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‘Taxafornia’ Approves Salton Sea Lithium Tax

California goes ahead with controversial Salton Sea lithium tax Balkan Mining picks up Gorge lithium project in Canada Anson wraps … Read More
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  • California goes ahead with controversial Salton Sea lithium tax
  • Balkan Mining picks up Gorge lithium project in Canada
  • Anson wraps up resource definition drilling at Long Canyon No.2 Well at the Paradox Project

 All your ASX lithium news for Monday, July 4.

 

Late last week California approved its plan to tax lithium, despite industry concerns it would harm the sector and delay shipments to automakers.

While it was still in debate, EnergySource Minerals CEO Eric Spomer told Reuters his company had halted discussions with potential financiers and a major automaker and that the tax “would stifle our industry before it even begins.”

Controlled Thermal Resources (who have contracts to supply lithium to General Motors by 2024 and Stellantis by 2025) CEO Rod Colwell said the tax would force the company to miss those delivery deadlines.

CTR plans to produce 60,000 tonnes of lithium – enough to make roughly 6 million EVs – by mid-2024 in California, which would make it the largest U.S. lithium producer.

The California Energy Commission has even estimated that there’s enough lithium in the area to meet all of the United States’ projected future demand and 40% of the world’s demand. 

But the lithium would need to be extracted via geothermal brines which hasn’t been done before at scale, and industry experts like ‘Mr Lithium’ Joe Lowry say the Salton Sea was never going to reach supply expectations anyway.

 

 

The tax is structured as a flat rate of $400 per metric tonne for the first 20,000 metric tonnes of lithium produced annually, $600 per metric tonne for the next 10,000 metric tonnes, and $800 per metric tonne with output of 30,000 metric tonnes or more.

It will go into effect in January and will be reviewed every year – with the possibility of switching to a percentage-based tax in future.

The reason behind the tax isn’t just to jump on the lithium money wagon while spot prices are hanging around $77,500 per metric tonne, California says some of the funds will go towards environmental clean-up in the area – which has been damaged by decades of heavy pesticide use from farming.

 

Here’s how ASX lithium stocks were tracking today:

Lithium stocks missing from our list? Shoot a friendly mail to [email protected]

 

