Peer-group benchmarking
Value chain consulting
Trusted benchmarking from a dedicated team of experts
SFA (Oxford)'s lithium, nickel and cobalt peer-group benchmarking is unrivalled, providing you with a detailed understanding of which assets are outperforming and those most at risk covering mines and projects globally. A holistic benchmarking approach takes into project execution of future metal supply-demand fundamentals, as well as scientifically constructed extrapolations of global primary supply profiles to 2040. Our definitive analysis investigates the reasons for outperformance or underperformance across the global peer group of producers.
Costing the mine-to-market value chain enabling like-for-like comparison
SFA can work with your economic and life-of-mine models to benchmark lithium, nickel, and cobalt mines and projects in numerous ways, highlighting strengths and weaknesses based on geological, technical, and financial merits. This provides a comprehensive understanding of how they compare to the current peer group and offers up-to-date analysis on selected global proven, probable, and possible projects.
The ranking and analysis of projects cover care and maintenance, permanently closed mines, greenfield, and brownfield projects. The evaluation considers NPV, cash flow, financial ability, technical, economic, and geopolitical constraints, downstream processing capacity availability, legislative requirements, and metal price forecasts. Brownfield projects are excluded from NPV derivations.
Independent contours of lithium, cobalt, nickel consumption, and end-use evolutions are analysed. Macro and regional economic factors such as exchange rates, GDP, inflation, consumer expenditure, reasoned metal price forecasts (regional basket prices and consensus by-product metal prices), powertrain evolution, and luxury market developments assist in extrapolating measured levels of start-up success.
Underlying base case demand extrapolations by end-use and a set of operating and financial metrics for each selected project can be provided. This enables you to influence market balances, price forecasts, project incentive pricing, and project start-up success rates for lithium, nickel, and cobalt.
Case studies
Independent analysis of the lithium hydroxide market out to 2025
The business case for downstream refining of battery-grade lithium hydroxide
SFA (Oxford) presented a detailed current and forecast lithium hydroxide (LiOH) market balance and analytical report to assess the medium-term LiOH market dynamics and pricing to advance the investment case for a new plant on behalf of a lithium producer.
Indicative valuation of a cobalt deposit in the Democratic Republic of the Congo
An independent articulation of the investment case
A significant mining conglomerate requested SFA (Oxford) to evaluate a cobalt deposit in the DRC and appraise its investment potential. The team assessed the resource potential, mining strategy, processing routes, and developed an NPV model to evaluate the attractiveness of the resource using different market price scenarios and critical project success factors.
Benchmarking lithium assets relative to the peer group
Cost optimisation and strategic planning
SFA (Oxford) was commissioned to benchmark a lithium producers’ assets across the global peer group to assess its operational competitiveness and evaluate future strategic value chain opportunities.
Developing pitch book documentation for lithium clients for contractual purposes
Keeping lithium players informed for commercial success
SFA (Oxford) has aided lithium producers with industry and regional contextualisation, lithium market outlooks and price forecasts to strengthen supply chain negotiations and enhance market messaging.
ESG contextualisation and benchmarking relative to the lithium industry
Identifying ESG outperformance
SFA (Oxford) was tasked to assess the environmental footprints and selected ESG criteria of the lithium peer group to evaluate peer-group outperformance across brine and hard rock lithium producers. Environmental factors such as energy usage, plants emissions, water use and recycling rates were all considered to assist in evaluating competitor decarbonisation and emission strategies.
Quarterly strategic reviews and outlook for lithium, nickel and cobalt
Regular battery metal market price risk intelligence
Major car makers, investors and suppliers use the SFA (Oxford) team to track the rapidly evolving nature of government policy, electric vehicle (EV) roll-out plans, the battery industry value chain, and key market players to provide up-to-date risks to metal markets and prices.
Quarterly assessments track changes to the evolution of battery chemistries and cathode developments, commercialisation timing, regional appraisal of battery supply chain forces, battery plant investments, OEM EV and hybrid roll-out successes, risks to new EV products and OEM companies, developments in EV infrastructure, evolving changes in the hydrogen economy and the fuel cell market, latest metal supply chain developments, project supply forecasts, technological breakthroughs, battery-grade metal supply risks, China's dominance on intermediates and battery precursor materials, and a five-year price outlook.
Evaluating nickel assets on behalf of client
Supporting growth strategies in new markets
SFA (Oxford) helped to assess nickel targets across the Americas for acquisition.
The team assessed the targets in context with global peer groups, provided long-term price forecasts for financial models, and evaluated downstream processing optionality and offtake agreements.
Part of a due diligence team evaluating nickel processing plants
Assessing off-take targets for acquisition
The SFA (Oxford) analysts have aided a client to evaluate nickel processing plants across the globe for successful acquisition. To support the due diligence team we contextualised nickel targets, provided product price forecasts and augmented transactional rationale with detailed analysis and risks of changing the product portfolio to serve the battery industry and assessed average realised premiums.
