said it will deepen a strategic partnership with Farasis Energy (Ganzhou) Co., Ltd, a pact which includes taking an equity stake of around 3% in the Chinese battery cell manufacturer. Farasis will build a plant for battery cells in Bitterfeld-Wolfen and Daimler Greater China will invest a multi-million euro amount as part of Farasis’ IPO, Daimler said.
Tesla Inc. is scaling back plans for its first European car factory, which will no longer assemble batteries, according to revised planning documents for the site near Berlin. The changes include eliminating facilities for battery-pack production and plastic components, local authorities said Wednesday, citing documents filed by the U.S. maker of electric cars to get the project approved. The factory in the small town of Gruenheide will have a capacity to assemble “100,000 electric cars a year or more,” according to the documents. Other provisions are for new pile foundations and reducing the plant’s water needs in a nod to local concerns.
from the ASX...Highlights Energy Energy collaboration network expanded. Large volumes of Generation 2 silicon composite shipped to collaborators. Cross Linker Binder additive collaboration program in full swing.
HIGHLIGHTS First export shipment of high quality >99.5% Li2CO3 product delivered to Mitsubishi Corporation RtM Japan Ltd - joining exclusive list of international lithium carbonate product exporters. Continued progress with ICE product end-users for potential commercial scale product offtake. Rincon product samples customer tested by Japanese cathode manufacturer achieve 99.88% Li2CO3 purity, whilst 99.94% Li2CO3 purity achieved by Korean cathode manufacturer. Rincon industrial scale pilot plant and site operations recommence (post Covid-19 suspension), producing high purity >99.5% Li2CO3 product. Argosy progressing on preferred funding solution for the development capital requirement. Regulatory approval/permit applications works continuing for enlarged ~10,000tpa commercial scale project development. Clean technology validated with green credentials confirming very low energy and raw water requirements. Argosy has the lithium processing expertise and knowledge to pursue a complementary commercial lithium carbonate and hydroxide production strategy. CSR program initiatives continued and adapted to suit Covid-19 conditions.
Production Altura recorded its fifth consecutive quarter of commercial production, with quarterly production of 46,316 wet metric tonnes (wmt) of lithium concentrate (March quarter 42,282 wmt). Average quarterly operating cash cost of US$369/wmt produced (FOB basis), ((March quarter US$345/wmt (FOB basis)) and reaffirms Altura as one of the lowest cost hard-rock producers globally. Financial Year production of 181,264 wmt of lithium concentrate, representing 82% of nameplate capacity. Sales and Marketing Five-year Binding Offtake Agreement signed with Hunan Yongshan Lithium Co., Ltd. Record quarter with 60,950 wmt (58,208 dry metric tonnes (dmt)) sold and shipped (March quarter 24,500 wmt/ 22, 564 dmt).
Highlights A$10.7M placement to Yibin Tianyi completed. Strong investor support received for exercise of listed AVZ options, contributing SASS.3lvi (before costs). US$1m Convertible Note repaid. Final payment of US$1m made under original Acquisition Agreement to acquire 60% interest in the Manono Lithium and Tin Project. Early works program commenced at Manono Lithium and Tin Project. Approx. US$300M of pre-mining request for tenders issued, including process plants EPC package. Permis d’Exploitation (Mining Licence) application being prepared. Special Economic Zone discussion continue positively. Preliminary iTSCi membership obtained. Extension to known mineralisations to South West of Roche Dure confirmed. Outstanding "high-grade" cassiterite concentrate produced from alluvial material. Negotiations continuing with Yibin Tianyi and other companies to sign binding offtake agreements. Negotiations progressing with several Australian and international groups around project finance.
OPERATIONAL Bulk material from the Maniry Project dispatched to BGRIMM. Stage 2 test work results to be used to optimise the Maniry flow sheet. Results will provide BFS engineers the final process design criteria (PDC) to undertake final engineering design works in 2H 2020. Preparations underway for a drilling program for the high grade Razafy NW area expected to commence 2H 2020.
Core accepted as a member of the European Battery Alliance (EBA250); EBA250 brings together interested stakeholders and industry participants across the European Union’s battery value chain; Follows Core’s recent signing of a non-binding offtake term sheet with Geneva-based Transamine Trading for the supply of spodumene concentrate from its Finniss Lithium Project.
Increased the Finniss lithium Mineral Resource estimate by over SO%; Over 150% increase in the Ore Reserves and, as a result, doubling the Life of Mine (LOM) for Finniss; Secured its first European offtake partner, Swiss—based Transamine; Received approval of its Mine Management Plan from the Northern Territory Government; and Identified a number of attractive gold targets and prospects within the Bynoe Gold and Adelaide River Gold Projects.