Code Company Price % Month % Week % Today Market Cap
ENT Enterprise Metals 0.0105 -25% 17% 31% $5,157,174.84
LSR Lodestar Minerals 0.007 -30% 40% 17% $10,430,624.09
VKA Viking Mines Ltd 0.007 -13% 17% 17% $6,151,550.59
AVW Avira Resources Ltd 0.004 0% 14% 14% $7,415,765.00
IPT Impact Minerals 0.008 -20% 14% 14% $17,369,593.89
LNR Lanthanein Resources 0.018 -22% 9% 13% $13,405,209.12
SHH Shree Minerals Ltd 0.009 -10% 13% 13% $9,907,895.14
BYH Bryah Resources Ltd 0.028 -40% -22% 12% $5,655,179.38
ASN Anson Resources Ltd 0.105 -19% 14% 12% $96,623,759.49
DAL Dalaroometalsltd 0.098 -11% 3% 11% $2,629,000.00
TYX Tyranna Res Ltd 0.02 18% 54% 11% $27,582,492.01
MM1 Midasmineralsltd 0.215 -38% 13% 10% $10,615,434.38
BMM Balkanminingandmin 0.18 -33% -3% 9% $5,403,750.00
EMS Eastern Metals 0.15 -12% 15% 7% $4,984,000.00
QXR Qx Resources Limited 0.03 -35% 36% 7% $24,062,144.99
CAI Calidus Resources 0.62 -23% 0% 7% $233,951,501.64
IMI Infinitymining 0.155 7% 11% 7% $8,337,500.00
MRR Minrex Resources Ltd 0.033 -38% -6% 6% $32,864,555.79
EMH European Metals Hldg 0.685 -24% -3% 6% $90,801,142.43
DTM Dart Mining NL 0.053 -24% 2% 6% $6,763,008.00
LPD Lepidico Ltd 0.0265 -5% 2% 6% $162,679,288.33
KTA Krakatoa Resources 0.055 -30% 15% 6% $17,924,915.68
CZL Cons Zinc Ltd 0.019 -24% 19% 6% $6,540,440.63
EPM Eclipse Metals 0.019 -24% -5% 6% $34,580,275.43
LIT Lithium Australia 0.059 -32% 4% 5% $57,982,695.18
KAI Kairos Minerals Ltd 0.02 -23% 18% 5% $37,279,776.33
RDT Red Dirt Metals Ltd 0.4 -20% 10% 5% $115,730,681.88
LPI Lithium Pwr Int Ltd 0.435 -17% 13% 5% $144,895,111.92
EFE Eastern Resources 0.022 -27% -8% 5% $20,883,169.25
AML Aeon Metals Ltd. 0.023 -34% 5% 5% $21,804,889.11
BNR Bulletin Res Ltd 0.115 -36% -8% 5% $32,185,021.00
MXR Maximus Resources 0.047 -33% -2% 4% $14,305,759.56
NVA Nova Minerals Ltd 0.71 10% 31% 4% $122,537,553.80
AUN Aurumin 0.12 -33% 9% 4% $12,560,673.98
QPM Queensland Pacific 0.12 -25% 20% 4% $179,815,510.07
TMB Tambourahmetals 0.13 -38% -13% 4% $5,149,074.75
ZEO Zeotech Limited 0.052 -12% 4% 4% $76,245,773.50
TUL Tulla Resources 0.555 -12% 18% 4% $85,716,026.52
G88 Golden Mile Res Ltd 0.028 -46% -7% 4% $5,500,780.58
MQR Marquee Resource Ltd 0.064 -42% 3% 3% $19,568,289.96
VUL Vulcan Energy 5.64 -25% -11% 3% $782,724,448.03
AM7 Arcadia Minerals 0.17 -26% -6% 3% $7,705,152.18
LRS Latin Resources Ltd 0.069 -30% 5% 3% $129,314,270.45
1MC Morella Corporation 0.0175 -30% 9% 3% $87,995,637.76
KZR Kalamazoo Resources 0.175 -48% -8% 3% $24,683,043.58
RAG Ragnar Metals Ltd 0.037 -18% -10% 3% $13,650,656.00
WES Wesfarmers Limited 43.26 -9% -1% 3% $47,791,366,200.30
MMG Monger Gold Ltd 0.215 -23% 8% 2% $8,408,400.00
AZL Arizona Lithium Ltd 0.09 -31% 3% 2% $196,547,735.12
CHR Charger Metals 0.355 -34% -4% 2% $11,321,909.66
DRE Dreadnought Resources Ltd 0.049 23% 23% 2% $136,256,810.45
GLN Galan Lithium Ltd 1.05 -21% -3% 2% $313,531,342.86
NMT Neometals Ltd 0.9275 -25% -1% 2% $499,022,520.36
EUR European Lithium Ltd 0.057 -22% -10% 2% $77,449,385.83
SCN Scorpion Minerals 0.072 -16% -3% 1% $23,560,014.63
ESS Essential Metals Ltd 0.37 -30% 6% 1% $89,967,910.13
RAS Ragusa Minerals Ltd 0.078 -42% -15% 1% $9,681,684.01
PAM Pan Asia Metals 0.43 -11% -9% 1% $31,416,102.85
LEL Lithenergy 0.695 -38% -4% 1% $31,153,500.00
RIO Rio Tinto Limited 100.96 -12% 0% 1% $37,247,834,912.76
IGO IGO Limited 9.865 -12% -2% 0% $7,443,942,601.79
AAJ Aruma Resources Ltd 0.066 -7% 6% 0% $10,359,459.20
ALY Alchemy Resource Ltd 0.014 -39% 8% 0% $13,343,036.80
AOA Ausmon Resorces 0.006 -25% 20% 0% $5,143,736.06
