The Mineral Resources Limited (ASX: MIN) share price is down 2.35% in early afternoontrade, currently at $57.32 per share.

The S&P/ASX 200 Index (ASX: XJO) mining services provider and lithium producer, closed down 7.7% yesterday. This followed a bearish medium term forecast for lithium prices from Goldman Sachs.

Most every ASX lithium share got hammered yesterday, and it looks like some selling pressure remains today.

Even the announcement of a new joint venture (JV) exploration agreement hasn’t been enough to lift the Mineral Resources share price this morning.

What new exploration agreement was announced?

Mineral Resources has entered into a binding term sheet with Marquee Resources Ltd (ASX: MQR) to explore for and develop lithium deposits in a JV across the West Spargoville Project, located in Western Australia.

The Mineral Resources share price is dipping despite the company earning the right to acquire an initial 25% interest in the lithium rights at the project.

To earn that interest, Mineral Resources will fund all the exploration and development costs at West Spargoville, as well as complete a feasibility study within 24 months. The ASX 200 miner will fund at least $1,000,000 of exploration and development activities by the end of this calendar year.

Commenting on the agreement, Marquee executive chairman, Charles Thomas said:

I am extremely happy to announce we are partnering with one of the most innovative and leading mining service companies and one of the world’s largest lithium producers.

Mineral Resources has an excellent track record and reputation and I am very pleased that a company of their calibre sees the same potential at WSP as the team at MQR and I do.

Reverse Circulation (RC) drilling targeting lithium at the West Spargoville is currently underway.

Mineral Resources share price snapshot

Despite this week’s selling action, the Mineral Resources share price remains up 21% since this time last year. That compares to a 4% year-to-date loss posted by the ASX 200.

The post Mineral Resources share price dips despite new lithium partnership appeared first on The Motley Fool Australia.

More reading

• Why did the Mineral Resources share price slide today?
• These were the best performing ASX 200 shares in May
• Why ASX lithium shares have ‘absolutely more room to run’ in 2022: expert
• Analysts name 2 of the best ASX lithium stocks to buy now
• Why are ASX 200 lithium shares kicking goals today?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The Dow Jones Industrial Average (DJINDICES: ^DJI) slipped about 177 points today, despite a better-than-expected earnings report from Salesforce (NYSE: CRM) that pushed the stock nearly 10% higher, which was by far the biggest move of any of the Dow’s 30 stocks.

Contributing to the losses in the Dow were financials and consumer goods stocks, which struggled following a warning from JPMorgan Chase‘s esteemed CEO Jamie Dimon. The bank leader warned investors to prepare for what he described as an economic “hurricane.”

Salesforce surprises

For the first quarter of fiscal 2023, which ended on April 30, Salesforce reported diluted earnings per share of $0.03 and adjusted earnings per share of $0.98. Total revenue came in at $7.41 billion. Both adjusted earnings and revenue beat analyst estimates during a quarter with difficult economic conditions, sending shares higher. 

“Our financial results once again demonstrate the strength and durability of our business model as we continue to see strong demand from customers across the entire Customer 360 portfolio,” Salesforce’s Co-CEO Bret Taylor said in a statement.

He added: “Salesforce has become even more strategic and relevant to our customers as we are providing them with the agility and resilience they need to drive growth and efficiency in these uncertain economic times.”

Along with the strong financial results, Salesforce also raised guidance. The company now expects to generate revenue of at least $31.7 billion for the full 2023 fiscal year and adjusted earnings per share of roughly $4.75. For the current quarter, Salesforce expects adjusted earnings of at least $1.01 on revenue of at least $7.69 billion.

In a research note, Bank of America analyst Brad Sills called the results “solid” and that “renewed discipline” on core expenses should help Salesforce achieve “meaning margin expansion.”

Dimon’s warning

Although Salesforce is often seen as a precursor for tech earnings because of its reporting schedule, the positive results from the cloud software company were not enough to pull the Dow into the green. The stark warning from JPMorgan’s top executive seemed to spook investors today.