An aircore (AC) drill programme was completed in June totaling 123 holes and 6,740m. All assays results have now been received. Drill hole PDAC386 at the Cade Deposit, intersected a thick high-grade zone of 23m of fresh pegmatite including 21m @ 1.79% Li2O from 4 metres, the highest grade intersection to date at Dome North. This intersection is substantially thicker and higher grade than what was modelled in the maiden JORC Resource Estimate for the Cade Deposit (refer ASX release 25 November 2019). An updated JORC Resource Estimate will now be prepared for the Dome North Lithium Project. The first phase of metallurgical test work using heavy liquid separation (HLS) on spodumene mineralisation from the Cade Deposit achieved lithia (Li2O) recoveries of up to 33% (P100 6.3mm sizing) to obtain a 6% concentrate. The second phase of metallurgical test work is now underway to determine the best lithia recovery rates achievable via flotation. Results from this work are expected end-October.
DOME NORTH Lithium Project The third drill programme was completed in June. The standout result (received in July) was drill hole PDAC386 at the Cade Deposit, which intersected a thick high-grade zone of 23m of fresh pegmatite including 21m @ 1.79% Li2O from 4 metres, the highest grade intersection to date at Dome North. The results from the drill programme will feed into an updated JORC Resource Estimate, expected to be completed during the September Quarter. Metallurgical test work on mineralisation from the Cade Deposit continued with promising preliminary results.
Galan Lithium Limited is pleased to announce the commencement of a Preliminary Economic Assessment (PEA) which will be undertaken by Worley Chile. The PEA will generate the development of the engineering, operating cost and capital cost estimates required for an economic scoping study assessment to produce battery and/or technical grade lithium carbonate from its Hombre Muerto West (HMW) Project located in the Salar de Hombre Muerto in Argentina.
Total HMW resource estimate for Pata Pila/Deceo III and Rana de Sal increases 27% to 1.37Mt LCE @ 946mg/l Li (no cut off). Reclassified mineral resource statement for the HMW project area reflects the recent acquisition of Deceo III. The HMW and Candelas resource estimate re-categorised to Indicated, from Inferred, based on tighter constraints of hydrogeologic domains and further detailed quality assurance of the veracity of the exploration data. Galan’s combined total resources at Hombre Muerto basin now exceed 2Mt LCE. Successful completion of preliminary evaporation model for Candelas. Preliminary Economic Assessment of HMW tenements begins. Despite COVID-19, Galan’s team in Australia and South America continue to advance its scoping studies and PFS.
Front-end engineering design for the wellfield and ponds is underway and plant and non-process infrastructure is out for tender; Process test work is producing high quality primary lithium carbonate with grade at the upper end of expectations; Long term pump test on an operational basis finished on schedule with aquifer results meeting or exceeding plans; Evaporation at the pilot ponds is performing in line with production models and first operations at the pilot plant is scheduled for Q3; Permitting is progressing with the granting of operational permits for the extraction of fresh water and use of reagents; COVID-19 has impacted the development schedule however Stage One production in 2022 remains the target; Galaxy remains in a strong position to execute its growth strategy countercyclically and meet the forecast lithium demand surge.
Three-year extension agreement from January 2023 signed with current long term major customer Yahua International Investment and Development Co Ltd for minimum 120,000 dmt per annum of high quality spodumene concentrate from Galaxy’s Mt Cattlin Operation; Yahua to purchase another 30,000 dmt during the remainder of 2020; Yahua officially launched its new plant capable of 20,000 tonnes per year of lithium hydroxide, located in the city of Ya’an in southwest China’s Sichuan province on Monday, 18 May 2020; Agreement extension underpins Galaxy’s Mt Cattlin Operation as a reliable, high quality product that is qualified in major lithium supply chains throughout China and Japan.
PROJECT DEVELOPMENT Sal de Vida, Argentina Front-end engineering design of the wellfield and ponds is underway and the process plant package is out for tender; Process test work is yielding high quality primary lithium carbonate with grade at the upper end of expectations; Pilot plant commissioned and first piloting run was successfully completed post-quarter, with the second run scheduled in August; Evaporation of brine in the pilot ponds is performing in line with process and atmospheric models; Permitting is progressing with the granting of operational permits for the extraction of fresh water and use of reagents; Galaxy remains in a strong position to execute its growth strategy countercyclically and meet the forecast lithium demand surge. PRODUCTION and OPERATIONS Mt Cattlin, Australia Operational performance under the new campaign mode of operations improved throughout the quarter; Production volume of 30,942 dry metric tonnes (“dmt”) achieved at a grade of 5.93% Li2O, in line with annual guidance; Ore sorter circuit approaching nameplate performance at 1,000 t/ day of stockpiled, low grade ore processed through the plant; 26,030 dmt of spodumene concentrate was shipped in June, bringing total H1 shipments to 58,542 dmt; Post-quarter, a multi-year offtake extension was executed with a long-term major customer. FEASIBILTY James Bay, Canada Value engineering work completed with results showing reduced capital intensity and operating costs. FINANCIAL and CORPORATE As at 30 June 2020, Galaxy was debt free with cash and financial assets of US$1 08.6 million; Proceeds from the June shipment were received post quarter and final product inventory of 49,463 dmt was held at quarter end; Cost reduction initiatives yielded annual group savings of ~US$7 million.
