Pxc25 Oct 2021 09:24
Demand for ‘green energy’ metals like copper, nickel, lithium, and cobalt has risen sharply, driven by the global move to lower carbon emissions and electric vehicle makers chasing battery ingredients. On October 13, Tesla inked a multi-year nickel supply deal with New Caledonia’s Prony Resources, which will give the EV maker roughly 42,000 tonnes of the metal, making it the miner’s largest customer; and late last month, China’s EV battery giant Contemporary Amperex Technology (CATL), said it had signed a deal to acquire Canada’s Millennial Lithium for about $305 million. Millennial has two lithium brine projects in Argentina.
The appetite for copper assets in particular is behind much of the recent M&A. Australian miner Sandfire Resources unveiled plans late last month to acquire the Minas de Aguas Tenidas mining complex in Spain from Trafigura and Abu Dhabi’s state-owned Mubadala for $1.9 billion. The complex has three underground copper mines.
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