Le lithium, le prix en baisse aprés la flambée.

[energy_isere]

Et au sujet de Rock Tech Lithium au Canada, ils ont pas de mine active (cad en production) pour le moment, c'est un projet de mine.

Cet article https://www.northernontariobusiness.com ... es-3207873 parle du Georgia Lake lithium project.

Et donc ils lèvent des fonds pour le développement de la mine.

............
The Georgia Lake deposit is 145 kilometres northeast of Thunder Bay on a project site just off Highway 11 and 17 kilometres south of the town of Beardmore. It hosts a measured and indicated resource of 6.57 million tonnes of lithium oxide, and an inferred resource of 6.72 million tonnes.

The company's project timelines show the start of mining operations in 2023.

In early November, the company was hoping to raise $5 million but, apparently, there was "higher-than-expected demand."

"We have received very positive feedback and high demand for our private placement from renowned institutional investors, confirming that we are very much on the right track,” said Rock Tech Chairman Dirk Harbecke in a Dec. 22 news release.

“The collected funds will help us to further accelerate our project development – a huge opportunity in an environment where other projects, also of the global players, still remain on hold due to the corona crisis uncertainties."
......................

et dans un autre article ,

..........
The Georgia Lake Lithium Project

In June 2018, Rock Tech released a resource estimate, prepared in accordance with NI 43-101, that included measured and indicated resources of 6.57 million tonnes averaging 1.01% Li2O and inferred resources of 6.72 million tonnes averaging 1.16% Li2O.
..............

https://www.globenewswire.com/en/news-r ... mited.html

[energy_isere]

suite de ce post du 28 aout 2021 http://www.oleocene.org/phpBB3/viewtopi ... 3#p2325443

Zimbabwe : 140 millions $ suffiront finalement pour lancer la production de lithium à Arcadia


Agence Ecofin 11 oct 2021

Pour Prospect Resources, l’exploitation du lithium d’Arcadia est une priorité, car la société veut profiter des conditions favorables actuelles du marché. Elle examine donc plusieurs scénarios pour atteindre rapidement cet objectif, dont la réduction du financement nécessaire.

La compagnie minière Prospect Resources a publié le 11 octobre une étude de faisabilité optimisée (OFS) pour son projet Arcadia. Basée sur un développement en deux étapes et réalisée par la firme australienne Lycopodium, elle réduit le capital nécessaire pour lancer la production de cette future mine de lithium au Zimbabwe.

Selon les résultats de l’OFS, il faudrait en effet 140 millions $ pour construire la mine, contre 162 millions $ dans l’étude de faisabilité (DFS) publiée il y a deux ans. Seulement, la DFS de 2019 tablait sur une usine capable de traiter 2,4 millions de tonnes par an, alors que, dans cette nouvelle évaluation, Prospect Resources a utilisé un scénario à 1,2 million de tonnes de minerai pour les quatre premières années de production. Pour atteindre le débit annuel de 2,4 millions $ sur les 16 années restantes de la mine, la compagnie devra investir par la suite 72 millions $ dans l’agrandissement des installations.

Sur sa durée de vie totale de 20 ans, notons qu’Arcadia devrait produire en moyenne 107 500 tonnes de pétalite chaque année et 133 300 tonnes de spodumène chimique. Il faut souligner que l’intérêt majeur d’un développement par étapes est la réduction du capital à mobiliser avant de lancer la production. Cela peut en effet aider à lancer plus vite la construction du projet, sans toutefois nuire à la capacité de production à long terme.

« Il est très agréable de disposer d’une alternative viable à la voie de développement direct […]. Même à l’échelle initiale plus petite, les résultats de Lycopodium démontrent une prévision de coûts d’exploitation et de marges hautement compétitifs », souligne Sam Hosack, DG de la compagnie.

Pour rappel, le scénario à 2,4 millions de tonnes en une étape reste l’option principale et une OFS en ce sens est d’ailleurs en cours avec des résultats attendus d’ici la fin de l’année. Les sociétés Azure Capital et Vermilion Partners ont d’ailleurs été engagées pour trouver un ou des partenaires capables de financer une telle opération.

https://www.agenceecofin.com/metaux/111 ... -a-arcadia

[energy_isere]

suite de ce post du 27 juin 2021 http://www.oleocene.org/phpBB3/viewtopi ... 3#p2321543

En Australie l'usine de Ngungaju produit ses premiers concentrés de Spoduméne à Lithium.