Lithium asset due diligence in North America
Mining and processing technical support and asset benchmarking
SFA (Oxford) was tasked to assist the due diligence team of a potential new lithium mine in North America. Along with a site visit, the team analysed all facets of the company and project including its corporate structure, peer-group benchmarking, reviewing the mine plan, processing plant evaluation and offtake partner assessment.
Lithium investment case on behalf for a major car manufacturer
Investment committee submission: independent report
Submitted a detailed report and lithium product price forecasts to the client to offer an independent evaluation of the impact of electric vehicles, electronics and industrial applications on lithium price projections. The report also provided project incentive pricing for hard rock mines and brine operations, and an appraisal of potential new project supply.
Asia-Pacific Rim nickel-cobalt producer’s study
Nickel laterites and HPAL processing assessment
SFA (Oxford) conducted a regional analysis of all Asia-Pacific Rim nickel-cobalt producers from nickel laterite deposits, to identify all regional players, volumes and trading links, as well as focusing on HPAL (high-pressure acid lead) operations and projects, and providing a 5-year price view of the nickel and cobalt markets.
Let's discuss your benchmarking scenarios
Contact one of our team for more details.
Henk de Hoop
Chief Executive Officer
Beresford Clarke
Managing Director: Technical & Research
Jamie Underwood
Principal Consultant
Kimberly Berman
Energy Transition Technology and Metals Specialist
Daniel Croft
Commodity Analyst
Thomas Chandler
Principal Lithium Supply Analyst
Lakshya Gupta
Senior Market Analyst: Battery Materials and Technologies
Rj Coetzee
Senior Market Analyst: Battery Materials and Technologies
Adele Rouleau
ESG and Critical Minerals Lead
Dr Fahad Aljahdali
General Manager, KSA
Alexandre Toufic Zard
Analyst
David Mobbs
Head of Marketing
Joel Lacey
Sales and Marketing Specialist
Linxiao Zhu
Senior Energy Transition Consultant
Other consulting solutions
Explore other services our clients use regularly.
Due diligence studies and commercial advisory
Working with clients and third parties, SFA has a long track record of providing battery metals technical due diligence and financial modelling support.
EV recycling opportunities and value chain assessment
Growing electric vehicle production and the build out of lithium-ion battery factories has led to the emergence of players, supply chains and processing technologies in battery recycling.
Price risk management and procurement strategies
Turn uncertainty into opportunity with SFA's battery metals risk management solutions, staying ahead of market trends, and mitigating supply chain risks.
Mergers, acquisitions, and corporate defence
Clients have used SFA to provide the analytical link with banks and financial institutions to support investment decision making and provide robust market support.
IPO market chapters and feasibility studies
SFA has supported numerous client listings, capital raisings and investor roadshows by providing independent assessments of the lithium, nickel and cobalt markets, price forecasts and benchmarking of client projects, mines, brines and/or processing assets.
Strategy, planning and Board support
SFA is a trusted advisor to boardrooms and senior management to major stakeholders and provides regular assistance to battery metals strategy and planning.
Price forecasting and project incentive pricing
SFA provides accurate short- to long-term battery metal price forecasts to support your business plans and contract negotiations, backed by our extensive research.
Battery metals processing and commercial options
SFA has extensive experience assessing clients battery metal processing facilities and offtake options and supply chain offtake due diligence.
Investor Board packs and investor roadshows
SFA regularly supports clients on roadshows to assist on capital raisings and converse with fund managers, institutional investors and family wealth offices.
Black swan events and market impacts
The SFA team is constantly providing rich insights for its clients on structural events moving the battery metals markets and battery technology substitution.
Corporate ESG strategy and battery metals stewardship
SFA works closely with value chain players to understand how materially significant ESG issues can be integrated into their wider company strategy.
Peer-group ESG battery metals benchmarking
SFA's benchmarking of battery metal producers on material ESG factors generates high-resolution insights for sustainability-conscious investors.
Battery life cycle analysis and ESG impact
SFA evaluates the long and complex life cycle analysis of battery metals and materials to improve the recycling opportunities available for market stakeholders.
Automotive powertrains and battery metals demand
SFA delivers detailed insights into market risks of automotive technologies for light-duty, heavy-duty, off-road and fuel cell vehicles to meet emission targets.
Energy storage to support renewable energy strategies
The pressure for renewable energy generation will require intermittent chemical energy storage solutions to support international climate change objectives.
EV charging and infrastructure deployment
With charging infrastructure lagging behind EV sales, SFA is on hand to help determine which localised markets will support battery electric vehicles.
Joining the dots for other battery metals & materials
SFA evaluates the strategic opportunities of other strategic battery materials such as manganese, vanadium, copper, graphite, silica, and rare earth elements.
Battery technologies – opportunities and threats
SFA analyses the emergence of the new and competing cathode, anode and electrolyte technologies, market adoption and the fall-out this has on battery materials.
How can we help you?
SFA (Oxford) provides bespoke, independent intelligence on the strategic metal markets, specifically tailored to your needs. To find out more about what we can offer you, please contact us.