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EVs & Energy Storage
Bloomberg - October 19, 2021
Welcome to the Hyperdrive daily briefing, decoding the revolution reshaping the auto world, from EVs to self-driving cars and beyond.

Despite having all of the critical ingredients for lithium-ion batteries — nickel, cobalt, lithium, graphite — Canada doesn’t have any EV cell or component manufacturing; and it has only about 10% of the battery demand of the U.S. Combined with a lack of government support for the battery supply chain, it had seemed that Canada was destined to lose the value-add of its raw materials as they are exported to countries that had invested in battery production…We’ve seen this type of relationship in the battery supply chain before, in particular between Australia and China. In 2020, Australia accounted for almost 50% of global lithium production, but the majority of this material was exported to China for refining. China accounts for 75% of battery materials refining capacity today, but sources almost all of its raw materials (nickel, cobalt, lithium, graphite, manganese) from overseas…However, Australia lacks large scale battery demand and has no domestic vehicle production, so it’s unlikely to attract much of the supply chain beyond material refining. This is where Canada’s story diverges from Australia’s. Canada has reasonable domestic battery demand, existing vehicle production and, crucially, the USMCA free trade agreement that means batteries produced in Canada can be sold to the EV supply chain in the U.S…Despite the promising foundations for Canada to be a cornerstone of the North American battery supply chain, until recently it had appeared that there was a lack of support at the government/policy level to attract the industry. This is no longer the case, in just the last two weeks two cell manufacturers have been enticed to set up shop in Canada, with plans to build gigawatt-hour scale cell manufacturing facilities in the country…Britishvolt, a UK-headquartered cell manufacturing startup, plans to build a 60GWh plant in Quebec. While Stromvolt, a Canadian headquartered startup, is planning a 10GWh plant in Ontario. Combined with announcements south of the border, North America has plans for over 400GWh of capacity to be built this decade. This is still short of the 508GWh annual demand the region will have by 2030, so expect more announcements to come…Once a country has cell manufacturing capacity, the rest of the component manufacturing industry tends to follow as suppliers move close to their customers. So, Canada is now on course to create a strong domestic battery supply chain…For automakers that are conscious about the environmental footprint of their batteries — a growing trend in Europe, but still not a key consideration in North America — Canada’s low grid emissions could make it even more attractive as a manufacturing hub…As EV growth continues in North America, a new supply chain super-hub is growing to challenge the dominance of China, and it is quickly catching up with the growing industry in Europe.

EurActiv - October 20, 2021
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raw materials necessary to make batteries. Currently, around 65% of cobalt is mined in the Democratic Republic of the Congo, with most of

Brussels plans to wrest the title of global electric vehicle battery leader from Asia by supercharging Europe’s battery production and imposing strict green criteria that will make European products the de facto global standard…New EU legislation seeks to make European batteries the greenest in the world by setting carbon emissions limits on production, obliging manufacturers to use recycled content, and imposing checks to prevent labour abuses in the battery supply chain…Collectively, China, Japan, and South Korea are the world’s most prolific battery producers, making Asia the global powerhouse of electric vehicle batteries. North America is the second largest producer, with Europe taking bronze…According to EU estimates, global demand for batteries is set to increase 14-fold by 2030, with the EU expected to account for 17% of that demand…EU leaders believe Europe can stake its place in the global battery market by making European batteries synonymous with sustainability…“Batteries placed on our market, regardless of their origin, will be sustainable,” said European Commission vice-president Maroš Šefčovič, speaking shortly after the EU executive unveiled its proposed EU battery regulation in December last year…The European Commission also wants to curtail Europe’s reliance on outside nations for the raw materials necessary to make batteries. Currently, around 65% of cobalt is mined in the Democratic Republic of the Congo, with most of the world’s lithium mines currently located in South America…The Commission-backed European Raw Materials Alliance, launched in 2020, aims to strengthen the EU’s access to rare metals, while the European Battery Alliance, established in 2017, seeks to bolster Europe’s battery cell manufacturing capacity…These alliances are a crucial part of Brussels’ efforts to wean the continent off Asian-made batteries in favour of home-produced cells. Indeed, Vice President Šefčovič has already set a goal of meeting domestic battery demand solely from EU producers by 2025…Unlike the 2006 directive, which allowed member states to adapt the law to their national circumstances, the newly proposed legislation will apply uniformly across EU countries…In addition to sustainability standards, the regulation sets criteria for the performance and durability of batteries and enhances transparency through labelling requirements…This includes the introduction of so-called “battery passports”, which will show the origin of materials used in the battery…These labelling requirements will extend to the battery’s lifespan and charging capacity, giving consumers a greater understanding of how well the battery is functioning…The proposed green criteria requirements are expected to significantly curtail the number of foreign made batteries for sale in Europe…The use of recycled content will become an obligatory part of battery manufacturing, a move the EU says will promote the “circular economy” in which goods are reused or recycled rather than thrown away.

