Critical commodities need hundreds of new projects to match the capacity of at least one fossil fuel operation, a study found.
Producing enough graphite, lithium, nickel and cobalt for batteries requires up to 94 times more mining than the capacity of a single Australian coal operation.
BHP Mitsubishi Alliance’s $1 billion Blackwater South mine in Stewarton could extract up to 10Mt of coal per annum. However, the latest Benchmark Minerals forecast shows a further:
- 97 natural flake graphite mines are required to extract up to 6.1 million tonnes (Mt) annually
- 74 lithium mines are needed to produce up to 3.3Mt
- 72 nickel mines are required for up to 3Mt
- 62 cobalt mines are needed for up to 312,000t.
“More than 300 new mines could need to be built over the next decade to meet the demand for electric vehicle and energy storage batteries,” the price reporting agency said in a forecast.
“At least 384 new mines for graphite, lithium, nickel and cobalt are required to meet demand by 2035, based on average mine sizes in each industry … [and] – taking into account recycling of raw materials – the number is around 336 mines.”
Since graphite, lithium, nickel and cobalt mines could take five or more years to construct those critical materials will have to be reused.
“Without recycling the world would need to build 62 new cobalt mining projects of 5000t each by the end of 2035,” Benchmark said.
“New recycling technologies could displace some of the new mine requirements.”
Click here to read the full forecast.
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