First Concentrate Produced from the Ngungaju Processing Plant
Production of coarse spodumene concentrate commences as part of the staged restart of the Ngungaju plant

By NS Energy Staff Writer 15 Oct 2021


First concentrate from the coarse production circuit of the Ngungaju Plant. (Credit: Pilbara Minerals.)

Pilbara Minerals Limited (ASX: PLS) (“Pilbara Minerals” or “the Company”), is pleased to advise that it has successfully produced the first spodumene concentrate from the coarse circuit at the recently restarted Ngungaju Plant, part of its 100%-owned Pilgangoora Project in WA.
.....................

https://www.nsenergybusiness.com/news/f ... ing-plant/#

[energy_isere]

Le Chili veut attirer de nouveaux projets de Lithium des salars ouverts aussi aux compagnies étrangères.

Chile to open 400,000 tonnes of lithium reserves up for exploration

Cecilia Jamasmie | October 14, 2021

Chile will open a tender for the exploration and production of 400,000 tonnes of lithium in an effort to reclaim market share and meet growing demand for the metal used in electric vehicles and high-tech devices.


The copper-producing nation, which holds the world’s largest known lithium reserves, said is preparing bidding rules available to local and foreign firms for five quotas of 80,000 tonnes each.


Companies that secure permits will have seven years, extendable for another two, to explore and develop projects, followed by 20 years of production, the Mining Ministry said in a statement.

Chile, which until 2018 was the world’s top lithium producer, lost its crown to Australia and is about to descend further as China is projected to become the second largest producer of the metal by the end of the decade.

The country currently generates about 29% of the world supply, but it plans to double production by 2025 to about 250,000 tonnes of lithium carbonate equivalent (LCE).

Global demand for the metal, according to ministry projections, will quadruple by 2030, reaching 1.8 million tonnes of lithium. Available supply by then is expected to sit at 1.5 million tonnes.

The world’s two top lithium miners, Albemarle (NYSE: ALB) and SQM, (NYSE: SQM) extract the metal in Chile’s Atacama Desert, one of the driest places on earth, by pumping brine from beneath surface and concentrating it through evaporation in pools.

The companies’ use of water in the extraction process has become a bone of contention, jeopardizing their expansion plans.

Indigenous communities living around the salt flat asked authorities in September to suspend SQM’s operating permits or sharply reduce its operations until it submits an environmental compliance plan acceptable to regulators.

Chile’s environmental watchdog SMA in 2016 charged SQM with overdrawing lithium-rich brine from the Atacama salt flat, prompting the company to develop a $25 million plan to bring its operations back into compliance. Authorities approved that plan in 2019 but reversed their decision in 2020, forcing the miner to start again from scratch on a potentially tougher plan.

Amid the legal battle, Chilean authorities announced they would conduct the region’s first comprehensive, publicly funded, hydrological survey of the salt flat.

Lawmakers, academics, environmentalists, local communities, German carmaker Volkswagen and Chilean courts have all emphasized the importance of an environmental study to help dispel lingering questions on the impact of lithium mining in Chile.

https://www.mining.com/chile-to-open-40 ... ploration/

[energy_isere]

Le chinois Ganfeng augmente le prix de vente de son Lithium :

Ganfeng raises lithium metal prices amid power crunch

Reuters | October 11, 2021

Ganfeng Lithium has told customers it is raising prices for lithium metal products by 100,000 yuan ($15,500) per tonne for the next month, partly because of higher production costs amid China’s power supply shortages.

In a notice to customers seen by Reuters and verified by a Ganfeng official, the Chinese company also cited higher costs for raw materials such as lithium carbonate for the price increase, which applies from Oct. 10 until Nov. 9.

Several regions have imposed curbs on industrial output and electricity usage to combat China’s worst power crunch in years.

The Ganfeng notice did not state absolute prices. Lithium metal prices in China were last assessed by industry pricing and information provider SMM at 865,000 yuan a tonne on Friday, the highest since late October 2018.

Ganfeng is best known as one of the world’s top producers of lithium chemicals used in electric vehicle (EV) batteries, such as lithium carbonate, but also makes lithium metal, which is used in the nascent solid-state battery sector.

