The race for electric vehicle (EV) battery metals is heating up
Automakers can’t go green without having sufficient quantities of the lithium, nickel and cobalt that make the batteries work.
Carmakers have already been busy tying up supplies of battery metals under direct off-take agreements with existing metals producers. The automaker’s investment comes with an option to purchase the mine’s output at a ratio equivalent to its equity ownership. The amount of copper used in a typical battery electric vehicle is 83 kilograms, compared with just 23 kilograms in an internal combustion vehicle, according to the International Copper Association.Stellantis’ leap upstream in the copper processing chain follows similar deals with Germany’s Vulcan Energy for lithium and Australia’s Element 25 for manganese.
Where lithium is today, copper could be tomorrow, if you believe Glencore, which has warned of a cumulative shortfall of 50 million tonnes by 2030 under the IEA’s net zero emissions pathway. Current guidance “points toward 34% less growth capex deployed in nominal terms between 2022-2026 than was deployed over the same time frame during the early-mid 2000′s,” according to Goldman Sachs.
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