Metals News Hubb
Advertisement Banner
  • Home
  • News
  • Metallurgy
  • Contact
No Result
View All Result
  • Home
  • News
  • Metallurgy
  • Contact
No Result
View All Result
Gourmet News Hubb
No Result
View All Result
Home News

Tesla, GM among carmakers flocking to mining events amid battery metals scramble

admin by admin
February 25, 2023
in News


Bank of Montreal, which is organizing the annual gathering, wouldn’t disclose the names of automakers attending the four-day event, which is expected to attract almost 1,500 participants to Hollywood, Florida. Still the firm sees strong interest from several car manufacturers that are seeking to secure supplies of lithium, nickel, graphite and other battery metals.

“There’s an urgency to it now that wasn’t there a few years ago,” Ilan Bahar, co-head of global metals and mining business at BMO Capital Markets, said in an interview. “If three or four years ago we had invited car companies to our conference, they probably wouldn’t have made it a priority.”

It’s unusual for massive end-users of raw commodities, like auto manufacturers, machinery producers or aerospace companies, to attend large mining conferences. But the huge demand for raw materials to support the electrification of those industries is changing that.

Bahar said a number of automakers are attending, including officials in procurement or corporate development, and are focused on securing supply and investing.

“They’re there as investors,” he said. “They want to meet with companies, and the companies want to meet with investors.”

Car companies are making inroads into the mining industry to lock in supplies of much-needed materials, putting them in direct competition with large, deal-hungry metals producers. GM is competing for a stake in Vale SA’s base metals unit and in January struck a $650 million pact with Lithium Americas Corp. to develop the largest US lithium deposit. Meanwhile, Tesla has been weighing a takeover of miner Sigma Lithium Corp.

“We’ve seen investments they’ve made directly in mining companies, primarily to secure offtake,” Bahar said. “The nature and capital structure of how people are investing is evolving.”

Industry specialists warn that miners simply don’t have access to the cash needed to meet demand for battery metals, so automakers will have to pitch in. Battery Metals Review, which tracks investment in the electric vehicle supply chain, estimates that lithium miners raised 20% less capital last year despite prices for the silvery white metal rallying to a record high.

At least one other North American mining conference is reporting interest from automakers. Canadian investment bank Canaccord Genuity Group Inc. said it expects a similarly strong turnout from vehicle builders at its mining conference in Palm Springs, California in May.

(By Jacob Lorinc and Joe Deaux–with assistance from Mark Burton)





Source link

Previous Post

How Long Does Lithium Golf Cart Battery Last?

Next Post

Kaiser Aluminum Sells US$3.4 Billion Of Semi-Fabricated Aluminium In 2022 – Aluminium Insider

Next Post

Kaiser Aluminum Sells US$3.4 Billion Of Semi-Fabricated Aluminium In 2022 – Aluminium Insider

Recommended

Volkswagen searches for battery cell plant sites in Canada

4 months ago

Researchers better understand what it takes to improve EV batteries’ performance

5 months ago

Ball Teams Up With Boomerang Water To Provide Refillable Aluminium Bottled Water – Aluminium Insider

6 months ago

The Deadline for 2022 IRA Contributions is Fast Approaching!

4 weeks ago

Economic Minister – Aluminium Insider

5 months ago

Metro Mining Secures US$30 MM Loan For Bauxite Hills Mine Expansion – Aluminium Insider

2 weeks ago

© 2022 Metals News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Metallurgy
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Metallurgy
  • Contact

© 2022 Metals News Hubb All rights reserved.