Battery-grade lithium carbonate prices in China touched a record high of 179,000 yuan a tonne on Monday, as assessed by Asian Metal, and have surged about 240% so far this year as EV demand roars back from the pandemic.

($1 = 6.4501 Chinese yuan renminbi)

https://www.mining.com/web/ganfeng-rais ... er-crunch/

[energy_isere]

en rapport avec ce post du 2 aout 2021 viewtopic.php?p=2323771#p2323771

Rio Tinto prévient que des investissements gigantesques devront êtres réalisés d'ici 2030.
Il faudra la capacité de 60 mines de Jadar pour fournir les prévisions de demandes de Lithium.

Rio Tinto says 60 Jadar mines wouldn’t fill looming lithium gap

Cecilia Jamasmie | October 21, 2021

io Tinto (ASX, LON, NYSE: RIO) joined the rising chorus of companies and analysts warning of an imminent and “significant” supply gap for lithium, as demand for the metal used in electric vehicles (EV) and green technologies continues to soar.


The world’s second-largest miner, which greenlighted in July the $2.4 billion Jadar lithium project in Serbia, believes the supply gap needs to be addressed “within the next ten years.”

In a presentation to investors, Rio Tinto’s head of economics Vivek Tulpule said EV sales are on track to hit up to 55% of the world’s total light vehicles sales as early as 2030, reaching about 65 million units.

This means manufacturers would need about three million tonnes of lithium, compared with the roughly 350,000 tonnes they consume today, Tulpule noted.

Existing operations and projects combined, however, are slated to contribute one million tonnes of lithium, he said.

Rio Tinto estimates that committed supply and capacity expansions will contribute about 15% to demand growth over the 2020-2050 period. The remaining 85% would need to come from new projects.

“Filling the supply gap will require over 60 Jadar projects,” he warned.


Source: Rio Tinto’s Investor Seminar 2021

Jadar, located in western Serbia, would produce enough lithium to power one million electric vehicles, Rio has said. It will also produce boric acid, used in ceramics and batteries, and sodium sulphate, used in detergents.

Mine construction is expected to begin early next year, subject to environmental approvals, with the first production in 2026. Following ramp up to full production in 2029, the Jadar mine will produce 58,000 tonnes of lithium carbonate, 160,000 tonnes of boric acid and 255,000 tonnes of sodium sulphate a year.
...........................

https://www.mining.com/rio-tinto-says-6 ... thium-gap/

[energy_isere]

Projet d'une usine de traitement du spoduméne Australien (de Pilbara Minerals) en Corée du Sud

Pilbara Minerals and POSCO finalise JV for lithium facility in South Korea
With a 43,000tpa capacity, the lithium hydroxide monohydrate conversion facility is expected to open in the second half of 2023.

26 Oct 2021

Lithium miner Pilbara Minerals and steelmaker POSCO have finalised a joint venture (JV) for the development of a downstream lithium chemicals facility in South Korea’s Gwanyang province.

According to the agreement, the firms will jointly construct and operate the lithium hydroxide monohydrate (LHM) conversion facility.

With a 43,000tpa capacity, the conversion facility will comprise two production trains, each with a 21,500tpa LHM capacity.

Estimated to cost around $750m, the facility will feature POSCO’s patented purification technology, which will be licensed to the JV on a non-exclusive basis.

Pilbara will own 18% of the joint venture, which will be named POSCO-Pilbara Minerals Lithium Solution Co.

The lithium miner will also have the option to increase its stake in the JV to 30%, for up to 18 months following the production growth at the facility.

Construction of the project is planned to start by March 2022, with its opening expected in the second half of 2023.

Under an amended offtake agreement, Pilbara agreed to supply 315,000tpa of spodumene concentrate to the conversation facility from its Pilgangoora Project.

The Pilgangoora lithium-tantalum project is located approximately 120km south of Port Hedland, Pilbara, Western Australia.

The facility is expected to support POSCO’s strategic aim of becoming one of the largest battery materials producers in South Korea.

Pilbara Minerals managing director and CEO Ken Brinsden said: “This joint venture will give Pilbara Minerals significant exposure to one of the world’s most dynamic and fastest-growing markets for lithium chemicals.”

https://www.mining-technology.com/news/ ... ium-korea/

[energy_isere]

suite de ce post du 7 juillet 2019 : viewtopic.php?p=2285021#p2285021

Sibanye Stillwater injecte 70 millions de dollars dans la mine de Lithium Rhyolite Ridge au Nevada de l' entreprise Ioneer.

