>Car manufacturers and governments project that 10 million to 20 million electric cars will be produced each year by 2025. If each car battery requires 10 kg of cobalt, by 2025, electric vehicles would need 100,000–200,000 tonnes of cobalt per year — most of the world’s current production. Similarly, 400,000–800,000 tonnes of nickel would be required annually, or 20–40% of all the metal used today. More would be needed when trucks, buses, aeroplanes and ships become battery-powered.
By 2050, producing 50 million to 80 million electric vehicles a year would require 500,000–800,000 tonnes of cobalt. Beyond 2030, this would far exceed current mining capacities. Similarly, 2–3 times more nickel would be needed by 2050. Nickel shortages would be evident by the mid-2030s.
Like Oil, there is enough oil on earth should we need to continue to growth not using any renewable energy for the next 100 years or more. The problem is somewhere down the line it may not be $100 per barrel but likely be $200+.
The same is lithium, there are still huge known reserve. But key here is economically variable reserve. The reason Australia aren't doing much of it is because they cant complete with Congo with when the lithium price is $80 without much profit.
Once the price reach high enough, it is for certain someone else will come and do the dirty work. And I expect lots of investment coming from China.
By 2050, producing 50 million to 80 million electric vehicles a year would require 500,000–800,000 tonnes of cobalt. Beyond 2030, this would far exceed current mining capacities. Similarly, 2–3 times more nickel would be needed by 2050. Nickel shortages would be evident by the mid-2030s.
Like Oil, there is enough oil on earth should we need to continue to growth not using any renewable energy for the next 100 years or more. The problem is somewhere down the line it may not be $100 per barrel but likely be $200+.
The same is lithium, there are still huge known reserve. But key here is economically variable reserve. The reason Australia aren't doing much of it is because they cant complete with Congo with when the lithium price is $80 without much profit.
Once the price reach high enough, it is for certain someone else will come and do the dirty work. And I expect lots of investment coming from China.