San José Lithium Project Infinity’s San José Lithium Project became the first lithium project to secure European funding from EIT InnoEnergy as part of a multi-level investment agreement. The EIT InnoEnergy transaction includes: staged funding of up to €800,000 to fund phase one of a pilot plant for the San José Lithium Project; support for fundraising activities for phase two pilot plant (investment of up to €2.4 million); an assistance agreement to support fundraising activities for up to €300 million in debt and equity investment to fund the Project; support and facilitation of negotiations with European off-takers through the European Battery Alliance network; support in obtaining the necessary environmental approvals and societal acceptance for the Project, and in enabling Infinity’s strategic role in the European Lithium-Ion Battery value chain; and collaboration between Infinity, EIT InnoEnergy and Dorfner Anzaplan through a European based IP licensing agreement for application to the EU’s significant lithium-mica resources. EIT InnoEnergy is the public private partnership supported by the EU Commission, and mandated to lead the industrial stream of the European Battery Alliance Infinity presented San José Lithium Project to European Commission and European Investment Bank during the quarter.
ioneer Ltd, an emerging lithium-boron supplier, is pleased to announce current Chairman James D. Calaway has been appointed an executive of the Company for a 12-month period, effective 1 July 2020.
Rhyolite Ridge Definitive Feasibility Study (DFS) delivered, showing compelling Project economics with an after-tax NPV of US$1.265 billion, and an unlevered, after tax internal rate of return (IRR) of 20.8%; DFS confirms plans for a large, long-life, low-cost operation with all-in sustaining cash cost of US$2,510 per metric tonne lithium carbonate equivalent (LCE), placing Rhyolite Ridge at the bottom of the global lithium cost curve.; Total Ore Reserve4 for Rhyolite Ridge increased 280% to 60.5 million metric tonnes (mt) over 26-year mine life. Project holds 0.6mt of lithium carbonate and 5.3mt of boric acid, with half the Ore Reserve classified as Proven.; Project Plan of Operations submitted to the United States Bureau of Land Management.; Key air and water quality permit applications completed and submitted to relevant US regulatory bodies.; Three-year boric acid Distribution and Sales Agreements signed with Kintamani Resources Pte Limited, and Boron Bazar Limited, covering critical additional territories in Asia. The new agreements, plus the binding Dalian Jinma offtake agreement, announced December 2019, places 100% of ioneer's first year of boric acid production, and more than 85% of boric acid production in years two and three.; Engineering work continuing with the aim of being 'shovel ready' and permitted by Q2 2021. Engineering design increasing from 30% (DFS level) to 50-80% complete (earthworks 100%).; Discussions progressing with a range of potential strategic funding partners for Rhyolite Ridge.; Experienced finance and investment manager Julian Babarczy joined the ioneer board as Non-Executive Director.
Soluna Australia expecting positive cash flow by Dec 20 Qtr. Product approvals received, and; Indications of strong demand for battery energy storage solutions from both retail and commercial sources. Envirostream Australia revenue expected to grow significantly in Fy2021: Significant strengthening of commodity prices since March 2020; New copper and aluminium recovery circuits commissioned as copper and aluminium prices improve; Stock levels being reduced as spent battery supplies diminish, and Focus on widening battery collection initiatives to strengthen revenue. Reduction in outgoings Reduced activity in capital-intensive business units affected by travel bans. Cash at 30 June 2020 - $3.5 million, with significant R&D tax refunds over coming 6 months.
Expressions of interest sought to advance LieNA® commercialisation. LieNA® improves the sustainability of lithium production. LieNA® can recover lithium from spodumene that would otherwise report to waste streams. Lithium Australia’s refining technology provides direct feed for the production of lithium-ferro-phosphate ("LFP") batteries - the fastest growing sector of the battery industry. Pilot-plant construction supported by the Australian federal government.
Soluna Australia provides energy-storage solutions for homes with single- or three-phase power throughout Australia. Soluna Australia receives initial orders for residential energy storage. Installations of Soluna Australia products for residential energy storage have commenced.
Samples show high lithium concentrations from pilot plant module as previously demonstrated at lab scale; Processing of 20,000 litres of brines from Lake’s Kachi Lithium Brine Project continues at technology partner Lilac Solutions’ upgraded facility in California.
