This Week's (10.27-10.31) Overseas Lithium Highlights [SMM New Energy Overseas Weekly Highlights]

[Liberia Replaces Mining Minister Amid US Investment Talks]

Liberia's President Joseph Boakai's office announced the replacement of the country's mining minister and the head of its top mining regulator, as the West African iron ore producer engages in talks with the US regarding investments in the critical minerals sector.

The new Minister of Mines is R. Martenokai Tinban, who previously served as Deputy Minister of Mines under former President Ellen Johnson Sirleaf.

Boakai's office stated in a declaration on Monday that the appointment of Tinban to succeed former minister Wilmot J.M. Paye is part of efforts to improve governance and efficiency, but provided no further details.

A separate announcement on Tuesday appointed a new head for the National Mining Regulatory Agency.

This personnel change comes as Liberia seeks to attract foreign investment into its mining sector. The country has recently identified deposits of minerals such as lithium, cobalt, manganese, and rare earths, which are crucial for electric vehicles and renewable energy technologies.

The US Department of State stated that US Secretary of State Marco Rubio met with Liberian Foreign Minister Sara Beysolow Nyanti in Washington on October 17 to discuss expanding US involvement in Liberia's mining sector.

Tinban will be responsible for leading this core department, assisting Liberia in advancing its plan to boost investor confidence under Boakai's "ARREST Agenda," which is a five-year national development strategy.

Boakai also appointed new deputy ministers for the Ministry of Mines and the Ministry of Education. Some appointments require Senate approval.

Iron ore remains Liberia's largest mineral export, with ArcelorMittal operating the largest mine and railway network in the country. However, gold has recently become a significant source of foreign exchange revenue.

Other participants in the mining sector include Ivanhoe Mines, Bisun Mining (a subsidiary of the Avesoro Group), MNG Gold, and Hummingbird Resources.

Source: mining.com

[Albemarle Aims to Raise $660 Million Through Catalyst Business Sale]

Albemarle Corp., the world's largest lithium producer, is scaling back its involvement in the refined catalyst business. With prices for this key battery metal remaining low, the company hopes to reduce debt and recoup funds.

According to a statement released on Monday, the Charlotte, North Carolina-based enterprise has agreed to sell Ketjen Corp. Albemarle sold a controlling stake in its refining catalyst solutions business to private equity firm KPS Capital Partners LP. Additionally, Albemarle will sell its 50% stake in the Eurecat joint venture to Axens SA.

These transactions are expected to generate approximately $660 million for Albemarle, which will be used to reduce debt and for other general corporate purposes. The company's core business—lithium—is currently facing persistent oversupply, which has squeezed corporate profit margins and prompted several producers to cut capacity.

Albemarle will retain a 49% stake in the refining catalyst business of Ketjen Corporation and will fully own Ketjen's performance catalyst business, including a plant located in Pasadena, Texas, US. Goldman Sachs acted as the exclusive financial advisor for both transactions, and law firm K&L Gates LLP served as Albemarle's legal advisor. The deals are expected to be completed in H1 2026.

Eurecat's core business includes spent catalyst regeneration and providing catalyst-related supporting services to the refining and petrochemical industries.

Over the past year, Albemarle's stock price has risen by 13%; as of Monday before regular trading opened, its share price dropped slightly.

Source: mining.com

[Rio Tinto Group CEO Intensifies Efforts to Streamline Business, Pushing Mining Giant to Optimize Operations]

Rio Tinto Group's new leader informed employees that the Group plans to adjust its extensive corporate structure, focusing on high-profit metal businesses, which will serve as a blueprint for creating a "more focused, leaner" operational model. However, he has not yet announced the long-awaited job cut plan.

In an internal memo, Chief Executive Officer Simon Trott stated that a business model built around aluminum, lithium, copper, and iron ore will help the Group "increase decision-making speed, improve decision quality, and achieve optimal performance." This adjustment will clarify departmental responsibilities, accelerate decision-making processes, and reduce low-value work. He did not specify cost-saving targets or the scale of layoffs, only indicating that "details will take time to finalize."

"The changes we are advancing are not incremental adjustments but fundamental changes," he wrote in the email, which has been disclosed to Bloomberg News. "We are relieving the burden on front-line teams and enhancing overall performance through transformation. This requires discipline and collective effort from all of us."

Trott, who previously headed Rio Tinto's largest business unit—iron ore—assumed the CEO position in August this year. It is widely believed that Rio Tinto Group (especially during the tenure of former CEO Jakob Stausholm) has become overly bureaucratic, and Trotter also faces pressure to streamline the enterprise after taking office. Analysts including Amos Fletcher of Barclays Plc pointed out in a report earlier this month that Rio Tinto's total workforce has increased by more than a quarter since 2020.

As part of an ongoing restructuring, Rio Tinto stated in another memo on Wednesday that Paul Graves, head of lithium operations, will step down.

