NEWS
NON-FERROUS   Copper  

BMW mining deals imminent as cobalt price powers on – report

Copper markets are having terrible week, but the rally in the price of cobalt shows no signs of fizzling out. The metal quoted on the LME rose to a fresh 9-year peak of $81,500 a tonne yesterday, a 147% surge since the beginning of 2017.

Lithium carbonate prices began its run up two years ago, going from $6,100 per tonne to average $23,350 so far this year on hopes of a boom in demand from electric vehicle manufacturers. Nickel, where EVs hardly registers on the demand side compared to steelmaking, have also been swept up by the positive sentiment and last year prices jumped by 25%.

"The aim is to secure the supply all the way down to the level of the mine, for 10 years. The contracts are ready to be signed."

On Friday luxury vehicle maker BMW said it's close to signing a 10-year supply contract for lithium and cobalt according to a report in Germany's Frankfurter Allgemeine Zeitung quoted by Reuters. Markus Duesmann, purchasing executive for the German marque, said "the aim is to secure the supply all the way down to the level of the mine, for 10 years. The contracts are ready to be signed."

BMW recently said it believes its needs for car-battery raw materials will grow 10-fold by 2025 and that it had been surprised by "just how quickly demand will accelerate". BMW plans to offer 25 electrified vehicles by 2025 and like many of its peers prefer the use of nickel-magnesium-cobalt batteries (EV pioneer Tesla's battery technology does not require cobalt).

RELATED: Congo just gave the cobalt price another big boost

Traditional carmakers are scrambling to retool their businesses for the electric vehicle market. In January Ford said it's doubling its investment in the sector to $11 billion over the next five years. French carmaker Peugeot said it’s returning to North America with an entire fleet of electrified vehicles by 2025 while Volkswagen is targeting a 300-model battery-powered lineup by 2030.

Volkswagen will invest more than $40 billion in the next five years as part of a push into battery-powered vehicles and autonomous-driving systems. Daimler AG is spending 10 billion euros on 10 battery models by 2022. BMW said separately on Friday that it put a procurement partnership with Daimler on ice as a result of an investigation into potential antitrust behaviour by German carmakers Reuters reports.

The boom in electric cars could more than quadruple demand for cobalt to in excess of 450,000 tonnes by 2030 from less than 100,000 tonnes last year, according to Bloomberg New Energy Finance.

News No: 1924
Date: 2018/02/11 - 20:06
News Source: Mining.com

BMW  Copper  Lithium carbonate  Nickel  Peugeot 

Comments:

Leave a Comment:

   
   
   
 

German scientists to build machine that speeds up urban mining processes

Scientists at the Fraunhofer Institute for Laser Technology ILT in Aachen, Germany, want to build a machine that is able to disassemble two mobile phones in one minute and remove its components to, later on, extract metals from them.
 

US copper stocks sprint to record high, reflecting transport costs, weak demand

Record high stocks of copper in land-locked Arizona and Utah are a reflection of soaring transport costs in the United States and weak demand for the industrial metal produced in the Americas, copper industry sources say.
 

Over 700 Mineral Exploration Permits Issued

The Ministry of Industries, Mining and Trade issued 702 mineral exploration permits during the nine months to Dec. 21, 2017, indicating a 27.9% rise compared with last year’s corresponding period.
 

Soaring cobalt prices force Samsung SDI to mine metal from old phones

Samsung SDI, South Korea’s leading battery maker, has unveiled plans to recycle cobalt from used mobile phones and develop lithium-ion batteries with minimum content of the metal, or no cobalt at all, as a way to offset soaring prices for the silver-grey commodity.
 

Copper, iron ore price jump sparks rally in mining stocks

Mining and metals investors were piling into the sector's big names on Wednesday as gold jumped, base metals prices surged and iron ore continued to rally on optimism about global demand for raw materials ahead of a holiday week in top consumer China.
 

Copper Mine Urged to Cut Output Over Pollution Concerns

An official with the Department of Environment has called on Sarcheshmeh Copper Complex to cut production until it addresses its emission issues.
Upcoming Events
Find a Job !
Tenders
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners