The Minerals Manhattan Project: Recent Episodes
Emily Hersh
The Manhattan Project allowed the US to defeat Nazi Germany. Project Apollo put a person on the moon and hastened the defeat of the Soviet Union. Today, western supply chains are more vulnerable to China than you probably realize. Does the US want to stay a Superpower?Welcome to the Minerals Manhattan Project - I’m your host Emily Hersh.
Emily sits down with Benchmark Mineral Intelligence founder and CEO Simon Moores during their annual flagship event. Simon looks back at Benchmark's journey over the last few years culminating with Arnold Schwarzenegger opening this year's Benchmark Week.
Emily and Simon discuss entrepreneurship, Benchmark's role in the energy transition, critical minerals creeping into the mainstream conversation, EVs, AI and their love of 50 Cent's Get Rich or Die Tryin'.
Simon Moores is a British businessman and entrepreneur, specializing in the lithium ion battery and electric vehicle industry.
He is founder and CEO of Benchmark Mineral Intelligence, an independent market intel and price reporting agency for the lithium ion battery to EV supply chain.
He has testified to the US Senate three times, in 2017, 2019 and 2020, where he was focused on the impact of critical mineral supply chains in the wake of the rise of energy storage and electric vehicles, and outlined the percentage of global capacity controlled by the US at each stage of the lithium ion battery supply chain, with the answer for most being zero.
Benchmark sets the lithium industry’s benchmark pricing as well as for cobalt, graphite, nickel and battery cells.
Benchmark Mineral Intelligence
https://www.benchmarkminerals.com/
Simon Moores
LinkedIn
https://uk.linkedin.com/in/simon-moores-b0661418
Twitter/X
@sdmoores
In this episode, we explore the world of direct lithium extraction (DLE) and follow the remarkable journey of E3 Lithium.
We delve into the ever-evolving landscape of DLE technology, spotlighting the revolutionary use of "magical beads" for selectively extracting lithium from brine solutions. Joining us is Chris Doornbos, CEO of E3 Lithium, as we dissect the shift in DLE methods driven by factors like efficient loading, rapid kinetics, and effective stripping techniques.
Our conversation delves into the intricacies of DLE technology, contrasting ion exchange with absorption methods, and unraveling the significance of pH and chemistry in achieving selectivity. We also address the economic and practical challenges in scaling up DLE technology, underlining the importance of experimental data and the industry's transition from research projects to commercialization.
Going beyond DLE, we discuss the broader context of the lithium industry, especially its role in the ascendancy of electric vehicles and the escalating demand for efficient and cost-effective lithium extraction methods. Join us for an enlightening exploration of these critical topics.
Chris is the Founder, CEO and Director of E3 Lithium, listed on the TSX Venture Exchange (TSXV: ETL). He is innovator and entrepreneur, an aviator and a founder of emerging ideas and technology. He is passionate about collaboration and progressing innovation. Chris has a broad range of experience in capital raising and M&A. At E3 Lithium, Chris emphasizes risk management, developing and managing an exceptional technical team and well-strategized project development; with a clear focus on creating and capturing value for shareholders. Chris has successfully led E3 Lithium from the foundation of a private company with a handful of permits to what is now a public company with a global scale lithium resource and an industry leading innovative extraction technology. Chris is a co-founder of the Battery Metals Association of Canada and the formerly Chair of the Canada ISO mirror committee for TC333 (lithium standards).
Previously, Chris was the CEO of Revere Development Corp and VP Exploration of MinQuest. He has held a variety of technical positions with mineral and oil/gas development companies including Avalon Minerals (AUS), Suncor, Petro-Canada, Meridian Minerals and NovaGold Corp.
E3 Lithium
https://www.e3lithium.ca/
LinkedIn
https://ca.linkedin.com/in/chrisdoornbos
Twitter
https://twitter.com/ChrisJdoornbos
Understanding the conditions that led to the formation of lithium deposits is critically important to:
· Finding new lithium deposits
· Finding the highest grade parts of these discoveries
· Figuring out how to process the lithium out
Dr. Tom Benson is the VP of Global Exploration for Lithium Americas and he is a leader in figuring out lithium geology. He authored a scientific paper on the lithium resources of the McDermitt Caldera. What quickly followed were hundreds of articles celebrating the discovery of world’s largest lithium resource in a US supervolcano in sources that range from
- The Atlantic
https://www.theatlantic.com/technology/archive/2023/09/nevada-lithium-geopolitics/675325/ - New York Post
https://nypost.com/2023/09/11/lithium-deposit-found-in-us-mcdermitt-caldera/) - The Daily Mail
https://www.dailymail.co.uk/sciencetech/article-12504841/Worlds-largest-lithium-deposit-McDermitt-Caldera-US.html
Tom joins Minerals Manhattan Podcast for an in-depth conversation on his paper in Scientific Advances (https://www.science.org/doi/10.1126/sciadv.adh8183) to explain how all that lithium got there in the first place, why it is so concentrated, and what that means for a world hungry for lithium to power EVs.
He gives us a Reader’s Digest version of what clays are, starting with the two main ways in which clays form – physical detrital weathering vs. neoformation in water – and getting to the key point that the clays in the McDermitt Caldera are neoformed authigenic smectites due to the high magnesium/aluminium ratios, meaning they formed in an alkaline lake environment. These high magnesium smectites have lithium concentrations up to 5000 ppm.