Dimon said at a conference this morning that instead of “storm clouds” ahead for the U.S. economy, he now sees a “hurricane.”

“You’d better brace yourself,” he said. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”

Dimon’s fears stem from Russia’s ongoing invasion of Ukraine, which he thinks will have an extraordinarily negative impact on commodities such as food and oil. Dimon said he is concerned that the price of oil could rise all the way to $150 or $175 per barrel, up from just below $115, as of this writing.

Dimon is also extremely worried about the Federal Reserve’s unwinding of its nearly $9 trillion balance sheet in a process known as quantitative tightening, which will effectively drain liquidity from the economy. The Fed begins that process today and will eventually ramp up to running off $95 billion of bonds from its balance sheet every month by August. 

The Fed has never embarked on a quantitative tightening effort of such epic proportions, so it could end up having consequences that no one is prepared for and create more market volatility down the line than currently anticipated. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Dow Jones finishes in the red despite strong earnings from salesforce appeared first on The Motley Fool Australia.

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Bram Berkowitz has no position in any of the stocks mentioned. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Bank of America is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Salesforce, Inc. The Motley Fool Australia has recommended Salesforce, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Shares of Galileo Mining Ltd (ASX: GAL) have shrugged off recent selling pressure to surge more than 16% higher on Thursday.

At the time of writing, the Galileo Mining share price is trading at $1.55 apiece, as trading volume surges past 2.56 million shares early in the session.

What’s up with the Galileo Mining share price?

Investors have been bidding up Galileo Mining today, continuing the longer-term trend in its share price.

Shares had surged more than 750% to a peak of $1.70 on 27 May before consolidating back to $1.34 by close of trade yesterday.

Most recently, market pundits had rallied Galileo on the back of its latest drill results. The company had intersected the rare and precious rhodium from drilling at the Callisto discovery of the Norseman Project.

Earlier in the month, it had intersected a  major discovery of palladium-platinum-copper-nickel-sulphide to the delight of investors.

Also in May, the company earned another vote of confidence when billionaire mining prospector Mark Creasy increased his position by 3 million shares.

The legendary mining investor now has a position of more than 44.37 million shares, according to filings.

Galileo Mining share price snapshot

After a string of recent updates, the Galileo Mining share price has now soared more than 418% in the past 12 months, with a 580% gain this year to date.

The post Galileo Mining share price shrugs off market pressure, soars 16% appeared first on The Motley Fool Australia.

More reading

• Why has the Galileo Mining share price shot to the stars in May?
• 3 ASX mining shares soaring by more than 30% on Friday
• Up 700% in 2022, why the Galileo Mining share price is leaping another 36% today
• 3 ASX mining shares going gangbusters on Thursday
• Galileo Mining share price surges another 25% on ‘very important’ drill results

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.9% to 7,168.7 points.

Here’s what is happening on the ASX 200 today:

Pilbara Minerals shares push higher

The Pilbara Minerals Ltd (ASX: PLS) share price is recovering on Thursday. This follows a rebound in the lithium sector and news the company has named its new CEO. In respect to the latter, Pilbara Minerals revealed that it will promote its chief operating officer, Dale Henderson, to the top job. The company’s long-serving CEO, Ken Brinsden, will formally step down as CEO on 30 July.

Pro Medicus wins major contract

Weakness in the tech sector is holding back the Pro Medicus Limited (ASX: PME) share price on Thursday. The health imaging technology company’s shares are in the red today despite announcing a major contract win. According to the release, Pro Medicus has signed a $28 million, seven-year contract with Allina Health.

Wesfarmers falls on strategy update

The Wesfarmers Ltd (ASX: WES) share price is trading lower today. This follows the release of the conglomerate’s strategy update. According to a note out of Goldman Sachs, its analysts felt the update was “uninspiring at first glance.” The broker added: “There were fewer details than we had hoped for on key drivers of the growth algorithm, particularly around Bunnings and Kmart, and the presentation did not offer any aspirational outlook for API nor corporate restructuring options for Officeworks and Industrials.”