Ioneer set to begin lithium production jointly with Sibanye in US plant

Reuters | October 27, 2021


The Rhyolite Ridge lithium-boron project in Nevada. (Image courtesy of ioneer.)

Australian lithium supplier ioneer Ltd said on Thursday it was to set to jointly begin production at its U.S.-based lithium plant with Sibanye Stillwater, after the South African miner made a $70 million investment in it through share placement.


This follows a deal last month in which Sibanye agreed to buy half of ioneer’s Nevada lithium mine project in what was one of the largest battery metal supply deals ever in the United States.

Lithium and other battery metals, which are key components of electric vehicles, have been gaining interest rapidly as the world moves off fossil fuels and looks towards cleaner forms of energy.

Sibanye also made its second Australian investment this year on Wednesday, where it took a near 20% stake in zinc miner New Century Resources, investing about $46 million.

Ioneer slipped, while New Century’s shares rallied 9.7% to see their best day in six weeks. Sibanye’s Johannesburg-listed shares closed down nearly 1% on Wednesday.

https://www.mining.com/web/ioneer-set-t ... -us-plant/

[energy_isere]

Le groupe minier français Eramet ouvrira une usine de lithium en Argentine en 2024

AFP parue le 08 nov. 2021

Le groupe minier français Eramet a annoncé lundi l'ouverture début 2024 d'une usine de lithium en Argentine avec son partenaire chinois Tsingshan, qui devrait à terme produire 15% des besoins européens de lithium, indispensable aux batteries des véhicules électriques.

Sur le coût d'investissement de 400 millions de dollars Tsingshan, qui aura 49,9% du projet, financera 375 millions de dollars, alors qu'Eramet, propriétaire de la concession, financera 25 millions de dollars pour une participation de 50,1%, a indiqué la PDG du groupe Christel Bories, lors d'un entretien téléphonique, en précisant que la construction débuterait au 1er trimestre 2022.

Eramet est déjà associé à Tsingshan en Indonésie pour l'extraction de nickel. "S'associer avec Tsingshan que nous connaissons bien permet d'aller vite", a dit Mme Bories.

"La transition énergétique nécessite beaucoup de métaux pour le stockage et le transport de l'électricité, 75% des véhicules produits en Europe seront électriques en 2030 et 40% dans le monde" a-t-elle rappelé.

Eramet estime "avoir la chance d'être au coeur de la solution de la transition énergétique" avec ce gisement de lithium sur les hauts plateaux andins dont il possède "100% des droits miniers perpétuels", et sa stratégie de recentrage sur les métaux critiques nécessaires à la construction de batteries.

Pour les débouchés, Eramet a d'ailleurs indiqué être en discussion notamment avec les deux grands consortiums de batteries prévus en France, et d'autres en Europe.

Le groupe anticipe ainsi que la demande mondiale de nickel va être "multipliée par deux", celle de cobalt "par quatre" et celle de lithium "par six" d'ici 2030.

"A l'heure actuelle, il y a pénurie de lithium" dans le monde, a-t-elle dit en rappelant les prix de "près de 30.000 dollars la tonne" atteints par le lithium sur les marchés spot.

La taille du gisement "permettra d'envisager des extensions ultérieures" de l'usine qui aura une production annuelle de 24.000 tonnes de carbonate de lithium (LCE), a ajouté Mme Bories, en affirmant que le groupe recourt à un procédé d'extraction "très performant" sur le plan environnemental et "économe en eau" pour "préserver l'équilibre hydrique de cette région aride".