Tom then explains the illitization enrichment process that leads to the highest lithium concentrations of up to 12,000 ppm, and how in the case of the McDermitt Caldera this concentration occurred under high temperature rather than high pressure, which is what allows this deposit to occur so close to the surface. He explains where the lithium occurs inside these clay minerals or between the sheets.
Tom finishes up with an explanation of the split between Lithium Americas and Lithium Argentina, and why he’s lucky to be working with a team who understands the long term value created by fundamental science.
Get more Tom:
https://www.tombenson.rocks/
https://twitter.com/thomasrbenson
https://www.linkedin.com/in/thomasrbenson/
Dr. Benson received his Ph.D. in volcanology from Stanford University in 2017 for his research on global lithium resources associated with large magma chambers. His research has gained international acclaim, appearing in peer-reviewed publications such as Science and Nature, and covered in a wide variety of media outlets from The Atlantic to Fox News and NPR. Prior to his current position as Vice President of Global Exploration at Lithium Argentina, Dr. Benson was Vice President of Global Exploration at Lithium Americas, Adjunct Assistant Professor at New York University, Research Associate at the American Museum of Natural History, Visiting Scholar at Columbia University, Fulbright Scholar in at the Iceland GeoSurvey, Research Associate at MIT, and undergraduate at Harvard U
A special episode with a true lithium legend. In his first ever podcast, Emily sits down with the Lithium Godfather himself, Dr. John Burba.
They explore Dr. Burba's storied career from Dow Chemicals to FMC/Livent to Simbol and Molycorp. Incredible career milestones including developing patents and processes to make adsorbant materials and the development of the first ever commercial direct lithium extraction (DLE) plant in Argentina.
Episode highlights include Emily getting a lesson in solvent extraction, John himself admitting that he continues to fail at retirement, his story dealing with Elon Musk and Tesla, and what it takes to build a large scale lithium extraction plant.
Dr. John Burba is a physical chemist and a world-renowned pioneer in lithium and other mineral extraction technologies. His more than 40-year career features a number of lithium brine projects in North and South America, notably with Dow Chemical Co., FMC Corp., and Chemtura Corp. Most recently, Dr. Burba served as CEO of Simbol materials, a company focused on the recovery of lithium from geothermal brines in Southern California. Under his leadership, Simbol successfully developed a proprietary process capable of producing low-cost, high-purity lithium products from brines that were previously believed to be too high in contaminants to be economically processed. Dr. Burba also recently served as CTO and Executive VP of Molycorp Inc., where he was instrumental in identifying and developing numerous rare earths technologies as part for the Project Phoenix re-development of the Mountain Pass facilities. Dr. Burba received a Bachelor of Science in Chemistry and completed doctoral studies in Physical Chemistry at Baylor University.
LinkedIn
https://www.linkedin.com/in/john-burba-b7251a1/
Website
https://www.ibatterymetals.com/
Emily is joined by Chris Berry where in this insightful podcast episode, Chris sheds light on the intricacies of the lithium industry's pricing mechanisms, the significance of transparency, and the interplay between market dynamics and the trajectory of the spodumene market.
Chris's insights offer a comprehensive understanding of the lithium industry's ongoing transformation, including the involvement of oil and gas companies, the dynamics of battery recycling and second-life usage, and the complexities of battery ownership and responsibility. His expertise sheds light on the critical factors shaping the industry's future trajectory and highlights the significance of aligning different stakeholders' interests for a sustainable and efficient supply chain.
Episode Highlights
Lithium and Spodumene Pricing
Oil and Gas Industry's Engagement in Lithium
Battery Recycling and Second Life
End-of-Life Battery Responsibility
Chris Berry
Based in Washington DC, Chris has been an independent analyst for the past thirteen years with a focus on battery metals supply chains including lithium, cobalt, graphite, nickel, copper, vanadium, and rare earths. His work supports a roster of global clients including investors, mining companies, oil and gas companies, and EV manufacturers across six continents.
His advisory work has a specific focus on how battery metals supply chains are evolving to create opportunities and threats during the energy transition in the coming decades. Aside from traditional supply, demand and pricing analysis, his recent work has focused on battery recycling, alternative extraction technologies, and how battery metals will play an increasingly strategic role in geopolitical and supply chain realignment.
Before shifting focus to analysis of these trends, Chris gained twelve years of capital markets experience on both the buy side and sell side.
He has visited and performed economic analysis of metals deposits on six continents and has been featured in multiple media outlets including the Financial Times, The Wall Street Journal, Bloomberg, NPR, the South China Morning Post, Al Jazeera and CNN International.
Chris holds a Master of Business Administration in finance with an international focus from Fordham University, and a Bachelor of Arts in international studies from The Virginia Military Institute.
