Mining News

Shortages flagged for EV materials lithium and cobalt

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As the world moves to meet stringent targets for cutting carbon emissions – partly by phasing out internal-combustion-engine cars – demand for lithium, cobalt and nickel vital for electric vehicle batteries will soar, raising the prospect of shortages.

High lithium prices have failed to spur investment in new capacity due to lower long-term contract prices, while the problem for cobalt supply is that it is mainly a byproduct of copper, meaning investment decisions are based on copper prices.

For nickel, new projects in Indonesia, which has the world’s largest reserves, mean the likelihood of major shortfalls may only come into play towards the end of this decade.

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