Articles for tag: annually, Copper, demand, Global, large, meet, mines, online, study

May 22, 2024

Ron Finklestien

mining

Six new large mines need to come online annually by 2050 to meet global copper demand – study

This is particularly the case taking into account that the Inflation Reduction Act, signed into law in 2022, calls for 100% of cars manufactured to be electric vehicles by 2035. But an electric vehicle requires three to five times as much copper as an internal combustion engine vehicle — not to mention the copper required for upgrades to the electric grid. “A normal Honda Accord needs about 40 pounds of copper. The same battery electric Honda Accord needs almost 200 pounds of copper. Onshore wind turbines require about 10 tons of copper, and in offshore wind turbines, that amount can

April 25, 2024

Ron Finklestien

mining

Miners struggle to finance projects amid surging battery demand — IEA

In its recent Global EV Outlook 2024, IEA highlights the necessity of external sources to support large-scale capital expenditure in mining projects, however miners Albemarle, Core Lithium, Liontown Resources and Pilbara Minerals recently announced project spending reductions, lower dividends, and job cuts. Nickel and cobalt projects in Australia have also been delayed or halted, involving companies like BHP, First Quantum Minerals and Wyloo Metals. In the US, Piedmont Lithium Inc. is letting go of 25% of staff. “Over the 2024-2026 period, we could see progressive consolidation of critical mineralextraction and refining projects and businesses around lowest-cost producers,” said the Agency.

April 21, 2024

Ron Finklestien

mining

Chilean MP, NGOs demand halt to Nutrex exploration project at Juncal Andean Park

Nutrex requested Chilean authorities a deadline extension to present the required documents to start working in the area, as it had until April 16, 2024, to establish its presence on the site by setting up equipment and some infrastructure but couldn’t do so after being blocked by environmental activists.  If the extension is denied, which is one of the aims of the appeal for protection, activists would have more time to build their case, as Nutrex would have to restart the whole process and this could take up to a year.  “We have gained some time, but we also know