SFA's Podcast Series
Listen to our latest market views
Welcome to SFA (Oxford)'s podcast series
Here you can listen to our latest market views on the evolving metal usage and energy transition spanning Platinum Group Metals, Battery Raw Materials and the Hydrogen Market. SFA's podcast series is available on Spotify, Apple Podcast, and other podcast streaming services.
Please note our Disclaimer at the bottom of the page with respect to reliability and accuracy at time of recordings.
Price pressures and automotive powertrains: Platinum, palladium, and rhodium markets out to 2040
Featuring:
- Dr Jenny Watts – Head of Clean Energy and Sustainability
- Alex Biddle – Senior Mining Analyst
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:59 – How does the powertrain shift impact PGMs?
- 01:54 – How would a slower transition to BEVs impact PGM demand?
- 02:25 – Could tightening in the PGM market alleviate pressures?
- 03:39 – Is it realistic to view hydrogen as the saviour of platinum PGM demand?
- 04:53 – What does delayed demand mean for PGM supply?
- 05:48 – Could production rationalisation come into play?
- 08:09 – Is the market heading for consolidation?
- 09:33 – Specific PGM producers and regions
- 11:40 – SFA's latest PGM Market reports
S01Ep05: The Voice of Reason Podcast - The cause and effect of low prices, investment opportunities, and the latest in lithium, nickel, and cobalt
Featuring:
- Thomas Chandler – Principal Lithium Supply Analyst
- RJ Coetzee – Senior Market Analyst: Battery Technology & Materials
- Adele Rouleau – ESG & Critical Minerals Lead
- Lakshya Gupta – Senior Market Analyst: Battery Technology & Materials
- Dan Croft – Commodity Analyst
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:38 – Are the prices actually low? If so why?
- 02:40 – How does this impact metal prices?
- 03:16 – What is the outlook for Europe?
- 04:56 – What are EV sales like in China?
- 06:41 – China's economic stimulus efforts
- 10:06 – What opportunities might the low-price environment afford?
- 10:40 – Overview and implications of Rio Tinto's agreed acquisition of Arcadium Lithium
- 13:44 – Opportunities elsewhere
- 14:50 – Overview of recent industry conferences and the key takeaways
- 24:17 – The latest in cobalt supply from the DRC
- 27:09 – SFA's Battery Metals Service
10 October 2024
S01Ep04: The Voice of Reason Podcast - Would you buy a second-hand EV? The surge in African lithium supply, and the latest in cobalt and ESG
Featuring:
- Thomas Chandler – Principal Lithium Supply Analyst
- RJ Coetzee – Senior Market Analyst: Battery Technology & Materials
- Adele Rouleau – ESG & Critical Minerals Lead
- Lakshya Gupta – Senior Market Analyst: Battery Technology & Materials
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:27 – The surge in used BEV sales
- 09:40 – Would you buy a used BEV?
- 16:46 – The benefits of hybrids
- 20:31 – Why the surge in lithium production from Africa?
- 24:15 – Developments in cobalt mining projects outside the DRC
- 27:20 – An overview of recent ESG developments
- 29:00 – Closing remarks
01 August 2024
S01Ep03: The Voice of Reason Podcast - US/EU tariffs on Chinese EVs, lithium supply latest, and political tensions in the DRC
Featuring:
- Thomas Chandler – Principal Lithium Supply Analyst
- RJ Coetzee – Senior Market Analyst: Battery Technology & Materials
- Dan Croft – Commodity Analyst
- Lakshya Gupta – Senior Market Analyst: Battery Technology & Materials
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:19 – How will the US/EU tariffs impact the market?
- 01:08 – Why have they come about?
- 02:20 – How does this impact SFA's view on BEV sales?
- 03:55 – So what does this mean for Li, Ni, and Co price direction?
- 06:10 – What is the latest in China's inventory levels and what is the impact on prices?
- 09:25 – What is the impact on projects?
- 11:25 – Key takeaways from Indonesia's Critical Minerals Conference
- 13:50 – Green nickel updates
- 15:00 – Political tensions in DRC and potential impact on cobalt price
08 July 2024
S01Ep02: The Voice of Reason Podcast - New Caledonia's nickel impact and the Oxford Battery Metals Lectures
Featuring:
- Kimberly Berman – Principal Consultant
- Thomas Chandler – Principal Lithium Supply Analyst
- Adele Rouleau – ESG & Critical Minerals Lead
- RJ Coetzee – Senior Market Analyst: Battery Technology & Materials
- Dan Croft – Commodity Analyst
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:59 – What were the key lithium takeaways?