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Woodside Energy Group Ltd (ASX: WDS) share price with a 5% gain. The energy sector is the only area of the market making real progress today. Going the other way, the worst performer has been the Life360 Inc (ASX: 360) share price with a 6% decline amid broad weakness in the tech sector.

The post ASX 200 midday update: Pilbara Minerals names new CEO, Wesfarmers’ strategy update appeared first on The Motley Fool Australia.

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• Why is the Wesfarmers share price slipping today?
• Is this the real reason ASX lithium shares cratered on Wednesday?
• Pro Medicus share price falls despite major contract win
• Pilbara Minerals share price higher on CEO appointment
• This is when the pain will end: expert

Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc. and Pro Medicus Ltd. The Motley Fool Australia has positions in and has recommended Pro Medicus Ltd. and Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Shares of Evolution Mining Ltd (ASX: EVN) have jumped from the open and now trade around 1% higher at $3.73 apiece.

Zooming out for a wider view, however, Evolution has struggled in 2022 having clipped an 8% loss this year to date. Over the last month of trade, shares are down 8% as well.

Meanwhile, the price of gold has also taken a backward step this past month, dipping almost 1% into the red to bring a year-on-year loss of more than 3%.

Broker upgrades for Evolution Mining

Analysts at JP Morgan upgraded their rating on Evolution Mining in a recent note, bringing their rating to overweight.

“We remain attracted to gold stocks on a 1y view and believe the recent pullback in stock prices provides a good entry point amongst a supportive macro backdrop,” the broker said in a recent note.

The broker is attracted to the company’s Cowal, Red Lake and Ernest Henry assets and also mentioned that Evolution had a good track record on its acquisition front.

We upgrade Evolution to overweight, and it is now our top pick from a valuation perspective, trading on a P/NPV of 0.77x and offering a 10% 5 year CAGR [compound annual growth rate] in production and a 3.2% FY23 estimated dividend yield.

JP Morgan values Evolution Mining at $4.80 per share, in line with Shaw and Partners on a $4.75 per share valuation.

Meanwhile, analysts Yi Zhu and Anthony Cham Fung Yau at Bloomberg Intelligence reckon Evolution’s $1.4 billion capital expenditure (capex) should be accretive to the company’s earnings. They wrote:

Evolution’s A$1.4 billion capex should improve productivity at its recently-acquired assets, lifting production by 320,000 ounces at lower unit costs.

Investments include brownfield exploration, new mine plans and extraction of synergies. This strategy has previously served the company well and we expect similar results with the most recent additions.

Not all recommend a buy

While 25% of coverage advocates buying Evolution Mining shares, around 44% of brokers still say the company is a hold, and 31% recommend investors sell, according to Bloomberg data.

Both Credit Suisse and Macquarie downgraded their ratings to underperform yesterday, valuing the company at $3.75 and $4 per share respectively.

RBC Capital and Barrenjoey Markets also rate Evolution a sell in separate notes from April.

The consensus price target is still $4.34 per share from this list, suggesting around 16% upside potential at the time of writing.

The post Why did these brokers upgrade the Evolution Mining share price to buy? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Tuesday
• 5 things to watch on the ASX 200 on Thursday
• Why are ASX gold shares leaping today?

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Allkem Ltd (ASX: AKE) share price is having a week to forget.

Since the start of the week, the lithium miner’s shares are down 17%.

Why is the Allkem share price falling?

The Allkem share price, along with almost all lithium shares, have come under pressure this week for a number of reasons.

These include a broker downgrade by Credit Suisse, Argentina setting a lithium reference price of US$53 per kilo, Goldman Sachs reiterating its view that lithium prices will fall heavily in the coming years, and BYD planning to buy six lithium mines in Africa.

The latter is likely to be the biggest driver of the selling. Particularly given that the Warren Buffett-backed electric vehicle company is understood to be expecting these mines to produce approximately 1 million tonnes of lithium carbonate each year.