High concentrations of lithium chloride are being consistently produced from Lilac’s pilot plant module with results similar to prior bench top testing. Processing continues of initial 20,000 litres of brine from Lake’s Kachi Lithium Brine Project. Established independent commercial assay laboratory to now produce larger battery-quality lithium carbonate samples on advice from some downstream participants. Lake and Lilac are confident that high purity lithium carbonate samples will be produced - first third party assayed carbonate samples to be reported in ~5 weeks.
First lithium chloride samples successfully produced from Lilac pilot plant using Kachi brines, with high lithium concentrations similar to previously demonstrated at laboratory bench scale. 20,000 litres of brines from Kachi continues to be processed at Lilac’s pilot plant module in California. Compelling and robust Pre-Feasibility Study (PFS) results for Kachi Lithium Brine Project in Argentina, show project capable of producing sustainable high-purity lithium carbonate to attract premium pricing. Long life, low cost operation with 25,500tpa LCE using Lilac Solutions' innovative sustainable direct extraction method at competitive operating and capital costs. High purity battery grade lithium carbonate samples (99.9%) demonstrated from Kachi Project. Discussions advanced with international financiers for funding advancement of Kachi Project.
Due diligence on the Maricunga lithium brine project continues under the Memorandum of Understanding (MCU) between the Chilean State-owned mining company, CODELCO, and the project’s joint venture company, Minera Salar Blanco S.A. (MSB). The Engineering, Procurement and Construction (EPC) bidding process for Maricunga has advanced. Two major global engineering groups, Worley Parsons and Bechtel, each submitted comprehensive proposals for the project. Both are being evaluated by MSB and its owner’s engineering company. Financial structuring for the Maricunga project continues, with Treadstone Resource Partners being appointed as LPI and MSB’s advisor. Discussions continue with parties on project funding - equity and debt — and off-take agreements. COVID-19, however, has presented challenges with respect to the timings initially expected. The company remains confident that the process will have a positive conclusion within the next few months. Following field work conducted in Western Australia (WA) during the past three years, an assessment and rationalisation of the Company’s WA tenements has been completed. Future exploration is to be focused on the Greenbushes and Tabba Tabba tenements, and the Strelley and Pilgangoora tenements will be divested. The Company completed the sale of Strelley to Carnaby Resources Ltd (ASX: CRN) for 1,250,000 fully paid shares in CRN plus an NSR royalty of 1%, while retaining specific mineral rights over the tenement. A Program of Works for the exploration of the Greenbushes tenements in Western Australia has been approved by the WA Mining Department. It has been integrated with the Environmental and Conservation Management Plan previously approved, to allow the Greenbushes project to be "exploration ready". Reviews and cost reductions have been undertaken of all operational divisions in light of CCVID—19. The Company remains focused on minimising costs during this challenging period.
KATHLEEN VALLEY LITHIUM PROJECT (Western Australia: 100%) Measured, Indicated and Inferred Mineral Resource Estimate (MRE) now stands at: 156Mt @ 1.4% Li2O and 130ppm Ta2O5 (reported above a cut-off grade of 0.55% Li2O). Containing 2.1Mt of Li2O or 5.3Mt of lithium carbonate equivalent (LCE) and 44Mlbs of Ta2O5. The updated MRE represents a 108% increase in tonnes and 119% increase in contained lithium from the July 2019 MRE of 74.9Mt @ 1.3% Li2O and 140ppm Ta2O5, which underpinned the positive Pre-Feasibility Study (PFS) released in December 2019. It also represents a 636% increase in tonnes and contained lithium from the maiden MRE of 21.2Mt @ 1.4% Li2O and 170ppm Ta2O5 released in September 2018. 80% of the Mineral Resource is classified as Measured or Indicated. An updated PFS, based on the latest MRE, is well advanced and scheduled for completion in Q4 2020. The updated PFS will incorporate a number of key criteria with the potential to significantly improve future operability and economic returns for the Kathleen Valley Project, including: Early scheduling of high-grade portions of the MRE through underground and optimised open pit mining; Adopting a simpler Whole-of—Ore Flotation (WOF) process flowsheet; and Inclusion of a tantalum (Ta205) concentration circuit.
Mt Marion Lithium Project achieved record production of 146,000 wmt and record shipments of 114,000 wmt of spodumene concentrate during the quarter.
64.6Mt @ 1.49% Li2O for 0.96Mt Li2O Measured and Indicated resource; Measured and Indicated Mineral Resources increased by 48%; Global Resource increased by 6% to 109Mt @1.45% Li2O; Measured Mineral Resources established for the first time; Increase in M&I resource expected to flow through to Ore Reserve estimate; Significant potential remains to further increase Mineral Resources at Goulamina in the Danaya and Sangar domains; Ore reserve estimation and mine design in progress.