- 02:47 – Pandora's box of regulatory risks
- 04:22 – The myths surrounding EV adoption in the US
- 06:17 – New Caledonia's protests and their impact on the nickel market
- 09:45 – Upcoming conferences
- 12:09 – Closing remarks
23 May 2024
What do hydrogen deposits mean for PGMs?
Featuring:
- Dr Jenny Watts – Head of Clean Energy and Sustainability
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:59 – What role could hydrogen play in the energy transition?
- 01:13 – What are the different hydrogen colours, and why?
- 02:27 – Where do PGMs feature in hydrogen production?
- 03:47 – What is white hydrogen?
- 06:03 – Is it a viable option compared to existing methods of hydrogen production?
- 06:46 – How could it impact PGMs?
- 12:09 – Closing remarks
07 May 2024
S01Ep01: The Voice of Reason Podcast - China's restocking, Russia's sanctions and the DRC's copper climb
Featuring:
- Beresford Clarke – Managing Director: Technical & Research
- Kimberly Berman – Principal Consultant
- Lakshya Gupta – Senior Market Analyst: Battery Technology & Materials
- Thomas Chandler – Principal Lithium Supply Analyst
- Adele Rouleau – ESG & Critical Minerals Lead
- RJ Coetzee – Senior Market Analyst: Battery Technology & Materials
- Dan Croft – Commodity Analyst
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:23 – Scene setting
- 01:52 – How did we get here?
- 04:03 – How can growing demand be met?
- 06:47 – What does the lithium price need to be to incentivise investment?
- 07:34 – How might China contribute?
- 09:22 – Nickel: Oversupply and mine closure
- 10:40 – How long can this go on for?
- 14:33 – The potential impact of Russian sanctions
- 16:08 – What is the latest in the cobalt markets?
- 18:41 – What is the killer ESG question?
- 20:00 – Next-generation battery technologies and their cost-saving potential
- 21:18 – Closing remarks
17 April 2024
EVelution Energy: The first solar-powered, carbon neutral cobalt processing plant in the US
Featuring:
- Navaid Alam – Founder
- Gil Michel-Garcia – Co-Founder
- Kimberly Berman – Energy Transition Technology and Metals Specialist
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:35 – Introduction to EVelution Energy
- 01:54 – Why cobalt? Why now?
- 04:40 – How important is secondary supply?
- 05:40 – What is the state of global cobalt supply chains, considering China's dominance?
- 06:44 – Why Arizona? What was the permitting process like?
- 08:58 – Why not Quebec? Why not Tennessee?
- 14:10 – Skill shortages in the battery industry: How will EVelution Energy attract the right talent?
- 15:42 – The negative public perception of cobalt: How will EVelution Energy combat it?
- 15:30 – SFA's Iridium and Ruthenium Quarterly Market Report
- 19:32 – Closing remarks
01 March 2024
Iridium and ruthenium market update
Featuring:
- Dr Jenny Watts – Head of Clean Energy and Sustainability
- Alex Biddle – Senior Mining Analyst
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:35 – What is the latest update on South African supply?
- 02:50 – The production volumes of the 5E basket
- 04:23 – How important is secondary supply?
- 05:40 – What about long-term primary supply?
- 07:10 – How will different demand sectors react over the next few years?
- 10:38 – How will a slowing macro-economic environment impact these markets?
- 11:33 – What is the significance of draft IRA rules for clean hydrogen
- 13:30 – What are the major emerging areas of interest for these metals?
- 15:30 – SFA's Iridium and Ruthenium Quarterly Market Report
EV sales vs battery demand, inventory destocking, and price decline: SFA's Battery Metals Quarterly
Featuring:
- Dr Ralph Grimble – Operations Director
- Thomas Chandler – Principal Lithium Supply Analyst
- Lakshya Gupta – Senior Battery Metals Analyst
- Adele Rouleau – ESG and Critical Minerals Lead
- Dan Croft – Nickel Market Analyst
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:45 – Slowdown in electric car sales – is this true? If so where and why? What does this mean for battery demand?
- 02:07 – With the lithium market in surplus, and price correction, is this 2018 all over again?
- 03:53 – When can we expect China's inventory destocking to turn into restocking, will it be enough to lift the lithium price?
- 05:05 – Low nickel prices are forcing mine closures, how long will the pain last and why is this happening? Might mine closures help nickel prices recover and when might this occur?
- 08:06 – What about supply discipline for cobalt? Might we ever see over $50,000/t cobalt prices again?
- 09:25 – What are the primary risks in the cobalt sector from an ESG perspective?
