2215 GMT [Dow Jones] -- Lithium prices are charging higher, says Canaccord Genuity,
which revises its price targets on several Australia-listed producers of a commodity used
in batteries for the electric vehicle and grid storage markets. The broker now forecasts
lithium carbonate prices to rise from $6,000/ton in 2015 to $10,500/ton in 2025, with
spodumene concentrate prices expected to experience a similar increase from $450/ton in
2015 to $725/ton in 2025. "Under our 'bull' case demand scenario, we
forecast lithium carbonate prices to rise to $12,000/ton and spodumene concentrate to
$870/ton by 2025," the broker says. Canaccord lifts its price targets for Galaxy
Resources (GXY.AU) and Argentina-focused Orocobre (ORE.AU) by 20% and 23% to A$0.60/share
and A$5.15/share, respectively. It also lowers its price target on General Mining
(GMM.AU) by 11% to A$0.85/share. ([email protected]; @dwinningWSJ)
(END) Dow Jones Newswires
May 17, 2016 18:23 ET (22:23 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Wednesday 18 May 2016 08:23:00.000 AEST
GMM Price at posting:
63.0¢ Sentiment: None Disclosure: Not Held
