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Quarterly Activities/Appendix 5B Cash Flow Report
Mergers and acquisitions are increasingly prevalent in the lithium sector, highlighted by Rio Tinto’s recent acquisition of Arcadium Lithium for a staggering US$6.7 billion in March 2025. This strategic move firmly positions Rio Tinto at the forefront of the global lithium market, expanding its resource base significantly.
In Chile, the lithium landscape is evolving with the government’s announcement of a National Lithium Strategy. This initiative opens up twelve priority areas for public-private partnerships, aimed at maximizing lithium production and collaborating with the private sector for operational contracts.
Investors in lithium must stay vigilant as the market continues to transform. Below is an overview of the leading lithium-producing companies based on market capitalization, as of April 4, 2025.
Major Players in the Lithium Market
1. Rio Tinto (ASX: RIO, NYSE: RIO, LSE: RIO)
- Market Cap: US$99.83 billion
- Share Price: AU$112.70
Rio Tinto, traditionally a leader in iron and copper, has significantly augmented its lithium portfolio. The acquisition of Arcadium Lithium—resulting from the merger of Allkem and Livent—marks a crucial milestone for the company. Rio Tinto plans to boost its lithium carbonate equivalent production capacity to over 200,000 metric tons annually by 2028. The company is also in discussions to develop the Roche Dure lithium deposit in the Democratic Republic of Congo, further enhancing its global lithium footprint.
2. SQM (NYSE: SQM)
- Market Cap: US$10.93 billion
- Share Price: US$37.05
SQM has been a long-term leader in lithium production from its operations in Chile, sourcing brine from the Salar de Atacama. Despite some uncertainty regarding Chile’s new lithium strategy, SQM’s ongoing contracts, which are valid until 2030, remain secure. The recent joint venture with state-owned Codelco to enhance production starting in 2031 positions SQM favorably against emerging competitors.
3. Ganfeng Lithium (OTC Pink: GNENF, SZSE: 002460, HKEX: 1772)
- Market Cap: US$7.5 billion
- Share Price: US$2.51
Ganfeng Lithium, a relatively new entrant in the sector, has swiftly emerged as a global leader by diversifying its investments, including key projects in Argentina and Australia. Significant production capabilities include the Mariana project in Argentina and a controlling interest in Bacanora Lithium in Mexico. Ganfeng has forged supply agreements with prominent companies like Tesla and BMW, underscoring its strategic market position.
4. Albemarle (NYSE: ALB)
- Market Cap: US$6.92 billion
- Share Price: US$58.88
Albemarle is increasingly focusing on lithium through its Energy Storage unit. With production facilities spread across Chile, Australia, and the United States, the company is advancing its technology initiatives. The US government has recognized Albemarle’s efforts, awarding funding to support domestic lithium production.
5. Tianqi Lithium (SZSE: 002466, HKEX: 9696)
- Market Cap: US$6.61 billion
- Share Price: 30.26 Chinese Yuan
Tianqi Lithium maintains its status as the largest hard-rock lithium producer globally. Its collaborative ventures, especially in Australia, continue to fuel growth, although recent economic challenges have stalled some expansion projects.
6. PLS (ASX: PLS, OTC Pink: PILBF)
- Market Cap: US$2.92 billion
- Share Price: AU$2.92
PLS operates the Pilgangoora lithium-tantalum asset and has recently focused on sustainable processing technologies. Expansion efforts are underway, including partnerships to develop a midstream processing facility to enhance resource efficiency.
7. Mineral Resources (ASX: MIN, OTC Pink: MALRF)
- Market Cap: US$2.59 billion
- Share Price: AU$18.95
Mineral Resources has two main joint ventures with Ganfeng and Albemarle, giving them access to notable lithium production capacities. Although faced with lower demand, the company optimized its output to navigate market fluctuations and sustain profitability.
Frequently Asked Questions About Lithium
Is lithium a metal?
Yes, lithium is a soft, silvery-white metal essential in various applications, particularly in lithium-ion batteries, which power many modern technologies.
How much lithium is available globally?
Lithium is the 33rd most abundant element, with estimated global resources of 115 million metric tons.
What are the main production methods?
Lithium is extracted from hard-rock deposits and evaporated brines. The largest producers currently operate in Australia, Chile, and China.
Who are the top lithium-producing countries?
Australia leads in lithium production, followed by Chile and China.
Conclusion
The lithium industry is characterized by rapid changes, driven by strategic mergers and dynamic market forces. The companies highlighted above exemplify the global race to secure lithium resources, paving the way for advancements in electric vehicle technology and renewable energy. As investment in this sector grows, understanding the evolving landscape will be crucial for stakeholders seeking opportunities in this pivotal market. Follow updates for the latest insights and developments in the lithium sector.