Goulamina Lithium Project Exceptional Drilling results complete the COVID delayed RC drilling programme at Goulamina. New Mineral Resource Estimate delivers maiden Measured Resource, increases both global Mineral Resource and Measured and Indicated Resources. Initial pit optimisations utilising the new Resource Estimate indicate potential for material increase in Ore Reserves. Results of the Goulamina Definitive Feasibility Study will be published in August or September.
Extra Fast Charge results for unoptimised cells developed by Magnis Partner, Charge CCCV, LLC. (C4V), have yielded a potential game changer for electric vehicle manufacturers. Over 85% charge achieved in 6 minutes. Potential ability to shorten the charging times and thus enabling operational flexibility for EVs, convenience to EV consumers, and potential increase in run time for in—service EVs. Low cost and sustainable processes are ethically aligned with the use of such designs as requested by EV manufacturers.
iM3NY completed major milestones relating to its New York Battery Plant, with detailed engineering of plant, process optimisation, cost estimation and facility design works. Graphite from the Nachu Graphite Project in Tanzania, generated interest from major players in the Lithium—ion Battery [LIB] industry, while ongoing metallurgical work continued to yield market leading results. Nachu Project +99% purity flake graphite from the proposed mine processing plant deemed a high value product, only matched in the graphite industry through high cost downstream purification. Magnis completed the transaction to increase its shareholding in the iM3 New York [iM3NY] Battery Plant to a direct holding of 53.39%.
New York State Energy Research and Development Authority ["NYSERDA"] provides US$175,000 grant to demonstrate Extra Fast Charging Technology for public transit. Bus manufacturer BAE Systems [LON:BA] to match the grant with US$175,000 in resources. C4V will be producing and delivering its patented EFC batteries to be tested on BAE bus platform. New York power provider Consolidated Edison [NYSE:ED] and public transportation provider BC Transit also involved in the program.
At the date of this report no cases of COVID-19 have been recorded at Olaroz, Borax and corporate offices or sites. The Olaroz Lithium Facility (Olaroz) recommenced production on 9 April following a closure due to COVID-19 restrictions in late March. Despite lower operating rates, partly due to our Bio-security Protocol, cash cost of sales was the lowest achieved for three years at US$3,920/tonne. Market conditions and product pricing continued to be challenging with significantly reduced sales volume of 1,601 tonnes at a price of US$3,913/tonne. Work continues at the Naraha Lithium Hydroxide Plant (Naraha) while site operations at the Olaroz Stage 2 Expansion continue at a reduced pace clue to COVID-19 restrictions.
Bench-scale lithium hydroxide testwork has been successfully completed at SGS Canada. Testwork results compare favorably with current battery quality market specifications.
Completed a pre—feasibility study ("PFS") for Piedmont’s proposed lithium hydroxide chemical plant in Kings Mountain, North Carolina, USA. The PFS highlighted a business model where a Piedmont built and owned Chemical Plant would convert spodumene concentrate purchased on the global market to battery-grade lithium hydroxide. Completed an updated scoping study for Piedmont's integrated mine-to-hydroxide project. The mine-to-hydroxide project comprises a mine and concentrator producing spodumene concentrate which will be transported to Piedmont’s Chemical Plant and converted into battery-grade lithium hydroxide. The updated scoping study includes the results of the new Chemical Plant PFS. Completed additional metallurgical testwork to produce 120 kilograms of spodumene concentrate from core samples collected from the Piedmont Lithium Project. Concentrate qualities and recoveries were consistent with earlier testwork programs. Completed a bench-scale lithium hydroxide testwork program at SGS Canada, Inc. in Lakefield, Ontario which demonstrated conversion of Piedmont ore to battery-quality lithium hydroxide. Entered into a memorandum of understanding ("MOU") with Primero Group for the delivery of Piedmont’s planned spodumene concentrator on an engineer, procure, and construct ("EPC") basis, with Primero to contract operate the spodumene concentrator for a period of up to six years following construction. Concluded a definitive and exclusive marketing agreement for byproduct quartz, feldspar, and mica with Ion Carbon, a division of AMCI. The Company continues to advance offtake discussions for byproducts with quartz offtake discussions the most advanced. Appointed Mr. Austin Devaney as Vice President - Sales and Marketing. Mr. Devaney spent most of the past decade in senior marketing roles with Albemarle Corporation, most recently as Vice President, Strategic Marketing and Customer Excellence. Completed a U.S. public offering of 2,065,000 of its American Depositary Shares ("ADSs"), each representing 100 of its ordinary shares, including the exercise of the underwriters' over-allotment option, at an issue price of US$6.30 per ADS, to raise gross proceeds of US$13.0 million (~A$18.6 million). Piedmont has also received commitments from existing non-U.S. institutional and sophisticated shareholders and directors for 120,000,000 of its fully paid ordinary shares, at an issue price of A$0.09 per share (which equates to the same issue price of the Public Offering), to raise gross proceeds of A$10.8 million. Completion of the Private Placement is subject to shareholder approval.
