IGO Says Lithium Industry Needs to Scale Up by 2035
IGO (ASX:IGO) said that the lithium industry needs to scale up by at least three times its current footprint to seize opportunities, especially in the electric vehicle market, according to the mining firm's Strategy Day presentation filed with the Australian bourse Thursday.
The mining firm expects 80 new unfunded projects, with an average production of 20,000 tonnes per annum of lithium concentrates, by 2035 to support the maturing need of the mineral in the world market, IGO said in the filing, citing supply chain advisory firm SC Insights.
IGO shares rose past 6% at market close on Thursday.
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