Battery Raw Materials capital raised down 49% in 2019
Fundraisings in battery materials stocks were down 49% y/y in 2019 at US$2.4bn. Nickel (+652%), REE (+116%) and Graphite (+5%) were the only segments where funds raised were up for the year. Lithium funds raised were down 63% at US$1.4bn and Cobalt down 80% at US$79m (NB we have omitted Katanga Mining’s (debt for equity swap since it nets out). For the sector as a whole, 37% of funds were raised from stake sales, vs only 25% in 2018, while funds raised from equity accounted for only 35% of capital (vs 50% in 2018) with funds raised from debt up to 21% of capital (vs 16% in 2018).