Le groupe a donné quelques indications financières sur la rentabilité envisagée de l'opération: l'extraction devrait avoir un coût ("cash-cost") de 3.500 dollars la tonne, et un "taux de rendement interne très élevé". Eramet prévoit un bénéfice d'exploitation Ebitda de 165 millions d'euros "vers le deuxième semestre 2025" a dit Mme Bories.

https://www.connaissancedesenergies.org ... 024-211108

[energy_isere]

Au sujet du gisement de Lithium du post au dessus, il s'agit de Centanario-Ratones dont il était question dans ce post du 18 dec 2018 : viewtopic.php?p=2277472#p2277472

le gisement est situé à 3.800 mètres d'altitude dans la province de Salta (nord-ouest).

https://www.connaissancedesenergies.org ... han-211108

[energy_isere]

suite de ce post du 5 sept 2020 viewtopic.php?p=2308445#p2308445

Le gouvernement malien octroie un permis minier à Kodal Minerals pour le lithium de Bougouni

Agence Ecofin 8 nov 2021

C’est une période de bonnes nouvelles chez Kodal Minerals qui, après avoir pris récemment le contrôle total du projet Bougouni, obtient la dernière autorisation indispensable à l’exploitation de son lithium. Il ne reste plus qu’à mobiliser le capital pour construire la mine.

Au Mali, Kodal Minerals a annoncé le 8 novembre l’obtention d’un permis minier au projet de lithium Bougouni. Valable pour une durée initiale de 12 ans puis renouvelable par bond de 10 ans jusqu’à épuisement des gisements, il a été accordé par le gouvernement de Transition à Future Minerals SARL, filiale locale de la compagnie minière britannique.

« L’octroi du permis d’exploitation minière de Bougouni arrive à point nommé pour Kodal, car l’intérêt mondial croissant pour les métaux des batteries et la reconnaissance des déficits d’approvisionnement potentiels soulignent la valeur de notre projet de lithium », a commenté Bernard Aylward, PDG de la société.

Bougouni, devenu récemment propriété à part entière de Kodal, est capable de livrer environ 2 millions de tonnes de lithium en 8,5 ans. Il faut souligner que ce précieux sésame, qui vient s’ajouter à l’approbation de l’étude des impacts environnementaux et sociaux du projet, obtenue en novembre 2019, place la compagnie en position optimale pour négocier des accords destinés à financer la construction de la mine.

https://www.agenceecofin.com/metaux/081 ... e-bougouni

[energy_isere]

Du Lithium au Saskatchewan (Canada) dans des saumures souterraines.
Unité pilote d'extraction avec de très bons résultats.

Saskatchewan province adds lithium to mining portfolio

Cecilia Jamasmie | November 12, 2021

Canadian junior Prairie Lithium reached a milestone this week as it finished drilling the province of Saskatchewan’s first dedicated lithium well, which could make the battery metal the region’s third largest resource offering after potash and uranium.


The junior has been using proprietary technology to extract the sought-after battery metal from subsurface brine water since 2020, when the company’s first extraction tests began.

The salty underground water is then mixed with an ion exchange material in a tank, and is eventually converted into lithium chloride.

Provincial Energy and Resources Minister Bronwyn Eyre said lithium is “having a moment” right now, and the demand is expected to increase by five-fold by 2030.

The pilot project processing facility, in Emerald Park, successfully extracted 99.7% of lithium from the brine in “a matter of minutes,” Eyre said in the statement.

Eyre said this process is cleaner than the traditional way of extracting the mineral from hard rock and creates a sustainable use for the oil wells.

“Which is the beautiful irony, that oil field brine will power electric vehicles of the future. What’s not green about that?”
................

https://www.mining.com/canadas-saskatch ... portfolio/

[GillesH38]

c'est rigolo dans le Jura j'ai visité d'anciennes salines qui utilisaient effectivement des saumures naturelles d'eau de percolation à travers des gisements de sel (pas des mines de sel comment on peut voir en Autriche par exemple)


https://fr.wikipedia.org/wiki/Salins-les-Bains

[energy_isere]

suite de ce post du 19 sept 2021 viewtopic.php?p=2326982#p2326982

c'est finalement Lithium Americas qui achéte pour $400m Millennial Lithium. Le deal précédent avec le chinois CATL est annulé.

Lithium Americas signs $400m deal to acquire Millennial Lithium
Before signing the deal, Millennial Lithium had scrapped the arrangement agreement it had with CATL

By NS Energy Staff Writer 18 Nov 2021


Lithium Americas’ Caucharí-Olaroz project is located nearly 100km from the Pastos Grandes project owned by Millennial Lithium. (Credit: Lithium Americas Corp.)

Canadian development-stage company Lithium Americas has signed an agreement with Millennial Lithium to acquire the latter in a stock and cash deal worth around $400m.

Millennial Lithium, which is based in Canada, is the owner of the Pastos Grandes lithium brine project in Argentina.