Graves previously served as CEO of Arcadium Lithium Plc, which was acquired by Rio Tinto for $6.7 billion. As the lithium business unit merges with the aluminum business unit, Graves' scope of authority has been reduced. Jérôme Pécresse, previously considered a candidate for CEO, will now lead the larger, integrated business unit.

Pécresse revealed in the memo that Barbara Fochtmann, former Chief Operating Officer of Arcadium Lithium, will assume the role of Managing Director of Lithium Operations.

Rio Tinto has also recently made adjustments to its board, with four directors departing in early October.

A Rio Tinto Group spokesperson confirmed that the above emails were sent to employees but declined to comment further.

According to the annual report, as of the end of 2024, Rio Tinto Group's total workforce was close to 60,000.

Source: mining.com

[Frontier Lithium's PAK Project Selected for Ontario's "One Project, One Process" Framework, Becomes First Mining Approval Acceleration Project]

"One Project, One Process" is an important initiative by Ontario to optimize provincial approval processes and modernize advanced mineral development projects.

The "One Project, One Process" framework aims to reduce government review times for advanced exploration and mining development projects in Ontario by up to 50%, ensuring more timely and consistent approval decisions. By fostering deep collaboration among provincial departments, agencies, and Indigenous communities, the program promotes a coordinated and efficient regulatory model, supporting Ontario's Critical Minerals Strategy. Frontier Lithium's participation in this framework indicates that the company is prepared to responsibly advance its flagship project—the PAK lithium mine project (hereinafter referred to as the "PAK Project" or "the Project")—within this modernized system, facilitating a rapid transition from exploration to development while maintaining high standards of environmental management and Indigenous partnership.

The PAK Project is located in northwestern Ontario, within the traditional territory of Indigenous communities under the Anishinini legal system, involving the Deer Lake, Kiwetin, North Spirit Lake, and Sandy Lake First Nations. The project possesses high-grade, large-scale hard rock lithium resources and is a core component of Canada's critical mineral supply chain. This milestone event recognizes Frontier Lithium's long-standing commitment to responsible resource development and positions the PAK project as a model for "integrated sustainable project development."

The PAK project is expected to bring significant and lasting benefits to Northern Ontario. Preliminary results from an upcoming socio-economic study indicate that during the construction phase alone, the project is projected to generate up to CAD 1.5 billion in GDP, CAD 124 million in tax revenue, and create over 2,000 full-time jobs. Once operational, the project is expected to contribute CAD 182 million in annual GDP, CAD 11.6 million in annual tax revenue, and support nearly 1,000 long-term jobs; over the entire project life cycle, it is also projected to generate approximately CAD 2.4 billion in total corporate income and mining taxes. These benefits extend beyond the economic sphere—the project will also create development opportunities for Indigenous and local communities through employment, training, and infrastructure development, including the construction of all-weather access roads and workforce education programs.

Since commencing exploration at the PAK project in 2013, Frontier Lithium has conducted extensive economic and technical studies, deepened collaboration with Indigenous and local communities, and aligned the project development plan with provincial and federal government priorities. The company's vertical integration strategy, which includes a proposed lithium conversion facility in Thunder Bay, Ontario, aims to support a fully domestic sustainable supply chain "from mine to battery."

Trevor Walker, President and CEO of Frontier Lithium, stated: "We are very pleased to have the opportunity to participate in the 'One Project, One Process' initiative. Clarity and predictability in the approval process are key to unlocking investment potential, accelerating project timelines, and implementing Canada's Critical Minerals Strategy. This initiative represents a significant step forward for industry, government, and Indigenous communities."

Frontier Lithium's participation in the "One Project, One Process" framework aligns with Ontario's broader efforts to unlock Northern growth potential. The proposed expansion of the power transmission line between Dryden and Red Lake will enhance grid capacity, supporting the electrification of new mining projects like the PAK project while also aiding community development and clean energy adoption in the region. This infrastructure investment reflects a shared vision: achieving economic reconciliation, promoting regional sustainable development, and building a clean, electrified future for Northern Ontario.

About Frontier Lithium

Frontier Lithium Inc. is a pre-production stage mining enterprise aiming to become a strategic, integrated supplier of high-quality spodumene concentrates and battery-grade lithium chemicals to North America's rapidly growing electric vehicle and energy storage system markets. The company's PAK lithium mine project boasts the largest land area and resource reserves in the high-quality lithium belt of the Great Lakes region in Ontario.

About the PAK Lithium Mine Project

The PAK lithium mine project is an integrated critical mineral development initiative in Ontario, dedicated to developing high-grade, large-scale lithium resources. The project is jointly operated by Frontier Lithium (holding a 92.5% stake) and Mitsubishi Corporation (holding a 7.5% stake), with simultaneous advancement of two core facilities: the mine and beneficiation plant located north of Red Lake in Ontario, and the downstream lithium conversion plant situated in Thunder Bay, Ontario. These two facilities are crucial for ensuring a domestic supply of lithium to support Canada's clean energy transition.

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