Over 330 new mines by 2035 for electric vehicle batteries

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More 330 new mines by 2035 for electric vehicle batteries

A firm estimates that a best-case scenario of 336 new mines will need to open by 2035 to meet demand for minerals for electric vehicles.

Growing demand for electric vehicle (EV) batteries will require the opening of more than 330 new mines worldwide, according to a new forecast from a mining analyst.

At least 384 new graphite, lithium, nickel and cobalt mines will be needed to meet the demand for electric vehicles by 2035, estimates consulting firm Benchmark Mineral Intelligence.

On the other hand, if the battery materials can be recycled in sufficient quantities, this firm indicates that it will take approximately 336 new mines.

Benchmark's COO Andrew Miller says he's not surprised by the magnitude of these numbers.

When we're talking about EV demand, the forecast is for an increase. We publish our forecast every quarter and that number has only increased, he explains.

According to Mr. Miller, the whole world is to catch up with China in terms of demand for electric vehicles.

Traditional automakers like General Motors, Volkswagen and Hyundai have also started offering more electric vehicles.

With the exception of cobalt, Miller believes that; there are enough minerals in the ground to meet the growing demand for batteries, but it can take years for new mines to open.

There are lithium batteries, however. -iron-phosphate which no longer need cobalt.

Canada has enormous potential: many potential sites for lithium mines are being developed in Canada, he adds.

The shift to electric cars requires a lot of rare metals.

Mr. Miller says the new tax credits under the US Inflation Reduction Act will benefit Canada because these credits apply to vehicles built in North America, which use minerals mined in the United States or its free trade partners.

According to Miller, recycling batteries to recover their metals will become more common as demand grows and the mining industry struggles to sustain production of new batteries.

It also promotes environmental awareness in the industry.

I think a huge opportunity for the new generation of miners and suppliers in the mining market. VE is about making sure things are done in a sustainable way, he adds.

It is about adopting new methods and practices, setting clean energy benchmarks on site as well as for the energy used in order to x27;ensuring the materials that power this EV revolution are sustainable and responsibly sourced, says Andrew Miller.

Steve LeVine, editor of The Electric, a blog specializing in electric vehicles and in the lithium-ion batteries that power them, believes automakers are unlikely to be able to meet their forecasts for electric vehicles as demand continues to fall. ;increase.

According to him, current mines will not be able to meet future demand.

At the end of the decade, we wants to build 25 to 40 million EVs if you include Chinese industry and Tesla, says LeVine.

There's enough nickel to make 13 million, he says.

With information from Jonathan Pinto, CBC

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