LinkedIn
https://www.linkedin.com/in/chris-berry-6726657/
Chris's PodcastThe Power Current with Chris Berry
House Mountain Partners
http://www.discoveryinvesting.com/
Twitter
@cberry1
Emily is joined by Todd Malan of Talon Metals and they dive into what is shaping, moving and shaking industrial policy in Washington DC. They discuss what's happening to supply chains as we move from a fossil fuel centered energy system to a minerals centered energy system. As Emily and Todd explore the nuances of this transition, they share captivating insights from dual perspectives: that of an investor and a project developer. The conversation zeroes in on key legislative initiatives, including the Inflation Reduction Act (IRA) and the Clean Vehicle Credit under Section 30D. Uncover how these policies are propelling the nation towards cleaner energy solutions and what their implications are for both the environment and the economy.
The duo also uncovers the critical role of supply chain security in this new era of energy transformation. From discussions on carbon mineralization to the significance of critical minerals, they shed light on the dynamic interplay between technology, innovation, and sustainability.
Episode Highlights
Inflation Reduction Act
Section 30D - Clean Vehicle Credit
The Transition to Cleaner Sources of Energy
Supply Chain Security
Critical Minerals
Todd Malan
Todd Malan is Chief External Affairs Officer & Head of Climate Strategy at Talon Metals, a new generation mineral resource company focused on discovery and development of high-grade nickel deposits in the Lake Superior region of the United States. Malan has responsibility for the company’s interaction with governments, tribal sovereign governments, media, investors, off-take partners and communities. Malan leads Talon’s climate innovation activities including carbon capture and storage via new approaches to mineralization, reducing operational emissions at sites, clean energy and customer partnerships. Malan previously led the Corporate Relations team for global mining and metals leader Rio Tinto in the Americas region and globally for the Rio Tinto Aluminum product group. Before joining the mining and metals sector, Malan was a Managing Director at Goldman Sachs. He is a graduate of the University of Washington in Seattle and studied at Birkbeck College at the University of London as a Hansard Scholar. Malan lives in Washington D.C. with his partner David DeSantis.
Todd Malan on LinkedIn
https://www.linkedin.com/in/todd-malan-9b901a1a7/
Emily is joined by Henry Sanderson for a fascinating conversation covering global battery supply chains, geopolitics in the mining sector and the companies that are moving and shaking the global EV market.
Henry Sanderson is the executive editor of Benchmark Mineral Intelligence, the leading provider of data and analysis on the electric vehicle supply chain. He previously worked as a reporter covering commodities for the Financial Times in London, and before that as a reporter for Bloomberg in Beijing. He is the author of Volt Rush: The Winners and Losers in the Race to Go Green, which was named a book of the week by The Observer, and one of the best science and environment books published in 2022 by The Times.
Henry's Personal Website
https://www.henrysanderson.net/
Henry's Acclaimed Book "Volt Rush: The Winners and Losers in the Race to Go Green"
https://oneworld-publications.com/work/volt-rush/?utm_source=Website
Benchmark Minerals
https://www.benchmarkminerals.com/
Get ready for an exhilarating episode as host and Luna Lithium CEO Emily Hersh sits down with her friend, mentor and business partner Mike Kobler.
Mike Kobler is the founder and former CEO of American Lithium, who discovered the Tonopah Lithium Project. He now runs Global Subsurface Strategies while also finding time to make incredible wine with Kobler Estate Winery.
In this candid interview, Mike shares invaluable lessons learned throughout his illustrious career in the mining industry, making it an unmissable episode for all mining enthusiasts!
🚀 Journey in the Lithium Space: From Engineering Tunnels to Nevada's Clay Stone Discovery
The episode kicks off with Mike Kobler's fascinating background from his early days as an engineer building tunnels, where a passion for geology eventually led him to the world of exploration and the lithium space.
🗺️ Nevada's Clay Stone Discovery - A Game Changer
One of the highlights of the episode is the revelation of Nevada's groundbreaking discovery of claystone with substantial lithium deposits in sediments.
Find out more about Mike Kobler
LinkedIn
https://www.linkedin.com/in/mike-kobler-30a6a629/
Canamera
http://www.canameranv.com/
Global Subsurface Strategies
https://globalsubsurface.com/
Kobler Estate Winery
https://koblerestatewinery.com/
Join host Emily Hersh and Mitra Chem CEO and Co-Founder Vivas Kumar as they cover topics such as Mitra Chem's core competencies of Speed, Focus and Scale and the changing dynamics between China and the US in the battery industry.
They discuss cathode chemistries and batteries as an energy storage technology, the Inflation Reduction Act, a US Manufacturing Boom and everything electrication and EVs. This culminates in what Emily calls the Battery Spiderweb.
Emily asks Vivas to make a bold prediction for the next 10 years
Vivas Kumar is the CEO and Co-Founder of Mitra Chem. He was previously at Tesla as a senior manager responsible for the global battery supply chain, and a Principal at Benchmark Mineral Intelligence. He earned a BS in electrical engineering from Rice University, and an MBA from the Stanford Graduate School of Business.
You can find out more about Vivas Kumar on his LinkedIn
https://www.linkedin.com/in/vivaswathkumar/
and his company Mitra Chem
https://www.mitrachem.com/
You can follow our host on twitter @LithiumEmily
Our host Emily Hersh and Roger Atkins discuss the polymetallic modules containing nickel, manganese, cobalt and copper that can be found on the ocean floor leading to the big question,
Are we going to mine the ocean floors?
