London, Aug. 21 (Korea Bizwire) — Benchmark Mineral Intelligence (Benchmark Minerals) is pleased to announce that it has completed an independent assurance review of its implementation of IOSCO Principles for Price Reporting Agencies for its Lithium Price Assessments.
As a result of the most rigorous, independent audit process available, Ernst & Young (EY) has certified Benchmark Minerals with the highest accolade known as Type 1 Reasonable Assurance.
This makes Benchmark Minerals the only company in the world that specialises in the lithium ion battery to electric vehicle (EV) supply chain with external assurance over its compliance with IOSCO principles for its lithium prices.
EY ran the audit in accordance with a set of principles created by the International Organization of Securities Commissions (IOSCO), originally for oil price reporting in 2012.
Increasingly, these principles are being applied to the commodity price reporting industry.
To learn more or to subscribe to Benchmark Minerals’ lithium prices click here.
Simon Moores, Managing Director, Benchmark Minerals said:
“This confirms what we have always maintained at Benchmark Minerals: that our prices are collected to the highest and most exacting standards.
“Not only are we the most specialised price reporting agency for our industry but we have now demonstrated the highest level of IOSCO compliance.
“For many years now, we have set the lithium industry’s reference price that is used in contracts across the lithium ion battery to EV supply chain.
“Our unrivalled and vast experience in both lithium and professional commodity publishing has seen us raise the quality and depth of prices, data and market intelligence to a new level for the 21st century.
“Our priority at Benchmark Minerals has always been to collect the most accurate and precise lithium prices and this comes from experience, hard work and travelling the world to meet and increase our number of active contacts.
“IOSCO compliance, which judges the data collection process and not the quality of price data, has always been a bonus for us.
“EY’s independent assurance judgement on our lithium prices will give further confidence to those outside of the lithium industry who are seeking to create new financial instruments, including exchanges in the US, Asia and Europe.
“Our investments within lithium, including hires from Tesla, SQM and Albemarle, continue to improve our lithium coverage and double down on our number one position in the world.”
Andrew Miller, Head of Price Assessments, Benchmark Minerals said:
“This has been a multi-year effort to expand and evolve our Lithium Price Assessments in response to changes in the lithium industry and this IOSCO assurance review is the final tick in the box.
“As we enter a period of unprecedented growth, Benchmark Minerals’ robust assessment process is crucial in meeting the price reporting needs of various stakeholders across the EV supply chain.
“Using our expertise, global network of industry contacts, and robust, IOSCO-compliant price assessment process, Benchmark Minerals has become the industry standard for third-party lithium price reporting.
“A central part of this is our unique, lithium-specific methodology which has been developed to truly reflect the industry’s different products and trade flows in what is a speciality chemical market.
“Benchmark Minerals’ commitment to our Lithium Price Assessments will continue to provide much-needed confidence to write contracts, raise capital and expand supply to keep pace with the energy storage revolution.”
Lithium Carbonate, Lithium Hydroxide, Spodumene prices all now accredited
The following lithium prices are now IOSCO compliant:
• Benchmark Minerals Lithium Carbonate (min 99.0% Li2CO3), FOB South America
• Benchmark Minerals Lithium Carbonate (min 99.0% Li2CO3), CIF North America
• Benchmark Minerals Lithium Carbonate (min 99.0% Li2CO3), CIF Europe
• Benchmark Minerals Lithium Carbonate (min 99.2% Li2CO3), CIF Asia
• Benchmark Minerals Lithium Carbonate (min 99.5% Li2CO3), EXW China (battery)
• Benchmark Minerals Lithium Carbonate (min 99.0% Li2CO3), EXW China (technical)
• Benchmark Minerals Lithium Hydroxide(min 55% LiOH), FOB North America
• Benchmark Minerals Lithium Hydroxide (min 56.5% LiOH),CIF Asia
• Benchmark Minerals Lithium Hydroxide (min 55% LiOH), CIF Europe
• Benchmark Minerals Lithium Hydroxide (min 56.5% LiOH), EXW China
• Benchmark Minerals Spodumene Concentrate (6% Li2O), FOB Australia
View a full version of EY’s audit report here.
About Benchmark Mineral Intelligence:
Benchmark Mineral Intelligence (Benchmark Minerals) is the world’s leading voice and most trusted provider of prices, data and advisory services in the lithium ion battery and electric vehicle (EV) supply chain.
Benchmark Minerals, a Price Report Agency (PRA), is globally known for setting the IOSCO-compliant, lithium reference price which is relied upon to negotiate contracts between lithium extraction operators, cathode manufacturers, battery cell producers and automotive OEMs.
The Company also produces regular price assessments on cobalt chemicals and graphite anode and also tracks lithium ion battery megafactory capacity build out.
Benchmark Minerals also provides Forecasting & Consultancy services that are relied upon by a wide range of customers, from governments, electronics manufacturers, EV makers, battery cell producers, and mining companies.
Premium Quarterly Forecast reports are provided for the lithium, cobalt and graphite industries, including cost curves and a fully linked supply and demand model allowing easy scenario analysis.
Our single-client advisory services provide actionable and implementable recommendations in the form of supply chain workshops, lenders market reports and input to feasibility studies.
To complement its publishing activities, the company has created the industry’s leading platform to discuss the subject – The Benchmark World Tour.
Benchmark Minerals also hosts an industry gathering for the lithium ion supply chain in Q4 of each year. Benchmark Minerals Week consists of two main conferences, Graphite & Anodes and Cathodes, and is the world’s meeting place to negotiate deals and network.
Benchmark Minerals’ data, insight, and understanding of the subject is unrivalled, as witnessed by repeat testimony to the US Senate in 2017 and 2019. In addition, Benchmark Minerals has been invited to give guest lectures at the University of Oxford, Stanford University, and the Royal Institution of Great Britain.
The EV and battery cell supply chain is the sole focus and speciality of Benchmark Mineral Intelligence.
Source: Benchmark Mineral Intelligence Limited via GLOBE NEWSWIRE