That would be enough to build at least 27.78 million electric vehicles, which covers the automaker’s expected demand for the next decade.

If everything goes to plan for BYD, this will increase overall lithium supply and take a major buyer of lithium out of the chain. This could ultimately have a negative impact on lithium prices.

How will falling prices impact Allkem?

While falling lithium prices is not what Allkem shareholders want to see, it is worth noting that the company has low operating costs.

During the most recent quarter, Allkem reported a cash cost per tonne of US$349 for its Mt Cattlin spodumene concentrate and US$3,811 per tonne for its Olaroz lithium carbonate.

Goldman Sachs has been forecasting a long-run average of US$800 per tonne for lithium spodumene concentrate and US$11,500 per tonne for lithium carbonate.

This means that even if prices crumble to Goldman’s long term estimates, Allkem is still a highly profitable machine.

Is this a buying opportunity?

According to a recent note out of Morgans, its analysts have an add rating and $16.98 price target on the company’s shares.

Based on the current Allkem share price of $11.63, this implies potential upside of 46% for investors over the next 12 months.

The post Is the Allkem share price selloff a buying opportunity? appeared first on The Motley Fool Australia.

More reading

• Is this the real reason ASX lithium shares cratered on Wednesday?
• Why Allkem, Origin, PointsBet, and Zip shares are sinking today
• What’s dragging the Lynas share price 6% lower today?
• Why is the Pilbara Minerals share price cratering 17% today?
• Why are ASX lithium shares tanking on Wednesday?

Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Superior Resources Limited (ASX: SPQ) share price is surging today after news of a copper discovery.

Shares in the copper explorer are currently trading at 4.7 cents, a 34% gain. However, in earlier trade, the Superior Resources share price leapt by 60% to 5.6 cents.

In contrast, the S&P/ASX All Ordinaries Index (ASX: XAO) is falling 0.91% today.

Let’s delve deeper into the news from this ASX explorer today.

Copper discovery sends Superior Resources share price skyward

Investors are buying up Superior Resources shares this morning.

The company is mining the Bottletree Copper Prospect within the Greenvale Project in Queensland.

Assay results show significant zones of high-grade copper with mineralisation covering almost the full length of the deep 658.9-metre diamond hole.

Drilling at BTDD004 intersected at 632 metres with 0.21% copper, 0.03 grams per tonne of gold, 0.60 parts per million (ppm) of silver, and 18 ppm molybdenum from 5 metres below the surface.

The company said this is the best copper intersection at the Bottletree project.

Managing director Peter Hwang said:

The better-than-expected results returned from BTDD004 are impressive, particularly considering the mineralisation is thought to be some distance away from the interpreted porphyry core where higher grades are expected.

To have intersected such a large interval of significant grade copper at this distal part of the interpreted system, provides us with further confidence that we are dealing with a very large-scale copper-gold system.

Superior Resources is planning to start the 2022 drilling program shortly to build on the project’s “near-surface, large tonnage potential”.

Commenting on the outlook, Hwang added:

2022 promises to be an exciting year for Superior and we expect multiple catalysts from the activities and expected results ahead of us at Bottletree and our other copper and gold prospects.

Share price snapshot

Superior Resources shares have rocketed 370% in the past 12 months. They are up 17.5% year to date.

For perspective, the All Ords has lost nearly 1% over the past 12 months.

Superior has a market capitalisation of nearly $60 million based on its current share price.

The post Here’s why the Superior Resources share price just rocketed 60% appeared first on The Motley Fool Australia.

More reading

• 2 ASX mining shares skyrocketing on new discoveries

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Lithium mining stocks have been having a great year. Shares of the three largest lithium producers listed on a major U.S. stock exchange — Albemarle (NYSE: ALB), Sociedad Química y Minera de Chile (NYSE: SQM), or SQM, and Livent (NYSE: LTHM) — returned 57%, 155%, and 63%, respectively, over the one-year period through May 31. The S&P 500 index returned negative 0.3% over this period.