PRODUCTION AND SALES Campaign mining and processing continued in response to soft market conditions. Production of 34,484 dry metric tonnes (dmt) of spodumene concentrate (March Quarter: 20,251 dmt). Spodumene concentrate shipments totalled 29,312 dmt (March Quarter: 33,729 dmt). Tantalite concentrate sales totalled 23,232 lbs (March Quarter: 33,970 lbs). With strong product recoveries continuing and increased plant run—time, unit cash operating cost trended towards the target of US$320-350/dmt CIF China. LITHIUM MARKET Positive market sentiment following introduction of post COVID-19 stimulus packages and incentives by various governments for the electric vehicle (EV) and renewable energy sectors and Tesla surpassing Toyota to become the world’s most valuable car company. Market signalling indicates lithium pricing may be approaching the bottom, with several investment banks and industry analysts forecasting a demand surge and price turnaround in 2021.
Binding commitments received for US$110M senior secured debt facility from leading international bank BNP Paribas and Australia’s specialist clean energy investor, the Clean Energy Finance Corporation - both long term supporters of Pilbara Minerals. Finance Facility will primarily be used to fund the early redemption of the existing US$100M Nordic Bond (Nordic Bond), which was used to support the financing of Stage 1 of the Pilgangoora Lithium—Tantalum Project in 2017. Additional binding commitment also received from BNP Paribas to renew the existing US$15M Working Capital Facility. Finance Facility will provide a substantial cost saving when compared to the Nordic Bond, with an average interest rate of ~5%, based on current market reference rates. Drawdown of the Finance Facility expected in the current quarter, subject to final documentation and customary conditions precedent. The continuing support of CEFC demonstrates the importance of lithium in the global transition towards clean energy technology. Pilbara Minerals to embark on a pathway to achieve net zero emissions (Scope 1 and 2) and disclose in line with the Task Force on Climate—related Financial Disclosures.
PepinNini Lithium Ltd is pleased to announce a review of recent beneficiation studies at the Salta Lithium Brine Project in Argentina, which delivered an exceptionally high-grade lithium concentrate. PepinNini is now planning, in the context of its overall portfolio of projects and funding priorities, to undertake the next stage of beneficiation studies involving laboratory bench test-scale studies to validate the high-grade stage one results.
Locked Cycle petalite flotation testwork successfully performed on Main Pegmatite ore; Petalite flotation is expected to significantly increase Arcadia’s life of mine uItra-Iow iron petalite recovery by over 94% compared to November 2019 DFS; Confirms high grade, ultra-low iron petalite concentrate (>4.1% Li2O, 0.02%-0.05% Fe2O3).
Renascor Resources Ltd is pleased to announce the results of a study assessing an integrated battery anode material operation for lithium-ion battery anodes. The Battery Anode Materlal Study confirms that the integration of a PSG processing operation with Renascor’s Siviour Graphite Project creates significant added value and aligns Renascor with end-users of PSG seeking supply chain security through the world’s first integrated, in-country mine and battery anode material operation outside of China.
Renascor’s recently completed Battery Anode Material Study confirmed that Siviour is able to produce Purified Spherical Graphite at amongst the lowest cost of any graphite development in the world. Independent purification tests have now confirmed the ability to process Siviour graphite into high-value Purified Spherical Graphite (PSG) through the more environmentally-friendly caustic roast purification method. Tests undertaken by German graphite specialist ProGraphite GmbH (ProGraphite) have successfully upgraded Siviour spheronised graphite into lithium-ion battery-grade, 99.97% carbon PSG using caustic roast purification technique. Renascor’s Battery Anode Material Study adopted caustic roast purification as a more sustainable alternative to producing Purified Spherical Graphite than the hydrofluoric acid method generally used in Chinese PSG operations. PSG is experiencing significant demand growth, with a forecasted annual growth rate of up to 29% per year through 20302. The test results validate Renascor’s plan to be a low-cost supplier of Purified Spherical Graphite in the first integrated in-country mine and battery anode materials operation outside of China. The results will be used to support continuing offtake and finance discussions.
