Lithium refining is “a licence to print money” — Elon Musk

Elon Musk has called for more investment in global lithium refining to ease shortages in battery materials — and promised those who seize the opportunity it’s as lucrative as “basically minting money.”

“I’d like to once again urge entrepreneurs to enter the lithium refining business. The mining is relatively easy, the refining is much harder,” Tesla Inc.’s Chief Executive Officer Musk said on a Wednesday earnings call, adding there are software-like margins to be made in lithium processing.

China accounts for more than half of all existing lithium refining capacity, though suppliers are adding projects in other hubs. Tianqi Lithium Corp. delivered its first batch from a new Australian operation in May. Australia should aim to add more refining and manufacturing capacity to help the world meet surging demand for batteries, Tesla Chair Robyn Denholm said this week.Tesla is building a cathode facility in Texas and is working on lithium refining activity.The company sees signs some other materials prices — including steel and aluminium — are on a downward trajectory, and expects to see the benefits as soon as later this year.

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