The discussion gives an excellent background and overview of last 23 years with Western Countries and China and how we have arrived at the current state of the global battery arms race.
Are the same forces at play within western carmakers that publicly support the sustainable agenda, while in the background continuing to operate solely focused on profit?
The ocean floors will be mined, the question remains by whom and what will be the unintended consequences?
Roger Atkins – Biography
Roger has always enjoyed a challenge - which is perhaps why he's so actively involved in the EV revolution, something he's been busy with for almost 20 years in fact!
At the same time, he's built an engaged audience on Linkedin for his electric vehicle narrative, which now has a global following fast approaching 300,000 people. He's worked within established automotive OEM's as well as taking several leaps of faith at start-ups including virgincars, gibbs amphibians, and well over a decade ago, electric truck company Modec.
These days he's busy hosting or speaking at important industry events, as well as active advisory roles for a few companies including electric aircraft enterprise Zeroavia, Innovative Graphite processor Urbix Resources, the Fully Charged Show, and the non-profit Canadian organisation ‘Energy Disruptors’ amongst a few others
Follow Roger Atkins on LinkedIn @ https://www.linkedin.com/in/rogeratkins/
During the discussion various books, articles, talks and lectures were referenced which can be found below;
Benchmark Article on Senate Hearing Feb 2019
https://www.benchmarkminerals.com/blog-archive/benchmarks-minerals-simon-moores-warns-senate-us-a-bystander-in-battery-raw-materials/
Henry Sanderson – Volt Rush
https://amp.theguardian.com/books/2022/jul/17/volt-rush-by-henry-sanderson-review-winners-losers-in-the-race-to-go-green
Green Swans: The Coming Boom in Regenerative Capitalism – John Elkington
https://books.google.com.py/books/about/Green_Swans.html?id=KEkTyQEACAAJ&redir_esc=y
The Rules of Contagion: Why Things Spread--And Why They Stop
by Adam Kucharski
https://www.hachettebookgroup.com/titles/adam-kucharski/the-rules-of-contagion/9781541674332/?lens=basic-books
Did Tesla Battery Day leave you scratching your head?
If so, you're in good company - if you consider Emily Hersh good company that is.
Alex Grant, Principal of Jade Cove Partners returns to the Minerals Manhattan Project to talk through the article he co-wrote following the announcement that Elon Musk is planning to extract lithium from clay in Nevada using salt and water.
Alex explains the different mechanisms that could be plausible explanations for how this saline process could work, as well as some lithium clay basics.
For the full article, written by Alex Grant (Jade Cove Partners), Dr. Mike Whittaker (Lawrence Berkeley National Laboratory), and Dr. Aaron Celestian (Natural History Museum of Los Angeles):
https://www.linkedin.com/pulse/inside-teslas-lithium-clay-salt-extraction-process-alex-grant/?trackingId=fl2mJlJdTKCPoukBNrUC4w%3D%3D
Follow Alex on Twitter @alexjadecove
Read more of Alex's clever papers on his website: https://www.jadecove.com/
The Minerals Manhattan Project welcomes Teague Egan, Founder and CEO of Energy X.
As the world is steadfast in transitioning to sustainable energy, Energy Exploration Technologies Inc. (EnergyX) has a mission to power the future. Founded by serial entrepreneur, Teague Egan, and a team of the world’s leading scientists and sustainable energy veterans, EnergyX is creating revolutionary technology to support the shift to clean energy.
https://energyx.com/
@energyx
@teagueegan
How does someone go from being an astronaut to running the United States Geological Survey?
Jim Reilly, Director of the USGS, joins the Minerals Manhattan Project to explain the role of minerals in everyday life.
From coal to petroleum to critical minerals, Director Reilly takes us through how humanity has obtained energy has changed over the last 100 years. Renewable energy depends on critical minerals that have to be mined and processed.
Director Reilly explains how the USGS coordinates with states and other federal agencies to find and characterize critical mineral deposits, and his vision for the importance of mining to the future of energy. He also discusses the importance of recycling.
Director Reilly shares how the USGS coordinates with NASA to map the terrain on Mars to allow spacecraft to land.
Check out the USGS resources here - and see if there's a stream gauge near you!
https://www.usgs.gov/
https://trek.nasa.gov/mars/
Solid state lithium batteries were on everyone's minds last week following the announcement that Volkswagon-backed battery company QuantumScape was going public via a SPAC.
Emily Hersh, host of the Minerals Manhattan Project, virtually sits down with Doug Campbell to understand the context of solid state batteries in the race to electrify transportation.
We cover:
- The basics of solid state batteries
- Different kinds of solid state electrolytes
- What implications solid state batteries would have on mineral supply chains
- Doug's view on the QuantumScape SPAC deal
- "Anodeless"lithium metal batteries vs. lithium metal foil
- Challenges and timelines
A must listen episode leading up to Tesla's battery day next week
https://solidpowerbattery.com/
@dougcampbellSP
@SolidPowerInc
Howard Klein, aka the Lithium Ion Bull, joins your host Emily Hersh on the Minerals Manhattan Project to dissect how the emergence of a "New Nemaska" looks to the original retail investors.