Lithium Americas’ assets are located in Jujuy, Argentina and Nevada in the US. Its Caucharí-Olaroz lithium project is approximately 100km away from the Pastos Grandes project.

Lithium Americas president and CEO Jonathan Evans said: “This transaction is a rare opportunity to add a complementary lithium brine project and leverage our expertise developing Caucharí-Olaroz as the largest new lithium carbonate operation to come online in over 20 years.

“We are confident Pastos Grandes can provide significant value for all shareholders as we execute on our growth strategy in the region over the coming years.”

As per the terms of the deal, shareholders of the publicly-listed Millennial Lithium will get C$4.7 ($3.73) per share in the form of Lithium Americas’ shares plus C$0.001 ($0.00079) in cash per share.

The stock component of the consideration will give Millennial Lithium’s shareholders a stake of around 9.1% in Lithium Americas. The deal is the result of an “unconditional” offer made by Lithium Americas to the former earlier this month.

Before signing the deal, Millennial Lithium scrapped the arrangement agreement it entered into with Contemporary Amperex Technology (CATL) in September this year. CATL had offered to acquire the company in a deal worth C$377m ($299m).

Millennial Lithium president and CEO Farhad Abasov said: “Millennial’s board and management believe that the LAC Arrangement Agreement provides significant value to Millennial Shareholders. The high premium to the CATL Arrangement Agreement highlights the quality of the Pastos Grandes project and the efforts by the Millennial team over the past four years.

“Lithium Americas brings significant technical expertise and financial flexibility de-risking the development of Pastos Grandes and generating further upside for Millennial Shareholders.”

The deal, which is subject to Millennial Lithiums shareholders’ approval, regulatory approvals, and other conditions, is anticipated to close in January 2022.

https://www.nsenergybusiness.com/news/l ... quisition/

[energy_isere]

Chinese Miners in Talks to Access Vast Afghan Lithium Reserves

By Eltaf Najafizada 24 novembre 2021, Bloomberg

Chinese firms are showing interest in exploiting Afghanistan’s vast untapped mineral resources as Beijing seeks a role in reconstructing the nation’s war-ravaged economy.

Afghanistan is sitting on deposits estimated to be worth $1 trillion or more, including what may be the world’s largest lithium reserves, a vital component for the energy-storage batteries that are driving the world’s transition away from fossil fuels. The opportunity in Afghanistan comes after the U.S., China’s great geopolitical rival, ended its two-decades long military presence in the country earlier this year.

Taliban government officials recently met with representatives from five private Chinese companies to discuss mining in the country, according to the Afghanistan Chamber of Commerce and Investment. The companies showed “strong interest” in the nation’s mineral deposits as well as the construction and agriculture sectors, Khanjan Alokozay, a senior member of the chamber, said by phone.

China is both the world’s biggest consumer of minerals and a long-term investor across many of its Asian neighbors via President Xi Jinping’s signature Belt and Road initiative. To secure its supply of commodities, Beijing has shown a willingness to invest in some of the world’s most volatile jurisdictions, including nations in Africa and South America.

Lithium Visits

China’s interest has the backing of the Taliban government, said Alokozay. The militant group is seeking foreign support for an economy that has collapsed since it came to power in August. Efforts to increase trade between the two nations were also discussed, he said.

China’s Communist Party-owned tabloid Global Times reported earlier this week that representatives of several Chinese companies visited the country in early November to conduct on-site inspections of potential lithium projects and to explore other business opportunities.

China’s two biggest lithium miners, Tianqi Lithium Corp. and Ganfeng Lithium Co., said they didn’t have any information to disclose on the reported visits.

China is yet to recognize the Taliban but is building ties with its administration and has pledged to help rebuild the country. Beijing is keen to expand its influence in the region and prevent both militants and refugees from spreading beyond Afghanistan’s borders.

Beijing has existing contracts to tap Afghan mineral deposits. In the mid-2000s, investors led by state-owned Metallurgical Corp. of China Ltd. won a bid valued at almost $3 billion to mine copper at the Mes Aynak mines, near the capital Kabul, although little progress has been made in the intervening years.

China and the Taliban both seek “friendly relations and we believe that that will open a conducive environment for Chinese companies” to invest in the country, Alokozay said.

https://www.bloomberg.com/news/articles ... l-reserves