Updated Mineral Ore Reserve estimate for Renascor’s 100%-owned Siviour Graphite Project in South Australia confirms it as the largest reported total Ore Reserve of graphite outside of Africa, and the second largest reported Proven Reserve of graphite in the world. Updated Ore Reserve estimate for the Siviour Project includes: Proven Reserves of 15.8Mt at 8.4% total graphitic carbon (TGC) for 1.3Mt of contained graphite; Probable Reserves of 35.8Mt at 6.9% TGC for 2.5Mt of contained graphite; Total Reserves of 51.5Mt at 7.4% TGC for 3.8Mt of contained graphite. The upgraded Ore Reserve provides additional confidence in the size and quality of the Siviour deposit as a consistent source of high-quality graphite supporting a mine life of 40+ years. The results further support onging offtake and finance discussions for Renascor’s integrated mine and battery anode material project.
Battery Anode Material Study confirms the value of integrating of a Purified Spherical Graphite processing operation with Renascor’s 100%-owned Siviour Graphite Project in South Australia. Key study findings include: World-class, low-OPEX project: By leveraging off the comparatively low-cost of Siviour Graphite Concentrates as feedstock for PSG production, and co-locating the downstream operation in Australia, study shows a globally competitive gross operating cost of US$1,989 per tonne of PSG. Compelling economics: Results of a combined mine and battery anode materials operation, include: Post-tax unleveraged NPV of A$713 million; Post-tax unleveraged IRR of 33%; Total start-up capital cost of A$204 million, consisting of A$114 million for the mine and concentrator and A$90 million for the battery anode operation; and Average annual EBITDA of A$156 million. Alignment with offtakers: Planned PSG production averaging 28,000 tonnes per annum aligns with positive feedback from potential offtake and finance partners seeking to diversify supply chain from China, which currently controls 100% of downstream processing capacity for converting Graphite Concentrates to PSG. Updated Mineral Ore Reserve estimate for Renascor’s 100%-owned Siviour Graphite Project in South Australia confirms it as the largest reported total Ore Reserve of graphite outside of Africa, and the second largest reported Proven Reserve of graphite in the world. Independent purification tests by German graphite specialist ProGraphite GmbH confirm the ability to process Siviour graphite into high-value PSG through the more environmentally-friendly caustic roast purification method. Renascor engages European investment bank ABG Sundal Collier to assist in the proposed debt financing for the vertically integrated Siviour Graphite Concentrate and Battery Anode Material operation. Cash position of approximately $1.9m as of 30 June 2020.
Momentum builds for Sayona’s bid for North American Lithium (NAL), amid transformation of broader Québec lithium sector and Government support for industry’s development. Authier Lithium Project’s approval process on track, with no ‘show stoppers’ in EIS feedback from Ministry of the Environment and the Fight against Climate Change. In Western Australia, Sayona advancing lithium and gold exploration portfolio under earn-in agreement with Altura Mining. Investors support Sayona’s growth strategy, with renounceable rights issue securing A$2.57 million and subsequent heavily oversubscribed placement of shortfall raising A$2.75 million in the face of extreme market volatility; early close-out of Obsidian Global convertible securities facility.
COMMERCIAL and PRODUCT DEVELOPMENT Battery anode agreement with Farasis Energy; Talnode®-C customer interest exceed 300% of planned annual production; Forecast demand drive consideration of significant anode capacity expansion in Niska Scoping Study; Talga in Bentley Motors electric drive project. MINERAL PROJECT DEVELOPMENT and EXPLORATION Swedish National Interest supports Vittangi Graphite Project development; Full scale (Stage 2) mining applications submitted for Vittangi Anode Project; Stage 1 feasibility studies set for completion. CORPORATE and INVESTOR RELATIONS Talga graphene and battery anode webinar participation; COVID-19 measures continue; Cash balance of A$5.1 million as at 30 June 2020.
Investment agreement signed with EU—backed EIT InnoEnergy for staged cash investments into Vulcan, with initial tranche valued at A$O.51/share, equivalent to the 15—day VWAP and at an 8.5% premium to 30—day VWAP, subject to shareholder approval; Direct investment by EIT InnoEnergy marks a vote of confidence in the Vulcan Zero Carbon Lithium Project by a prominent EU—backed body mandated to lead the European Battery Alliance; This follows Vulcan recently announcing a separate agreement with EIT InnoEnergy to assist with securing future large—scale project development funding, including from public sources, and to assist with fast—tracking project approvals; Investment to be used by Vulcan towards its Pre—Feasibility Study programme.