- 11:45 – Closing remarks
Can't live with it, can't live without it: SFA's Cobalt Market Outlook to 2040
Featuring:
- Dr Ralph Grimble – Operations Director
- Kimberly Berman – Senior Consultant
- Lakshya Gupta – Senior Battery Metals Analyst
- Adele Rouleau – ESG and Critical Minerals Lead
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:57 – Why is cobalt a key component of the energy transition?
- 01:42 – Alternative battery technologies: what are they, and how have they come about?
- 04:00 – Will they have a significant impact on cobalt demand?
- 05:04 – What are the latest developments in cobalt supply?
- 06:30 – What are the ESG challenges surround supply?
- 08:31 – Closing remarks
Price pressures and automotive powertrains: Platinum, palladium, and rhodium markets out to 2040
Featuring:
- Dr Jenny Watts – Head of Clean Energy and Sustainability
- Alex Biddle – Senior Mining Analyst
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:44 – An overview of the current trends in the platinum, palladium, and rhodium markets
- 02:02 – How does the current primary supply impact the market, and prices, out to 2040?
- 07:57 – What impact is recycling having?
- 10:24 – The ongoing development of battery electric vehicles and their potential impact on future platinum demand
- 11:56 – Are BEVs a viable power source for heavy-duty vehicles?
- 13:24 – What else is covered in the report?
- 14:57 – Closing remarks
Lithium supply: Governmental challenges and oilfield brine opportunities
Featuring:
- Thomas Chandler – Principal Lithium Analyst
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:36 – Brief comments on demand
- 00:50 – Ganfeng's Sonora license revoked
- 02:17 – Exxon, oilfield brines, and opportunities for lithium supply
- 04:20 – SFA's Battery Metals Quarterly Report for Q3
Supply risks intensify for new energy metals: What can the market do?
Featuring:
- Dr Jenny Watts – Head of Clean Energy and Sustainability
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:45 – How has the issue of strained supply escalated in recent times?
- 01:30 – Why is so little iridium and ruthenium mined?
- 02:34 – What has caused the decline in autocatalyst demand?
- 03:40 – Why are iridium and ruthenium so important?
- 04:34 – What else is covered in the Iridium and Ruthenium Quarterly Report for Q3?
- 05:05 – Closing remarks
Supply glut? Indonesia' nickel supply, China's BEV production, and the rise of the sodium-ion battery
Featuring:
- Kimberly Berman – Principal Consultant
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:28 – What are the primary drivers behind the surge in supply of battery metals?
- 01:36 – What are the environmental concerns surrounding Indonesia's nickel supply?
- 02:45 – What impact is China's ramp-up in BEV production having?
- 03:40 – What is the EU's approach to recycling?
- 04:34 – What else is covered in the Battery Metals Quarterly Report for Q2?
- 05:21 – Closing remarks
The iridium issue: Opportunities for thrifting and recycling
Featuring:
- Dr Sandeep Kaler – Market Strategy Analyst
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:28 – What role do iridium and ruthenium play in the hydrogen economy?
- 02:06 – What is the issue with iridium?
- 03:41 – What else is in the report?
- 04:52 – Who is the report for?
- 06:10 – Closing remarks
Lithium's second wave: Another price spike in the making
Featuring:
- Thomas Chandler – Principal Lithium Supply Analyst
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:32 – There is an abundance of Lithium, so what's the rush?
- 01:21 – The report is titled "Lithium's second wave", where is this coming from?
- 01:58 – To what depth does the report go to when analysing lithium supply?
- 02:58 – What role can we expect recycling to play?
- 04:03 – Closing remarks
Latest market trends from SFA's Iridium and Ruthenium Q1 2023 Quarterly Report
Featuring:
- Dr Jenny Watts – Head of Clean Energy and Sustainability
- Joel Lacey – Sales and Marketing Specialist
Timestamps
- 00:00 – Introduction
- 00:20 – Iridium and ruthenium used to be called the ‘minor metals’; why are they so important now?
- 01:06 – What time frame do you cover in this report?
- 02:05 – How much of an effect do you think the global slowdown is having on iridium and ruthenium use?
- 02:55 – We hear of problems with power supply in South Africa, how is that affecting production?
The platinum and palladium substitution game ramps up
Featuring:
- Henk de Hoop – Chief Executive Officer
- Peter Gadsdon – Managing Director, Mining Network
05 September 2022
Timestamps
- 00:30 – There is more to SFA (Oxford) than just PGMs; what sort of work is SFA up to at moment?