The rising demand for lithium is primarily being driven by growing consumer adoption of electric vehicles (EVs). The silvery-white metal is used to make the lithium-ion batteries that power EVs.

This article covers the two current types of lithium mining operations and briefly mentions several other types that are being explored. It’s intended to lay the groundwork for a series, whose goal is to help investors make smarter investment decisions in this complex and rapidly growing industry.

While the “who” and “where” of lithium mining aren’t the core focuses of this article, it will touch briefly upon some of the main companies and geographies that fall into each section. These topics will be covered in more depth in future articles.

Brine mining  

In the most common method of lithium brine mining, brine (salty water) that contains lithium chloride and other salts is pumped from reservoirs that lie beneath dried lake beds into above-ground evaporation ponds. Arid weather conditions and high elevations help the water in these ponds evaporate faster than it would in other climates and geographies. 

The lithium chloride that is left is then processed into lithium carbonate, which is then sometimes further processed into lithium hydroxide, as well as other premium lithium products. Both lithium carbonate and lithium hydroxide can be used to produce lithium-ion batteries, but lithium hydroxide has emerged as the preferred compound for making EV batteries.

Livent, based in the United States, has a proprietary brine extraction technique, which differs somewhat from the process just described. 

The major players in extracting lithium from brine include U.S.-based Albemarle, Chile’s SQM, and Livent. Albemarle and SQM both have operations at Salar de Atacama in Chile. (Salar is the Spanish word for salt flat.) They pay royalties to the Chilean government, which owns this resource. It’s Albemarle’s primary brine operation and SQM’s sole source of lithium. Livent’s sole source of lithium is the Salar del Hombre Muerto in Argentina, which it owns.

China’s Ganfeng Lithium is on track to join the significant players in mining lithium from brine. It is part owner of two brine resources in Argentina, with one project nearing the commercial stage.

Extracting lithium from underground brine has historically been a more cost-effective method than mining it from hard rock. 

Hard-rock mining

Hard-rock mining is the other way lithium is now currently obtained for commercial use. This type of mining is what most folks probably think of when they hear the term “mining.” It involves open-pit mining of ore containing the lithium-bearing mineral spodumene.

The spodumene is processed into a concentrate and then further processed into premium lithium products, notably lithium hydroxide. Unlike the lithium chloride that’s obtained from brine mining, spodumene concentrate can be directly processed into lithium hydroxide. 

Most hard-rock lithium mining is in Australia and China. China’s Tianqi Lithium, Albemarle and Ganfeng are the major players in this sphere. Together with Albemarle, SQM, and Livent, China’s duo of Ganfeng and Tianqi make up the top five lithium producers. (Tianqi owns a 24% stake in SQM, so it’s indirectly a notable player in mining lithium from brine.) 

Other types of mining operations are being explored and developed  

Soaring lithium prices have been leading many companies to explore other potential sources of lithium and methods of mining that might now be feasible economically, as well as technically.

Numerous companies are in the exploration and development stages of obtaining lithium from clay, geothermal brine (a byproduct of geothermal energy production), and oil field brine. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Lithium stock investing series: How is lithium mined? appeared first on The Motley Fool Australia.

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• What’s the outlook for the CBA share price in June?
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Beth McKenna has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Commonwealth Bank of Australia (ASX: CBA) share price is in focus as it enters the final month of the 2022 financial year.

CBA is the biggest bank in Australia. It’s one of the big four ASX bank shares along with National Australia Bank Ltd (ASX: NAB), Westpac Banking Corp (ASX: WBC), and Australia and New Zealand Banking Group Ltd (ASX: ANZ).

No one can truly know what’s going to happen to any share price this week or even this month.

However, brokers have their opinions on the current situation with the bank and the wider banking sector. They have also given their rating on whether they think the business is a buy, hold, or sell.

Latest views on the CBA share price

The broker Citi has very recently released its analysts’ thoughts on the bank.