Vulcan continued its momentum by commencing a Pre—Peasibility Study (PPS) on its globally unique Zero Carbon LithiumTM Project. Lithium extraction testwork was commenced as part of the PPS, with initial results to be reported imminently.; Agreement to acquire an existing package of seismic data was signed, to accelerate project development and save costs.; The Company is targeting completion of its PPS by end 2020, on schedule, with minimal COVID—19 related disruption. Vulcan’s team was bolstered by the following key Board and Senior Executive appointments: Lithium chemistry expert Dr. Katharina Gerber.; Strategic communications and ESG investment expert Ranya Alkadamani.; Engineering experts Dr. Thomas Aicher and Stefan Trummer. Vulcan ensured it is fully funded for its PPS by completion of: Oversubscribed $4.8m institutional and ESG investor equity placement, and; Agreement for a direct investment by EU—backed EIT InnoEnergy, both at a premium to 30—day VWAP.; Vulcan is now well-funded with cash of $6.4m at 30 June. EU—backing: Vulcan expects its Zero Carbon Lithium Project to be a key part of the EU’s plans for battery supply chain independence, as well as efforts to be climate neutral by 2050.; Vulcan presented to European Commission Vice President Maros Sefcovic and the European Investment Bank.; Vulcan subsequently announced an agreement with EU-backed EIT InnoEnergy to assist with project development.
from Twitter...@backstroke_: Japan lithium imports including June, recovery continues. Hydroxide leading the way, big growth phase ahead. Topical, big jump for Russia. Comparison with Korea.
@robertbaylis: Sadly lithium prices have been this low (in fact in 2000 prices were 40% lower than $ORE Q2 price in 2020$ terms), and 2006 (correct answer) was the last time they were below US$4,000/t (or 2005 in 2020$ terms). But that was the past, @Roskill_Info expects a recovery in 2021/22.
@sdmoores: From 146 to 158 Battery Megafactories / Gigafactories in one month. The biggest monthly increase on new super sized EV battery plants since @benchmarkmin started collecting the data in 2015. The global battery arms race ramps up.
@hjesanderson: Rio Tinto advances Jadar lithium project, says it has "the potential to supply the world with a significant amount of end-industrial products for lithium batteries for electric vehicles and energy storage facilities."
@BillJohnstonMLA: It was great to officially launch the WA Recovery Plan with the Premier today at CPS National. The plan includes a $66.3 million renewable energy technologies package to help kickstart our State’s economy and create jobs.
@sdmoores: Herbert Diess, @VWGroup “Elon Musk delivers results many didn't think possible. Tesla shows electric cars can be profitable.... and will drive through Corona crisis without a loss quarter. It confirms that in 5-10 yrs most valuable company will be a mobility co – Tesla Apple, VW”
@andyleyland1: NCA and NCM have a greater cost sensitivity to nickel than lithium, but it’s not yet a “battery market” at only ~5% of global demand (rapidly increasing to 50%)
@D_Jimenez_Sch: For USD 36.5 k, 605 km autonomy. This with an LFP (Li2CO3 made) battery. @BYDCompany is opening a route that challenges general notion that EV batteries will evolve to High Ni (LiOH made) cells. CATL and @VWGroup have made moves in that direction as well.
The UK government has ambitions to increase EV uptake and recently announced plans to move the end of the sale of new petrol and diesel cars to 2035. ???? Shell applauds this but believes it could be brought forward to 2030 to make sure the UK meets the 2050 netzero target.
@lithiumforum: The EV subsidies in Europe are definitely working. Sales of Renault’s all-electric Zoe car jumped 38% in the first half. Leading to the question: Can battery makers supply enough cells?
Volkswagen will make electric vehicle production the centre of its post-pandemic strategy in China as the world’s largest carmaker forecasted sales in the second half of the year would hit a similar level to 2019.
LG Chem says it has Won150tn ($125bn) worth of orders that will keep it busy for the next five years and help the world’s largest electric vehicle battery maker ride out the coronavirus pandemic.
@backstroke_: SK lithium import stats for Jun, highest volume month since Jan'19 anomaly. Q2 Y/Y CO3 volume is down 29%, OH up 65%. 3-month moving average trending up, see chart. Split in '19 62% / 38%, '20 trend projection 42% / 58%.
@JoseLazuen: 3rd carmaker to acquire a stake in a battery maker. Supply chain control increasingly important as EV sales grow.
@Simenrs88: Norway's most trafficked ferry lane just got the go-ahead for charging on both sides and 3 electric ferries. The lane is about 10km and transports 1,8 million vehicles and 3,7 passengers every year. Estimated saving of 6 million liters of diesel every year
@BillJohnstonMLA: WA is the best place to establish a battery manufacturing facility, Future Batteries Industries Co-operative Research Centre report finds.
@colinmckerrache: Stimulus programs also having an impact on the outlook, but I think Europe will run out of EV supply before it runs out of demand this year anyway. Automakers will push orders into 2021 when they have to stop excluding their worst 5% of vehicles from their fleet CO2 calculations.
@colinmckerrache: We just upped our 2020 EV forecast from 1.7m to 1.9-2m. Our last forecast didn't have full April and May data when we made it and as some pointed out, we were undershooting Europe in our base case. Europe now heading closer to our optimistic scenario, other regions on track.