Benchmark Minerals’ reaction to London Metal Exchange (LME) Lithium Decision

As a result of the London Metal Exchange (LME) decision on a price provider for its lithium contract, Benchmark Mineral Intelligence (Benchmark Minerals) issues the following statement from Simon Moores, Managing Director:

“Benchmark Minerals has time and again demonstrated it has the highest quality, most robust process and most respected lithium prices in the market – this is what we specialise in and the market has responded.

“This is why we set the lithium industry’s reference price that is used by major market participants to negotiate supply chain contracts.

“Our focus is to continue formalising these prices into contract benchmarks for active lithium buyers and sellers –  this has always been the primary goal of our price assessments.

“Our leadership role in the lithium ion battery to electric vehicle supply chain has been clear with our world-class price assessment service and extends into forecasting and advisory for governments, oil and gas companies and major commodity players.

“While the LME is new to lithium and we respect its decision, we wholly disagree.

“When the LME first began looking at lithium, the first organisation they called was us. As a result, we have been part of their lithium process well before other Price Reporting Agencies (PRA) either launched lithium price coverage or ramped up existing neglected prices – many of which were given away for free to the market.

“Benchmark Minerals are proud of our Lithium Price Assessments that have played a major role in defining supply contracts and capital flows. We will continue to put our efforts into servicing the rapidly growing industry as has been demonstrated by our recent hires from Tesla, SQM and Albemarle.

“To provide truly reflective lithium pricing, you need a global team dedicated to analysing and understanding the market. It is clear we have the only team in the world that meets this criteria.

“Our focus has always been and always will be the lithium ion battery to electric vehicle supply chain.

“The outpouring of support from those inside and outside of the industry – customers and non-customers alike – was truly appreciated during this process.

Simon Moores, Managing Director, Benchmark Mineral Intelligence: [email protected]

Elizabeth Eckert, PA to Managing Director: [email protected]

Andy Miller, Head of Price Assessments: [email protected]

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