A spectacular lithium price crash in 2023 is fuelling speculation over a new acquisition scramble for junior resource players, as mining majors and billionaires seek to dominate the supply of commodities key to the clean energy transition.

Analysts and fund managers say 2023’s megatrend to consolidate junior lithium players could spill across future-facing commodities as dozens of listed hopefuls seek capital injections to fund projects or boost balance sheets under pressure from high interest rates.