The stronger-for-longer lithium story is not exactly panning out as such, with a global oversupply emerging and the upbeat blue sky stories supplanted by tales of woe from the emerging producers. The same thing’s happening with that other wonder battery metal, graphite.
First, it tried to grab Lynas, now Wesfarmers has launched a $776 million takeover bid for the lithium miner Kidman Resources, in a deal that may have more chance of taking the owner of Bunnings and Kmart into the future of electric vehicles.
Doubts expressed by some big name investment banks and others that over-supply would kill off the lithium boom have been swept aside in fine fashion by Kidman (KDR) and the leading marque for electric vehicles and battery storage of renewable energy, Elon Musk’s Tesla.
Kidman Resources Limited (ASX: KDR) is pleased to advise that it has joined the ranks of ASX – listed gold producers with the first gold pour at its Burbanks mine near Coolgardie in WA where it is currently processing ore from the underground mine.