Citi currently rates Commonwealth Bank as a sell, even though it’s optimistic about the banking sector. The price target on the bank is $90.75. That implies a possible decline of about 15% over the next year.

The broker is expecting that CBA’s profit margins could benefit from the rising interest rate environment.

Ord Minnett is a little more positive on the big four ASX bank. The broker rates CBA shares as a hold, with a price target of $93, implying a smaller decline than Citi. While Ord Minnett notes that CBA’s operating costs could rise due to inflation and a more normal level of bad debts, the broker thinks the CBA net interest margin (NIM) could improve from here. CBA could also be the biggest beneficiary of increasing interest rates.

Expectations on CBA dividends

Citi is expecting CBA to pay a growing dividend in the next couple of financial years. At the current CBA share price, Citi expects the bank to pay a grossed-up dividend yield of 5.1% in FY22 and 6.1% in FY23.

Ord Minnett isn’t expecting as much of a dividend from CBA in FY22 and FY23. It’s tipping a grossed-up dividend yield of 5.1% in FY22 and 5.4% in FY23.

CBA share price valuation

According to Citi’s numbers, CBA is now valued at 20x FY22 estimated earnings.

On Ord Minnett’s profit projections, the CBA share price is also valued at 20x FY22 estimated earnings, though Ord Minnett’s earnings estimate is slightly lower.

Latest operating performance

CBA reported that in the three months to 31 March 2022, it generated $2.4 billion of cash net profit after tax (NPAT).

It said that it experienced 3% volume growth and higher non-interest income. This helped to offset continued margin pressure from elevated swap rates, mix effects, and competition.

CBA said that credit provisions reflected “continued sound portfolio credit quality and a cautious approach to managing portfolio risks”.

CBA share price snapshot

Over the past six months, the CBA share price has risen by 9.4%. At the timing of writing, CBA shares are swapping hands for $104.93, down 1.7% for the day so far.

The post What’s the outlook for the CBA share price in June? appeared first on The Motley Fool Australia.

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Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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During early morning trade, the Magnis Energy Technologies Ltd (ASX: MNS) share price had been hovering in negative territory.

But since then, the battery technology company’s share price is rising 1.28% to 39.5 cents.

It appears investors are looking to get in on the action after Magnis shares fell 6.02% yesterday. This came off the back of a reality check from Goldman Sachs indicating the lithium prices have overshot their mark.

Magnis appoints new CEO

According to yesterday’s late afternoon release, Magnis advised that it has appointed David Taylor as its new CEO.

The latest inclusion follows the company’s extensive 6-month global search to replace the top job.

Mr Taylor’s vast experience in the energy, chemicals and resources sectors spans over a 30-year period. This includes senior roles in private, listed, and government organisations where he was responsible for a number of important functions.

Most recently, Mr Taylor led the development and growth of Worley Ltd (ASX: WOR) in the east region of Australia and New Zealand. He implemented business growth plans, managed strategic relationships with key customers and partners while leading and delivering change initiatives.

Mr Taylor holds a Bachelor of Building in Construction Economics (First Class Honours) from University of Technology Sydney.

In addition, he has a Master of Business Administration and a Master of Applied Finance from Macquarie University and is a member of the Australian Institute of Company Directors.

Mr Taylor’s position as Magnis CEO will come into effect on 1 August, 2022.

What did management say?

Magnis chair, Frank Poullas commented on the new appointment, saying:

After an extensive global search, we are delighted to announce the appointment of David Taylor to lead the next phase of growth for Magnis.

David has significant local and international experience spanning three decades in the development and growth of businesses and major projects in the infrastructure, energy, chemical and resources sectors. He will be instrumental in executing on Magnis’ vision to be a vertically integrated battery technology and materials company in the Lithium-ion battery value-chain.

Magnis share price snapshot

Over the past 12 months, the Magnis share price has gained almost 40%.

However, when looking at year-to-date, its shares are down roughly 30%.

Based on today’s price, Magnis commands a market capitalisation of around $386.59 million.

The post Why is the Magnis share price climbing today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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