Howard breaks down the bankruptcy process of the infamous Nemaska , as well as how Orion Mine Finance, Pallinghurst, and Investment Quebec finalized a structure to breathe new life - and money- into the now infamous Nemaska
Howard gives us a timeline from a rights issue offering through bondholder disputes, as well as how Softbank ended up losing 100 million dollars. Howard explains his opinion on how WeWork collapse peripherally influenced the implosion.
This provides a jumping off point to discuss how none of the debt for Nemaska ever went into the ground - and what that can teach equity investors about capital structures for early stage projects.
Howard also explains some of those stock terms like SPACs, and how platforms like Robinhood are bringing in a new generation of retail investors.
Howard answers the question, are there any stock movements that investors should watch out for?
@lithiumionbull
https://www.rkequity.com/rk-equity
Emily Hersh, host of the Minerals Manhattan Project, is joined by Simon Moores, CEO and founder of Benchmark Mineral Intelligence.
Simon and Emily chat about ExxonMobile going from the Dow's most valuable company to falling off the index, and what that means for when the critical minerals supply chain will catch up to supply the world's battery gigafactories.
We chat about the role of government in recovery from Covid, and Simon shares how Eminem's grammy speech inspired the show-stopping testimony he gave in front of the US Senate. In chatting about possible policy responses from the US Government, Emily suggests borrowing the portfolio approach taken by the pharmaceutical industry in developing a vaccine for Operation Warp Speed.
We go through a few rumors in the lithium market and catch up on where we think next year is headed.
To keep up with Simon, follow him on Twitter at @SDMoores and Benchmark Minerals at @benchmarkmin
Your host Emily Hersh of the Minerals Manhattan Project is joined by Cassandra Garrison, Argentina Correspondent for Reuters, to break down just exactly how the United States is planning to counter China's role as the investment bank for mining and infrastructure projects in Latin America.
Cassandra has recently published a series of articles focusing on the controversial nomination of hardliner Mauricio Claver-Carone to head the Inter American Development Bank, a role that has traditionally been filled by someone from Latin America.
Cassandra explains why Claver-Carone is controversial, and why the IADB (or BID by it's Spanish acronym) matters in the region despite limited lending capacity of roughly US $ 12 billion.
Cassandra puts the Claver-Carone controversy into context with the other US initiatives to bring supply chains closer to home, including a newly empowered Development Finance Corporation (DFC), the America Crece initiative, and others.
Cassandra breaks down the scope of China's investment in Latin America, and gives us an idea of what would be necessary from the United States to stack up to the famous Belt-and-Road initiative bankrolling infrastructure and mining projects in America's backyard.
https://www.reuters.com/article/us-mexico-idb-election/latam-calls-grow-louder-to-delay-regional-bank-vote-in-setback-for-trump-pick-idUSKCN2533AU
https://www.nytimes.com/reuters/2020/08/26/world/americas/26reuters-latam-usa-bank.html?searchResultPosition=7
@CassLGarrison
Emily Hersh and the The Minerals Manhattan Project catches up with Joe Bryan after his testimony before the United States Senate to understand why all the attention on critical minerals hasn't translated into more aggressive action within the US.
Joe shares his path from working with the US Navy to his current roles today in Washington DC, and how US military technology is increasingly reliant on batteries that have logistics support chains.
Batteries solve the logistics challenge presented by convoys that transport fuel in hostile territory by widening the range of power sources, and the shift in energy is impacting the US geopolitical position especially with China.
David Livingston, Senior Analyst with Eurasia Group joins the Minerals Manhattan Project to discuss how deeply China dominates critical mineral supply chains, and why that is a result of direct, strategic planning that has taken place over the past two decades.
David explains the different stages of supply chains that are dominated by Chinese actors as well as equity ownership via investment. He shares his views on how partisanship and short-term action have shaped US action in the past on these critical minerals supply chains.
@DLinDC
http://linkedin.com/in/davidlivingston2020
As the world moves towards an electric vehicle future, a great deal of attention has been given to the effects of mining and environmental impact of producing batteries. One major area of attention is what happens to these batteries at the end of life, and how to keep them from being thrown into the trash.
But what does recycling mean, and is it actually as environmentally friendly as we'd all like it to be?
Tim Johnston, the Co-Founder and Executive Chairman of Li-Cycle, joins the Minerals Manhattan Project to walk us through what it means to recycle a battery.
We talk about traditional and newer battery recycling processes and compare their waste streams, carbon emissions, and products they produce.
Tim explains how a battery comes apart into plastic, metals, and "black matter" - the active material in the battery - and what different recycling streams can be used to product new products.
Emily drills Tim on the economics of each step of the recycling process, from the plastics to the metals through the black mass active material for manufacturing new batteries. Tim describes the hydro-metallurgical process used by Li-Cycle to recover lithium, nickel, cobalt, and graphite ready to re-enter battery and other industrial processes.
Tesla has announced that Battery Day 2020 will happen September 22, and rumors of a "million mile battery" have dominated headlines.
But what exactly does a"million mile" battery mean? The Minerals Manhattan Project catches up with Sam Jaffe, Managing Partner of Cairn ERA to understand what Tesla's announcements mean for the battery industry.
Tesla's announcements matter for the entire battery ecosystem, who will be judged against where Tesla is.
