LTHM - Lithium shares spike as Biden could sign authority for battery minerals

Lithium industry stocks (NYSEARCA:LIT +2.4%) post broad gains following reports indicating that President Biden will sign the Defense Production Act as soon as this week to encourage increased domestic production of minerals needed to make batteries for electric vehicles. Such an order could help mining companies extracting lithium, nickel and graphite, cobalt and manganese access government funding for feasibility studies or efforts to modernize the productivity of existing facilities, according to Reuters. Among potentially relevant tickers: NYSE:LAC +13.4%, PLL +5.7%, SLI +5.6%, LTHM +4.5%, NYSE:MP +4.5%, ALB +1.5%. Securing enough raw materials to make EV batteries has proven difficult, and domestic mines face extensive regulatory hurdles and environmental opposition; using the Defense Production Act for minerals would not override the legal and regulatory hurdles imposed by the administration on mining projects. Seeking Alpha contributor Michael A. Gayed is bullish on the VanEck Vectors Rare Earth/Strategic Metals ETF (REMX), calling it

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Lithium shares spike as Biden could sign authority for battery minerals