ASX lithium shares have skyrocketed over the past few years as the value of lithium commodities soared.
In the past 12 months, despite a pullback in lithium prices, the share prices of many ASX 200 lithium miners have continued to rise.
Exciting mergers and acquisitions (M&A) activity in the second half of FY23 helped propel lithium stocks higher.
Of course, the historic demand for lithium in recent years mostly boils down to the rise of electric vehicle (EV) manufacturing. There is a long runway left for EVs as the world continues to decarbonise.
And while lithium is a big key to the energy transition, there are other commodities that will benefit.
If not ASX lithium shares, then which ones?
Australian mining legend Bill Beament says people do not understand the scale of the green energy metals bull market yet to run.
He says it will involve not just lithium but five other commodities as well: copper, zinc, cobalt, nickel, and rare earths.
Bill Beament is a highly-regarded Australian mining veteran who grew gold miner Northern Star Resources Ltd (ASX: NST) from a penny stock to an ASX 200 mega share.
In 2021, he left Northern Star and bought a stake in Develop Global Ltd (ASX: DVP).
The small-cap business is an energy transition metals explorer and mining services provider.
It's investing in green energy metals projects so it can take part in the broader global energy transition.
… the commitments that every government has made, every big business, every car company on net zero and transmission of energy holy hell … the structural bull market coming – in copper, zinc, lithium, cobalt, nickel to a degree, rare earths – is just frightening.
Essential Metals shareholders have been told the all-scrip deal will allow them to become "part of a rapidly growing energy transition metals producer led by Bill Beament and his experienced team".
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Beament mentions copper as one of the commodities set to surge in the transition.
Check out our ASX copper shares story.
Fun fact: Copper is one of the few commodities that the federal government expects to rise over the next five years from an anticipated average price of US$8,406 per tonne in FY23 to US$9,954 p/t in FY28.
My colleague Bernd wrote this story on what you need to know about cobalt shares last year.
And Tony Yoo discusses what's next for ASX lithium shares this year in this article.