Sam breaks down what $ per kwh means as a metric for battery costs, and why the magic US $100/kwh as a parity point with ICE vehicles is an oversimplification.
We discuss vertical integration vs. specialization, with Sam predicting that EV companies will not become fully integrated battery makers.
Sam shares what he sees as the most important technology developments within the battery (thicker electrodes), and what pack design is doing to improve energy density (cell-to-pack). We get into cathode chemistries and costs of raw materials, including the LFP vs high nickel debate.
If you want more Sam, you can follow him on twitter or check out his website:
@SamJaffe
A week ago, Alex Grant, Emily Hersh, Carlos Daniel Galli, Daniel Jimenez Schuster, Murray Brooker and chatted for two hours on the question, "Is lithium brine water?"
We discussed
- hydrogeology
- environmental impacts
- whose responsibility it is to ensure that a lithium brine project does not impact water availability for humans, animals, and other things which we value.
The consensus was that the lithium industry has done a poor job at communicating its water impacts. Also, that decades of hydrogeological data from operating projects should be leveraged to ensure that expansions and new projects don't create unacceptable environmental impacts. Scientific data is key for making these decisions and we need more of it.
We believe lithium brine operators should act more like a collaborative industry even if they are competitors. Together, these challenges may be addressable, and the water "question" hanging over brine operations could go away. If that doesn't happen, it could prevent South American brines from capturing much of the growth in the lithium market, which they have already failed to do in the 2010s. This wouldn't be a good outcome, since brines are a low CO2 emission source of #lithium chemicals.
If you'd like to read the summary, you can find it here:
https://www.jadecove.com/research/islithiumbrinewaterantiwebinar
Of all the battery metals, the cobalt supply chain has been under the most scrutiny due to illegal and unethical mining practices in the Democratic Republic of the Congo (DRC).
Trent Mell, the CEO of First Cobalt, joins the Minerals Manhattan Project to dispel some myths about the cobalt supply chain, and discuss the possibility of building up a battery quality cobalt chemical supply chain completely in North America.
Trent and Emily discuss the misconception that any cobalt sourced from the DRC is related to child labor or unethical practices. Trent explains why First Cobalt's strategy has focused on beginning with the advanced processing step and getting qualified into the battery supply chain first, and taking on the mining portion second.
We discuss how ESG and lifecycle analysis are changing what's expected of mining companies, and why Covid19 may accelerate the electrification of transportation and customers demands for understanding the supply chain.
We consider how buzzwords like blockchain simplify the complex process of a more holistic approach to responsible mining.
Trent Mell and First Cobalt are a leader in developing North America's ability to compete in battery metals and the battery supply chain.
Follow Trent Mell on Twitter here: https://twitter.com/TrentMell
Follow First Cobalt on Twitter here: https://twitter.com/FirstCobalt
What can we learn from islands? Especially in the age of virtual events and supply chain disruptions, quite a bit.
James Ellsmoor, Director at Island Innovation, joins the Minerals Manhattan Project to share lessons in sustainable development from islands.
Islands present an interesting case where electricity is sometimes orders of magnitude more expensive than other locations, even though income is lower. This theoretically provides an incentive to innovate more quickly, because high energy costs should make new technologies economically viable more quickly.
In practice though, islands are a case study in short term action that can be detrimental to the development of long term sustainability. Small populations make it difficult to deliver government services such a healthcare because of lack of scale. Food dependency and vulnerability to natural disasters are also weaknesses highlighted in the current environment.
James's experience bringing islands together via virtual summits has also come to be an in demand skill set in this age of seemingly endless zoom meetings and seminars. James shares the psychology behind creating a virtual summit that can allow participation and connection even from behind a screen.
Follow James on twitter @jellsmoor or get in touch with him about virtual summits here:
https://www.islandinnovation.co/summit/
Elena Piech is usually the production talent on the other side of the microphone, but for episode 10 of the Minerals Manhattan Project I sat down with her to talk about the advanced technology related to augmented and virtual reality.
Especially during this period of lockdown and quarantine, people are getting more and more accustomed to living greater parts of their lives online. Zoom has become a household name, and every person you know using a virtual background or filter has incorporated augmented reality into their daily lives.
Elena and I discuss the impacts that going virtual will have on multiple industries, especially on conferences and other events that are usually in person.
We talk through the physical supply chains for these advanced technologies, and how Covid19 actually disrupted the ability to get ahold of VR headsets. Elena shares her insight on why even technology-savvy people don't grasp that the metals and materials that make up their devices started in a mine.
A timely look at how the virtual world is becoming increasingly more important in our lives.
CEO of US Critical Minerals Jesse Edmondson joins the Minerals Manhattan Project from the heart of coal country in the southeast of the United States.
Jesse gets into why - despite the fact that the United States is a mineral rich country - there are few critical minerals mining projects active today.
As a geologist, Jesse walks us through the mineral exploration process from discovery through the decision to build a mine, and why it has lengthier timeline than those outside the industry appreciate. He puts critical minerals into context with the "all mining is coal mining" mentality that pervades the United States to explain why most mineral exploration - even in the United States - is undertaken by publicly listed Canadian or Australian companies.
