The processed cathode powder that goes into a cell — the step where refined metals become battery components.
The positive electrode material in lithium-ion batteries that determines energy density and performance characteristics. CAM typically contains lithium combined with transition metals (nickel, manganese, cobalt) or phosphates, making up 30-40% of battery cost.
CAM production is the value-added stage between mining and cell manufacture, and it sits almost entirely in Asia. Western projects that reach it capture margin no miner can.
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