- 02:27 – We are currently in bit of a turbulent period globally, but platinum prices feel extraordinarily low, especially in comparison to the gold price, but we are in a relatively stable environment with palladium, still above $2,000/oz; what is SFA’s current outlook for platinum and palladium?
- 04:27 – What is the difference in quality for using platinum instead of palladium in autocatalysts?
- 06:00 – We have the war in Ukraine; what are the risks to the palladium supply chain from Russia? Is SFA anticipating more sanctions?
- 08:30 – What is your view on palladium supply from Norilsk, and South Africa?
- 10:15 – With potential palladium supply issues from Russia, what risk is there that Sibanye-Stillwater's palladium supply won’t be able to keep up with demand? Is the current palladium price high enough to incentivise new mines, or will there be more substitution away from platinum to palladium? Is this just a short-term problem for palladium supply, or does palladium have another decade to enjoy its day in the sun?
- 16:15 – What is the current outlook for PGMs in the hydrogen economy?
- 21:50 – Are we starting to see the right levels of investment yet for the hydrogen economy to succeed? Are there any new initiatives being announced at present?
- 22:23 – How do the PGM loadings in a fuel cell compare to an autocatalyst? How much metal substitution from the catalytic converter can transition to the fuel cell to help meet lost demand?
- 25:55 – Will there now be a huge increase in the uptake of electric vehicles year-on-year? At what point will this vehicle penetration begin to impact the catalytic converter and the PGM market?
- 30:45 – What is your outlook for the platinum and palladium price?
EV supply chain: Key factors bottlenecking ramp-up over the next five years
Featuring:
- Henk de Hoop – Chief Executive Officer, SFA (Oxford)
- Lakshya Gupta – Senior Battery Technologies Analyst, SFA (Oxford)
- James Wellsted – Executive VP: Investor Relations and Corporate Affairs, Sibanye-Stillwater
03 May 2022
Timestamps
- 02:03 – SFA (Oxford) introduction
- 03:56 – Battery basics 101
- 05:35 – Lithium-ion has become the industry standard
- 08:42 – Cathode metals back-up the bulk of battery bill of materials
- 11:59 – Powertrain and EV battery trends
- 14:49 – Strong consumer demand for EVs globally
- 17:41 – Are EV sales inelastic to raw material prices?
- 24:28 – Lithium – The ubiquitous battery metal
- 26:35 – Production costs
- 29:35 – Lithium supply vs demand
- 30:34 – Battery recycling is growing rapidly but does not displace requirements from new mines.
- 35:16 – Project execution risks could jeopardise 15 million BEVs (48%) in 2030.
- 39:16 – Conclusion – EV trends and lithium markets.
- 42:00 – Sibanye-Stillwater’s green metals portfolio – unique, global portfolio of green metals.
SA can play a key role in the green hydrogen economy
Featuring:
- Henk de Hoop – Chief Executive Officer
- Martin Creamer – Creamer Media Publishing Editor of Engineering News and Mining Weekly
03 May 2022
Timestamps
- 00:14 – There is a lot of talk these days about the emergence of the hydrogen economy; as the new CEO of SFA (Oxford), do you detect any acceleration in the momentum of the hydrogen economy, which was initially seen as very long-term?
- 03:28 – Which countries are the furthest advanced when it comes to hydrogen and green hydrogen in particular?
- 05:13 – When it comes to genuineness, and really mitigating against climate change, is green hydrogen the only non-fake route, for genuinely mitigating against climate change?
- 07:35 – To what extent, will this drive ounces of platinum? To what extent, can you expect green hydrogen to drive the demand for PGMs?
- 09:15 – To get moderate volumes of iridium and ruthenium, you need large volumes of platinum to be mined. Won’t this pull the platinum price down?
- 10:43 – Do you think iridium constraints could inhibit the uptake of PEM electrolysers and electrolysis which we need to promote?
- 11:43 – How crucial is the availability of ruthenium for PEM fuel cells?
- 12:22 – What are the other important factors at this stage to take on the world's fight against climate change?
Blue skies of opportunity in PGM mining and refining
Featuring:
- Stephen Forrest – Chairman
17 December 2020
Timestamps
- 00:46 – What are the latest trends in the PGM mining and refining space?
- 03:00 – Will the trends that have arisen in the middle of the pandemic be here for the long term?
- 05:05 – Looking at rhodium, and the PGM metals individually, how will they be affected by the short- and long-term trends?
- 08:25 – As we begin to experience long-term rhodium depletion, will high rhodium prices be sufficient to motivate new projects?
