The best lithium shares for 2018

For many ASX lithium companies 2017 has been an exceptional year.

And with lithium prices continuing to rise with demand it seems the lithium companies could have another big year in 2018.

Here are three top-performing ASX lithium companies.

Galaxy Resources Limited (ASX: GXY)

Galaxy resources has been a star of the lithium miners, gaining more than 50 per cent in the past year.

Galaxy recently announced that it signed binding offtake agreements with multiple parties for a minimum of 200,000 tonnes per annum of lithium concentrate for five years, or all of the upcoming lithium concentrate production from its Mt Cattlin project.

With lithium prices heading up and production costs going down Galaxy is looking well positioned for 2018.

Shares in the lithium miner are trading for about $3.95.

Orocobre Ltd (ASX: ORE)

Orocobre has been another standout performer among the lithium miners.

Orocobre’s share price has gained more than 60 per cent in the past year and is now worth about $6.95.

And it appears Orocobre’s stock could keep going up with UBS last month raising its price target on Orocobre shares to $7.

For financial year (FY) 2017 Orocobre announced a profit of US$19.4 million and available cash of US$51.6 million.

If Orocobre’s plans for development of a lithium hydroxide plant are successful in the near future the company’s share price could climb well beyond that $7 price target.

Mineral Resources Limited (ASX: MIN)

The Mineral Resources share price has gained more than 60 per cent in the past year and notched up another 3 per cent on Wednesday on the back of an announcement that it struck a new deal.

Mineral Resources announced it had signed a binding agreement with Hazer Group Ltd (ASX: HZR) for the design and construction of commercial scale synthetic graphite facilities.

In FY 2017 Mineral Resources reported a profit of $201 million, up 83 per cent on the previous year.

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Motley Fool contributor Steve Holland has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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