LPI makes strong gains in its first session on the market

Home > ASX  > LPI makes strong gains in its first session on the market

27 Jun LPI makes strong gains in its first session on the market

Posted at 08:29h in ASX, Australia, Business by

Lithium is one sector of the mining industry that is charging ahead, according to share market entrant Lithium Power International.

Shares in the lithium explorer have soared since opening for trade on Friday, up 25 per cent in a market that is significantly lower due to fears Britain is on the verge of exiting the European Union.

Its lithium projects include targeted areas in the Pilbara and Greenbushes regions of Western Australia, and the major lithium province of Salta in Argentina.

Chief executive Martin Holland says there is a lot of lithium – a key component of battery technology in mobile devices, electric and hybrid cars – around the world, but much of it cannot be extracted economically.

“Lithium or lithium ion batteries, which go in the (electric) car, is probably the real reason why people are getting behind this commodity,” he said.

“The price of the commodity has run from $US4,000 a ton this time last year to over $US20,000 a tonne.

“That’s mainly because of the shortage of overall world supply of the commodity.”