ARN Aldoro Resources 0.135 -34% 4% 0% $13,393,834.52
AS2 Askarimetalslimited 0.25 -44% 0% 0% $10,398,567.50
AVZ AVZ Minerals Ltd 0.78 0% 0% 0% $2,752,409,203.44
AX8 Accelerate Resources 0.03 -17% 0% 0% $7,903,766.97
AZI Altamin Limited 0.095 0% 0% 0% $37,213,091.44
CRR Critical Resources 0.044 -41% 0% 0% $65,472,670.52
CXO Core Lithium 0.935 -16% 2% 0% $1,619,991,954.46
DAF Discovery Alaska Ltd 0.055 -24% 8% 0% $12,332,908.39
FRS Forrestaniaresources 0.12 -33% 0% 0% $3,514,356.48
GSM Golden State Mining 0.039 -40% -5% 0% $4,540,431.44
GW1 Greenwing Resources 0.22 -24% 7% 0% $27,114,416.78
IR1 Irismetals 0.235 -35% -4% 0% $14,011,875.00
KGD Kula Gold Limited 0.023 -30% 0% 0% $4,949,039.54
LRV Larvottoresources 0.215 -32% -12% 0% $8,929,487.50
MLS Metals Australia 0.05 -37% 4% 0% $28,401,809.55
MMC Mitremining 0.12 -14% 0% 0% $3,250,212.00
MNS Magnis Energy Tech 0.3 -23% -8% 0% $289,945,598.70
MTM Mtmongerresources 0.12 -43% 0% 0% $4,351,203.96
PLL Piedmont Lithium Inc 0.52 -40% -18% 0% $274,336,816.00
PSC Prospect Res Ltd 0.955 -1% -2% 0% $428,565,286.21
RMX Red Mount Min Ltd 0.0055 -31% 0% 0% $9,033,001.22
SRI Sipa Resources Ltd 0.035 -8% -5% 0% $7,175,868.11
TKL Traka Resources 0.006 -25% 20% 0% $4,132,647.37
TKM Trek Metals Ltd 0.055 -39% -8% 0% $17,083,558.25
TSC Twenty Seven Co. Ltd 0.003 0% 20% 0% $7,982,441.72
VMC Venus Metals Cor Ltd 0.17 -6% -6% 0% $27,213,376.11
WC8 Wildcat Resources 0.025 -29% -4% 0% $16,131,818.18
WCN White Cliff Min Ltd 0.011 -45% -21% 0% $7,189,636.98
WML Woomera Mining Ltd 0.018 -28% 13% 0% $12,362,995.19
WR1 Winsome Resources 0.205 -46% 5% 0% $27,698,368.77
XTC Xantippe Res Ltd 0.008 -20% 14% 0% $63,569,188.51
PLS Pilbara Min Ltd 2.225 -3% 0% -1% $6,668,140,380.16
GL1 Globallith 1.16 -24% -3% -1% $185,676,959.52
M2R Miramar 0.085 -29% 2% -1% $5,520,053.02
AKE Allkem Limited 10.12 -13% 0% -1% $6,535,995,381.50
MIN Mineral Resources. 45.65 -22% -5% -1% $8,756,234,636.76
ZNC Zenith Minerals Ltd 0.265 -32% -5% -2% $93,085,815.33
FTL Firetail Resources 0.245 -20% -11% -2% $15,445,625.00
LTR Liontown Resources 0.98 -14% 1% -2% $2,192,225,198.00
JRL Jindalee Resources 2.82 -14% 2% -2% $165,251,422.08
INF Infinity Lithium 0.115 -8% -4% -2% $48,764,035.26
WMC Wiluna Mining Corp 0.225 -53% -20% -2% $83,291,449.05
STM Sunstone Metals Ltd 0.043 -17% -7% -2% $113,275,642.39
AGY Argosy Minerals Ltd 0.325 -30% 2% -3% $454,277,080.65
LIS Lisenergylimited 0.455 -24% -5% -3% $77,979,667.89
CY5 Cygnus Gold Limited 0.15 -12% -3% -3% $18,287,723.83
SYA Sayona Mining Ltd 0.15 -17% 20% -3% $1,278,246,663.85
GT1 Greentechnology 0.58 -39% 0% -3% $110,561,785.80
AOU Auroch Minerals Ltd 0.056 -35% -10% -3% $21,428,204.34
INR Ioneer Ltd 0.41 -15% 8% -4% $888,802,253.50
LKE Lake Resources 0.73 -46% -9% -4% $1,056,179,528.56
EVR Ev Resources Ltd 0.024 -38% -4% -4% $23,149,601.78
PNN Power Minerals Ltd 0.42 -13% 0% -5% $27,067,420.60
FG1 Flynngold 0.095 -32% -14% -5% $6,406,105.00
TEM Tempest Minerals 0.091 94% 17% -5% $48,457,552.90
PGD Peregrine Gold 0.36 -23% -13% -5% $14,548,934.22
RLC Reedy Lagoon Corp. 0.018 -31% 29% -5% $10,591,111.33
TON Triton Min Ltd 0.018 -33% -5% -5% $23,916,899.36
LRD Lordresourceslimited 0.22 -14% 16% -6% $7,469,385.94
NWM Norwest Minerals 0.027 -36% -4% -7% $5,237,614.22
RGL Riversgold 0.026 -35% -10% -7% $21,178,527.97
A8G Australasian Metals 0.21 -45% 31% -9% $9,469,213.62
LLL Leolithiumlimited 0.4725 0% -3% -9% $513,061,594.24
THR Thor Mining PLC 0.009 -25% -10% -10% $10,673,009.73
SRZ Stellar Resources 0.015 -29% 0% -12% $14,268,144.64
ADV Ardiden Ltd 0.007 -36% 0% -13% $21,346,682.85

