A worker on the Model 3 assembly line where the marriage of the battery and car takes place at the Tesla factory in Fremont, Calif.The British junior mining company Sula Iron & Gold Plc had the kind of name a mother would love. Straightforward and unassuming,But it held little hint of the speculative excitement that ignites mining investors from time to time, such as the fervid, recent interest in metals used in electric-vehicle batteries.
“You started seeing reports coming out that perhaps the demand was overstated, or that the supply was going to be more than needed,” said Heather Cheeseman, a partner and leader of KPMG’s mining consultancy and auditing practice in Toronto. “And so, there has been some drop-off in prices [in cobalt and lithium, particularly], although they are still up over the last couple of years."
Moody’s explained in a report that while it expects EVs to comprise 17 to 19 per cent of new vehicle sales by the end of the 2020s, the car companies “will rely on a range of alternative fuel technologies including [battery electric vehicles], mild-hybrids, full hybrids, plug-in hybrids and fuel cells." This further confuses the issue of which combination of metals will be needed most and in what quantity.
Dr. Nazar at the University of Waterloo noted that nickel has a strong presence in the different combinations of metals used in different EV technologies. Because of the difficulties surrounding cobalt mining from Congo, a prime source for the metal, “cobalt has been replaced in ever increasing proportions with nickel, manganese and aluminum.”“There is a material called NCA, which is nickel, cobalt and aluminum. And there is NCM, which is nickel, cobalt and manganese, variations on a theme.
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