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TSX Venture Bear Market Now 1,000 Days and Counting [Chart]

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TSX Venture Bear Market Now 1,000 Days and Counting [Chart]

The Chart of the Week is a weekly Visual Capitalist feature on Fridays.

Last week, our friends at Palisade Capital, a merchant bank, sent us over a chart breaking up the S&P/TSX Venture Index into its booms and busts since the beginning of 2002. The index, which broadly represents the thousands of companies listed on the TSX Venture exchange, has reached a new ominous milestone.

“The most recent bear market for the TSX Venture began on April 11, 2011 and has now passed 1,000 trading days in length,” said Sean Zubick, Co-founder and COO of Palisade Capital, “That’s more than all bear markets combined since the beginning of 2002.”

The most recent re-wiring of the index was in the aftermath of the Dotcom bubble. This makes it even accurate to say that the current bear market is longer than all other downturns combined in the entire history of the index as we know it.

All previous downturns have occurred over the course of 802 trading days. The current bear market? Now over 1,000 trading days.

The majority of the companies on the index are listed as being in the business of materials (38%) and energy (30%), and these sectors have been in unprecedented slumps. As we previously noted, there is a “miner problem” in that there is a swath of zombie companies that have $2.15 billion of negative working capital on their books.

This type of systematic trouble is not something that gets rectified overnight, and that’s part of the reason the market is in such a mess.

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Batteries

Ranked: The World’s Largest Lithium Producers in 2023

Three countries account for almost 90% of the lithium produced in the world.

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Voronoi graphic showing the top lithium producers in 2023.

The World’s Largest Lithium Producers in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Three countries—Australia, Chile, and China—accounted for 88% of lithium production in 2023.

In this graphic, we list the world’s leading countries in terms of lithium production. These figures come from the latest USGS publication on lithium statistics (published Jan 2024).

Australia Leads, China Approaches Chile

Australia, the world’s leading producer, extracts lithium directly from hard-rock mines, specifically from the mineral spodumene.

The country saw a big jump in output over the last decade. In 2013, Australia produced 13,000 metric tons of lithium, compared to 86,000 metric tons in 2023.

RankCountryLithium production 2023E (metric tons)
1🇦🇺 Australia86,000
2🇨🇱 Chile44,000
3🇨🇳 China33,000
4🇦🇷 Argentina9,600
5🇧🇷 Brazil4,900
6🇨🇦 Canada3,400
7🇿🇼 Zimbabwe3,400
8🇵🇹 Portugal380
🌍 World Total184,680

Chile is second in rank but with more modest growth. Chilean production rose from 13,500 tonnes in 2013 to 44,000 metric tons in 2023. Contrary to Australia, the South American country extracts lithium from brine.

China, which also produces lithium from brine, has been approaching Chile over the years. The country increased its domestic production from 4,000 metric tons in 2013 to 33,000 last year.

Chinese companies have also increased their ownership shares in lithium producers around the globe; three Chinese companies are also among the top lithium mining companies. The biggest, Tianqi Lithium, has a significant stake in Greenbushes, the world’s biggest hard-rock lithium mine in Australia.

Argentina, the fourth country on our list, more than tripled its production over the last decade and has received investments from other countries to increase its output.

With all the top producers increasing output to cover the demand from the clean energy industry, especially for electric vehicle (EV) batteries, the lithium market has seen a surplus recently, which caused prices to collapse by more than 80% from a late-2022 record high.

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