The Average Price of Spodumene Concentrate Stood Firmly at $5,000/mt

Lexus Korea has begun pre-orders for the 8th-generation All-New ES, marking the first time the ES lineup will include a battery electric vehicle (BEV) model. The new ES will be launched in South Korea on October 13, with both hybrid and BEV versions offered. The BEV lineup will include the front-wheel-drive ES 350e and all-wheel-drive ES 500e. The ES 350e has a certified combined driving range of 478 km on a single charge under South Korean standards, while the ES 500e features Lexus’ DIRECT4 all-wheel-drive system.

According to Trilogy Metals on September 11, the U.S. government has completed its previously announced US$35.6 million strategic equity investment, giving it an approximately 10% stake in the company. The proceeds will be used to advance exploration and development of the Upper Kobuk Mineral Projects (UKMP) in Alaska. The portfolio includes the high-grade Arctic polymetallic project and the Bornite copper-cobalt project, both being advanced by Ambler Metals, a joint venture between Trilogy Metals and South32. Bornite hosts copper and cobalt resources and forms part of the U.S. strategy to strengthen domestic critical mineral supply chains. Trilogy Metals said the investment will provide additional funding support for exploration, engineering studies and permitting activities. As the U.S. continues to promote domestic critical mineral development, government backing for the Bornite copper-cobalt project could accelerate the development of non-DRC cobalt resources in North America and improve supply diversification for key battery metals.

According to Reuters on September 11, Turkish energy and commodities trader BGN is seeking to expand its cobalt procurement activities in the Democratic Republic of Congo as it builds out its newly established metals trading business. Sources said BGN has held preliminary talks with local mining companies over long-term offtake agreements, although the potential suppliers have not been disclosed. The company may also be in discussions with the DRC government to explore purchases from state-backed artisanal cobalt buyer Entreprise Générale du Cobalt (EGC). BGN has been expanding its metals business, with a focus on copper, aluminum, cobalt and nickel, and has metals trading teams in Geneva, Singapore and Shanghai. If the proposed offtake agreements and potential EGC purchases are finalized, they would add another international buyer to the DRC cobalt supply chain and could further diversify the country’s cobalt sales channels and customer base.