AustralianSuper to Swoop on Lithium Stocks After Price Collapse

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Australia’s largest pension fund plans to double its exposure to local lithium stocks over the next five years, after a price rout made producers of the key battery material more affordable.

Bloomberg News

Amy Bainbridge and Sybilla Gross

Published Jan 16, 2024 • 3 minute read

The Pilbara Minerals Ltd. Pilgangoora lithium project in Port Hedland, Western Australia, on Friday, July 29, 2022. The highest bid for material at an auction run by Australia’s Pilbara Minerals dropped for the first time since the exchange was launched last year. Photographer: Carla Gottgens/Bloomberg Photo by Carla Gottgens /Bloomberg

(Bloomberg) — Australia’s largest pension fund plans to double its exposure to local lithium stocks over the next five years, after a price rout made producers of the key battery material more affordable.

AustralianSuper, which oversees A$300 billion ($199 billion) in pension savings, is targeting lithium in a bid to benefit from the global shift toward electric vehicles — a demand trend that’s likely to play out for more than a decade, according to Senior Portfolio Manager Luke Smith.

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Bloomberg News

2024-01-16 21:22:45

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