Jesse explains the lack of federal regulation or oversight for mining in the United States, and how mineral rights and surface rights are related but impacted by history.
Critical minerals differ from traditional commodities because of an advanced processing step required to get them "technology ready," a hurdle that makes advancing new projects in the US challenging due to supply chain qualification processes.
For more Jesse Edmondson on Critical Minerals, the link below is Jesse giving a presentation in collaboration with the Payne Institute of the Colorado School of Mines and the Institute of the Americas
https://www.youtube.com/watch?v=fAnKl1f5kZ0&feature=youtu.be
Emily Hersh is joined by Hamutal Ben Bassat, the VP of Business Development at Nano One Materials Corp. Hamatul discusses the pendulum swing between full specialization at one extreme, and pure vertical integration at the other, and industries oscillate between the two at different points of history.
Hamutal uses the silicon chip industry and IBM's experience to show that companies face a conflict between increasing profit margin and maintaining control.
In the current battery and electric vehicle markets, this is a shift. Traditionally, Auto OEMs have been able to focus on the core competencies of the power train and design, but successfully been able to outsource manufacturing and leverage control while enjoying lower prices.
The rise of the EV is based on the battery, and OEMs have realized that they cannot afford to be so far removed from these supply chains without losing margins.
In a global economy without limitations like tariffs, taxes, and logistics, control isn't necessary and the pendulum swings to towards full specialization. At this point in history however, the pendulum is swinging the other way. Vertical integration driven by complex supply chains and a desire for control are driving EV battery supply chains.
Jeremy Martin is the VP for Energy and Sustainability at the Institute of the Americas. He joins the Minerals Manhattan Project to share his thoughts on the rising role of China in the Americas.
Jeremy tells the story of why the Institute of the Americas was founded, and the market-based private sector push to better the relationship between the role of commerce and economic development in communications.
We get how the Cold War and private sector influenced the relationship between the United States and Latin America, but tied into a new reality where low and negative oil prices have influenced both the United States and Argentina to enact anti-market policies to prop up the market.
Jeremy shares how populist leaders in Latin America like Mexico's AMLO play with terms like "neoliberalism" while implementing austerity. At the same time, the United States has turned inwards with anti-trade, anti-immigration rhetoric.
Emily challenges what she sees as a "capitalism on the way up, socialism on the way down" approach from policymakers in the United States, and Jeremy counters with the intersection of policymaking and politics. We discuss the sad reality that the current pandemic is destroying the idea of American exceptionalism and "values".
Pivoting to China, we discuss whether or not "China" has crept up as a major force in the Americas. Jeremy goes into the Belt and Road initiative, demonstrating the state directed push to invest in Latin American energy assets and infrastructure. In Latin America, China is playing the kind of long game that the United States is just not good at.
Jeremy gives his "hot take" on the relationship between multilateralism and leadership, and what it means as the United States pulls back from global leadership roles, emphasizing the rise of bilateralism. In the Americas, the concept of a just energy transition has a special weight because there are dependencies on oil and gas that can't be ignored.
We end the conversation discussing what Jeremy sees unfolding over the next decade, using the former fear of "peak oil" to demonstrate how much uncertainty really exists technologically.
Anthony Milewski, Chairman of Conic Metals, joins the Minerals Manhattan Project on a historic day: one day after oil prices went into negative territory.
We discuss the relationship between power and minerals, and the difference between the stock market and the real economy. While governments can print money and stimulate the economy with excess liquidity in financial assets, the phenomenon in oil shows that there is a dichotomy between the financial paper world and the real physical, tangible things that have to go somewhere.
Over the past decade, technical investment strategies have defined the stock market. Anthony describes how in a post 2008 world, risk management has moved money away from exposure to illiquid assets especially in periods of volatility, as well as into ETFs and algorithmic trading rather than active management.
In a COVID19 environment in a technically driven market, all assets become risk assets. This shift has hit mining companies more than other players, as large pools of passively managed, risk-intolerant capital can't provide the growth equity mining companies need. As Anthony puts it, for passively managed capital, "There's no one to call up."
Oil's dive into negative territory illustrates how risk is being quantified by the market - everyone wants liquidity at any cost, and fund managers want out at any cost. When you add leverage to the picture and the entire market grosses down, the de-levering process can cause the whole asset class to go down.
As central banks around the world jump in to backstop economies across the world, the relationship between currencies and commodities is going to come into focus. Anthony shares his thoughts on the USD as the global trade currency, and whether or not this will be a tipping point in unwinding US dollar hegemony. Linking that back to the US dollar, this ties into the geopolitics of large oil exporting nations tied to an unfriendly currency. When you consider the role of energy in mining a cryptocurrency like bitcoin, or mining gold, there are relationships between these activities.
We go into whether the outcome of COVID19 will be deflationary or inflationary, with Anthony making the case that technology is inherently deflationary, while printing money in the long term is inflationary. The unintended result of government intervention will be that people who are long financial assets will become richer, which will compound income distribution inequality and fuel populism.
And so - where are the opportunities? As things normalize, there will be runs on metals like copper or nickel where a supply crunch is inevitable due to time from discovery to mine. If we hit an inflationary cycle, commodities will all benefit, but they might not have hit their lows yet. Infrastructure spending will benefit copper, iron ore, and maybe even coal.
