Drilling at Trilogy Metals Inc.’s copper-rich Arctic Deposit in Alaska’s Ambler Mining District. the Democrats’ tax and climate package known as the Inflation Reduction Act into law last week.
That’s because starting in 2024, 40% of the metals used in electric vehicle battery production — cobalt, manganese, nickel, lithium and graphite — have to be either extracted or processed in the U.S. or a friendly country to qualify for the credit. That figure moves to 80% by 2027. And none can come from so-called “foreign entities of concern” — that means China and Russia.
That’s a mining prospect in Northwest Alaska. And whether it’ll turn into a mine is far from a sure bet — the project has been mired in controversy for years.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: