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Livent Explores Lithium Development Opportunities in Canada

Charlie Brooks

Nov 04, 2022 14:51

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Livent (NYSE:LTHM) Corp, a lithium producer, is investigating acquisitions in Canada and other countries to enhance production and processing of the metal used to make electric car batteries, according to the company's CEO.


Livent, one of the world's largest makers of the metal, has global expansion plans that include Canada. Nonetheless, the company desires to grow in order to meet the increasing demand of the electric vehicle (EV) and renewable energy industries.


In an interview on Thursday, Paul Graves, the chief executive officer of Livent, noted, "Canada is an integral part of our expanding capacity." "We have to get bigger. We can't just sit still."


Last month, Sarah Maryssael was named the company's chief strategy officer to pursue potential lithium deals abroad. Maryssael was recruited by Livent from Tesla (NASDAQ:TSLA) Inc, where she oversaw the procurement of lithium, cobalt, and nickel.


This week, Livent reported quarterly earnings that surpassed expectations and raised the midpoint of its annual forecast, while lowering the upper end of the forecast due to inflation concerns.


Livent has developed gradually in Canada since forming a joint venture in 2020 to acquire the Nemaska lithium project in Quebec, which is expected to open in 2025 and produce 34,000 tonnes of lithium. Graves claimed that Nemaska could potentially produce 100,000 tonnes per year, but Livent will investigate more development opportunities in Canada.


According to Livent's CEO since 2018, Mr. Graves, the company is interested in transactions in Argentina, where it owns a lithium brine project, and Australia. He added that Livent would not acquire a lithium mine if surrounding processing facilities were insufficient.


General Motors Company (NYSE:GM), BMW, and Tesla are among Livent's most important clients.


In general, the Canadian government has encouraged EV mineral operations; however, on Wednesday it ordered three Chinese businesses to divest from crucial Canadian mining projects, citing national security concerns.

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