A total of 60 stocks were in the green today, 35 were flat and 35 were in the red.

 

Who’s got news out today?

BALKAN MINING (ASX:BMM)

Balkan nabbed an exclusive option to acquire up to 100% of the Gorge lithium project in Canada which includes two prospective areas identified by historical works which are yet to be systematically explored, Nelson and Koshman.

Five grab samples from 2018 have returned values up to 3.22% Li2O (and an average of 2.24% Li2O).

Plus, the tenements are part of the larger Georgia Lake pegmatite district which is known to host late-stage pegmatite mineralised deposit types that contain rare elements including lithium, beryllium, tantalum, niobium and tin, including Rock Tech Lithium Inc’s (TSX-V: RCK) Georgia Lake project.

BMM is now raising up to $1.5m and plans to seek shareholder approval for the transaction and capital raising in August 2022.

 

ANSON RESOURCES (ASX:ASN)

The company has finished resource definition drilling at the Long Canyon No.2 Well at its Paradox Lithium Project in the USA.

Drilling successfully targeted the large Mississippian supersaturated brine aquifer which hosts a substantial lithium-rich zone of ~70m- 250m thickness – and it confirmed consistent high-pressures of 3,785psi.

The company says these high pressures are expected to deliver continual flow at the extraction well location over the proposed life of mine at Paradox.

The resource expansion drilling program has now progressed to high-priority Cane Creek 32-1 well, with the aim of converting a large portion of the Paradox exploration target into indicated and inferred resources.

 

MARQUEE RESOURCES (ASX:MQR)

Early last month the company and Mineral Resources (ASX:MIN)  entered into a Farm-in and Joint Venture agreement at the West Spargoville Project in WA. The companies have now extended the due diligence period from 1 to 5 weeks.

MinRes has the right to acquire an initial 25% in the lithium rights by funding all exploration and development activities and completing a feasibility study for the Project, including a JORC compliant resource within 24 months.

If MinRes proceeds with the processing farm-in, it also has the right to acquire an additional 45% legal and beneficial interest in the lithium rights by funding the Project until the point of a final investment decision on a mine development.

And they’ll provide complete mine to port services to the JV including: mining; design, construction and operation of a processing plant; on-site power generation; haulage of product to nominated port facilities; marketing of product and shipment of product to purchasers.

 

 

BMM, ASN and MQR share prices today:


 

 

At Stockhead we tell it like it is. While Anson Resources is a Stockhead advertiser, it did not sponsor this article.

The post Eye on Lithium: ‘Taxafornia’ approves Salton Sea lithium tax appeared first on Stockhead.

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