- 11:54 – How will adding new supply by capitalising on a higher rhodium price affect the other metals, will we end up flooding the market with platinum?
- 13:39 – How do you see palladium supply fit into this situation and new palladium projects on the horizon?
- 14:46 – How have recycling volumes changed in 2020? Are volumes down due to the lockdowns, or has recycling increased due to the higher prices?
- 17:47 – Is there a chance that substitution, platinum for palladium in three-way autocatalysts, will plug the supply gap? How will this affect rhodium?
- 20:48 – As BEVs and hybrid vehicles report strong sales in 2020, with a growing market share, how do you see PGM demand for fuel cell cars taking off?
- 22:37 – What is the sum of all these various trends on PGM refining?
- 26:45 – What are your key takeaways for the long-term trends of mining and processing PGMs?
How do energy transitions impact long-term metal demand?
Featuring:
- Stephen Forrest – Chairman
9 November 2020
Timestamps
- 01:12 – With Covid ongoing for at least 6 months now, how is this impacting industry in the short term? Have SFA team estimations been revised?
- 03:48 – As we move out of the initial Covid-19 shock in 2021, how do you expect metal prices to be impacted? Are there significant downside risks?
- 08:00 – Looking to the longer term, how do you expect market demand and supply factors to change out to 2040? What will be key in the next decades?
- 12:40 – How will hydrogen fuel cell technology influence the PGM industry, especially in light of other competing factors such as battery electric vehicles?
- 16:11 – What will this mean for PGM prices in the medium to long term?
- 18:10 – How do you anticipate Joe Biden's recent election win may impact US powertrains and metal demand?
SFA (Oxford)'s reasons for a new perspective on PGM demand?
Featuring:
- Stephen Forrest – Chairman
- Beresford Clarke – Managing Director: Technical & Research
- Dr Jenny Watts – Principal Analyst: Head of Hydrogen and PGM Technologies
2 June 2020
Timestamps
- 00:37 – Why should PGM players consider a new perspective on PGMs? How has Covid-19 impacted metals prices and what are the impacts of this?
- 09:07 – How can SFA help clients to preserve and extract value in the face of headwinds pertaining to difficult mine economics and depletion rates over the next few years?
- 09:53 – How does SFA anticipate recycling will impact PGM players?
- 12:06 – What are SFA's thoughts on inter-metal substitution trends and how will Covid-19 impact the mix of metals in spent autocatalysts?
- 13:57 – What experience does SFA have advising clients in the recycling sector?
- 15:49 – How will clients benefit from buying this report in regards to automotive trends and emissions legislation?
- 20:59 – SFA has included a study on hydrogen fuel cells and electrolysers for the first time. How will this aid fund managers and other institutional investors?
- 23:07 – How will clients benefit from the new chapter 'ESG reporting within the PGM industry'?
- 27:28 – What is SFA's link with the University of Oxford?
- 29:00 – Why will this report specifically benefit SFA clients and what is its shelf life?
Disclaimer, copyright and intellectual property
SFA (Oxford) Limited has made all reasonable efforts to ensure that the sources of the information provided in this podcast are reliable and the data reproduced are accurate at the time of recording. The analysis and opinions set out in the podcast constitute a judgement as of the date of the recording and are subject to change without notice. Therefore, SFA cannot warrant the accuracy and completeness of the data and analysis contained in this podcast. SFA cannot be held responsible for any inadvertent and occasional error or lack of accuracy or correctness. SFA accepts no liability for any direct, special, indirect or consequential losses or damages, or any other losses or damages of whatsoever kind, resulting from whatever cause through the use of or reliance on any information contained in the podcast. The material contained herewith has no regard to the specific investment objectives, financial situation or particular need of any specific recipient or organisation. It is not to be construed as a solicitation or an offer to buy or sell any commodities, securities or related financial instruments. The recipient acknowledges that SFA is not authorised by the Financial Conduct Authority to give investment advice. The recording is not to be construed as advice to the recipient or any other person as to the merits of entering into any particular investment. In taking any decision as to whether or not to make investments, the recipient and/or any other person must have regard to all sources of information available to him.
© Copyright reserved. All copyright and other intellectual property rights in any and all recordings produced from time to time remain the property of SFA and no person other than SFA shall be entitled to register any intellectual property rights in any recordings or claim any such right in the recordings or the information or data on the basis of which such podcasts are produced. No part of any podcast may be reproduced or distributed in any manner without written permission of SFA. SFA specifically prohibits the redistribution of this podcast, via the internet or otherwise, to non-professional or private investors and accepts no liability whatsoever for the actions of third parties in reliance on this podcast.
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