Saving the stock market is less a master plan and more of need to prop up a system, but will not in the long run benefit the majority of Americans.
Anthony sees further supply chain consolidation from China as financial actors in the United States continue to prioritize short term quarterly and annual goals rather than long term goals.
One of the bright young minds in the lithium extraction space gets into the nitty gritty of a hot technology topic: Direct Lithium Extraction (DLE) from lithium bearing brines.
Alex gets into how the DLE vs conventional debate is a myth, as there is no such thing as a "cut and paste" evaporation process that works across all lithium brines. In 2020, the case to separate the lithium directly from the brine is stronger than ever as lithium demand is growing at 15-20% per year, while the other byproducts are growing at GDP rates.
Alex uses his philosophy degree to walk us through the five different processes or technologies that make up a DLE toolkit, and how they work:
- Adsorption
- Ion Exchange
- Solvent Extraction
- Membranes
- Electrochemical
We discuss the addition of other reagents to brines, and the "golden rule" of DLE: you're not allowed to add any chemical or reagent that wasn't there before or it becomes contamination. In the same vein of conversation, we address how re-injection of brine could affect dilution and future recovery rates.
Alex shares how adapting geological techniques from the oil and gas industry can help improve modeling the behavior of brine resources over time, taking into account extraction and re-injection.
One of Alex's major touch points is that DLE is not new - FMC and Livent have been using an adsorptive DLE process for the better part of two decades. Alex gets into what is new - but how the process of going from the lab to scale requires time and is not straightforward.
The most important takeaway is that DLE processes are very project or brine specific - and the growth in the community of new technologies that are under development has created an innovative ecosystem.
Emily takes Alex on a trip down memory lane to the Qinghai brine story that was all the rage in 2018, and whether or not the lithium carbonate produced was lower quality and why. How much of quality is determined by brine feedstock vs. extraction technology? And how does dependence on brine quality change as your DLE toolkit becomes more developed.
Alex explains how size still matters with DLE, and that low grade and small resources are still not interesting projects despite the technology. DLE makes access to infrastructure more important as processes require additional energy and reagents.
We finish off by considering how COVID19 could promote more local supply chains, as well as unlock creativity in technology and help develop a nuanced approach to building our future.
Just a few months ago, solid state lithium metal batteries and innovative high nickel cathode materials were the talk of the battery town. The current crisis is accelerating some trends, but slowing others down.
Chloe Holzinger, one of the sharpest minds and analysts in the advanced lithium battery technology space, joins your host Emily Hersh to chat about lithium ion batteries in the wake of COVID 19, focusing on which trends have sped up and which have slowed down.
As companies enter a cash-constrained and risk averse environment, Chloe goes through the five major categories of players in the lithium ion battery supply chain:
- Feedstock
- Chemicals
- Cathode Makers
- Cell Manufacturing
- Battery Makers
The chain is being squeezed, or "wrung out" on both ends, speeding up the trend of consolidation in the cell manufacturing space and slowing down advances in cathode materials and solid state technology.
Chloe describes possible impacts on EV penetration from sustained low oil prices, including potential divergence between the United States and China or Europe. We touch on hydrogen and other fuel-based future energy technologies, Tesla, Rivian, and how without changing the conversation about climate change at the federal level, automakers forced to navigate state by state will have a hard time finding inroads for EVs.
In the app-based tech world, "mobility as a service" is going to slow down for quite a while, as people have no desire to get into a shared car with a stranger anytime soon. "Super apps" that provide consumers with services from tele-health to grocery delivery are already popular in Asia, and may find growing popularity in the US as social distancing continues - which will come with their own share of privacy concerns.
Dr. Edith Wilson is an energy geoscientist engaged in finding energy solutions for a changing world. Her career has spanned decades, and she is an expert in delivering the concept of renewables to an oil and gas audience. We discuss how and when "mission-driven purposes" devolved into groupthink window dressing. Dr. Wilson discusses how the current pandemic is illuminating the weaknesses in supply chains with a single supplier and single consumer.
We discuss the benefits of competition and collaboration, and how both are necessary to achieve efficient outcomes for the benefit of society.
In the past 10 years, the United States became the largest oil and gas producer in the world. Morgan Bazilian of the Payne Institute for Public Policy joins Emily Hersh to get into what lessons oil and gas has for minerals and mining in the United States. Besides being likely the most popular person in the clean energy policy world, Morgan helps understand how power and spheres of influence determine countries' approaches to energy security. Since China isn't an oil and gas produce, their approach to dominating those supply chains is different than for minerals and mining.
We discuss how social license to operate is inherently local, and how price transparence in critical minerals markets will eventually help liquidity and growth of the minerals needed to power the clean energy revolution.
Why does an Army combat veteran and former White House Intelligence Briefer care about about mineral supply chains?
Michelle DiGruttolo shares how her military background allows her to characterize risk into people, places, and power.
We discuss how the US has pulled back from globalization and global responsibilities, leaving voids that are increasingly filled by China.
If the currencies of the future are technology and information, secure critical minerals supply chains are more important now than ever as China seeks to establish 5G networks across the globe.
Don't miss the first episode of the Minerals Manhattan Project.