BBC News - October 19, 2021
Another big push towards electric vehicles is being made in the UK government's latest strategy to make the great shift to a virtually zero ...

Another big push towards electric vehicles is being made in the UK government's latest strategy to make the great shift to a virtually zero-carbon economy…Ministers are investing £620m in grants for electric vehicles and street charging points…Car makers will be mandated to sell a proportion of clean vehicles each year…An extra £350m is promised to help the automotive supply chain move to electric. The new plan set out by the government is supposed to dramatically reduce greenhouse gas emissions to reach a target of net zero by 2050…The announcement comes 12 days before global leaders meet in Glasgow to negotiate how to curb climate change.

Reuters - October 19, 2021
BEIJING, Oct 19 (Reuters) - New energy vehicles (NEV) are expected to make up over 35% of new vehicle sales in China in 2025, He Xiaopeng, ...

New energy vehicles (NEV) are expected to make up over 35% of new vehicle sales in China in 2025, He Xiaopeng, the chief executive of electric car maker Xpeng Inc said at the Reuters Events Automotive Summit…China, the world's biggest auto market, is promoting NEVs, which includes battery electric, plug-in hybrid and hydrogen fuel cell vehicles, to combat pollution and support the country's car technologies…The China Association of Automobile Manufacturers (CAAM) said earlier this month that NEV sales in China are likely to rise to 3 million units this year, up from 1.4 million last year…NEV sales made up 11.6% of China's overall market in the first nine months this year, CAAM said.

Fortune Minerals Related News
Business Wire - October 20, 2021
A founding director, northern aviation pioneer, prospector, and unique personality

LONDON, Ontario--(BUSINESS WIRE)--Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) ( is announcing with deep sorrow that Carl Clouter, one of the Company’s founding directors, passed away on October 15, 2021, at the age of 78 after a brave fight with cancer. Carl was part of the great Canadian legacy of northern bush pilots who provided the transportation link to isolated communities and exploration camps, and enabled access to remote areas of the North using its distinctive geography and plethora of lakes and ice for landing strips. Carl had a unique amiable charm and care-free disposition that will be sadly missed by everyone who knew him, now that he has “filed his final flight plan”…Fortune Minerals is profoundly saddened by Carl’s passing and this premature conclusion to an epic journey. The Company extends its most sincere and heartfelt condolences to Carl’s wife and family…Drill Program Progressing…Fortune’s exploration drill program at the NICO project is continuing and the fifth hole is nearing completion. Assays are not anticipated to be received until several weeks after the conclusion of the program and will be reported when they become available.

NNSL - October 19, 2021
Pierre Cléroux, chief economist at the Business Development Bank of Canada, said there is “no magic bullet” to solve the country’s labour shortage.

The Northwest Territories economy will rebound from the Covid-19 pandemic this year thanks to widespread vaccinations and a booming construction industry, according to the Business Development Bank of Canada’s (BDC) chief economist…The construction industry is leading the charge. Last year in Yellowknife, 54 housing units began construction, a boost of about 60 per cent compared to the 35 houses that were started in 2019…In addition, “new mines are on the way,” said Cléroux and their initial development will create many jobs in the construction sector…“These construction projects that we are seeing will stimulate the economy for at least the next two or three years,” he said…The territory, buoyed by several high-profile construction projects related to the proposed Prairie Creek Mine, the Pine Point mine project and Fortune Minerals’ cobalt-gold-bismuth-copper NICO project, will bounce back somewhat faster than the rest of the country, he concluded, though tourism-dependent leisure and hospitality businesses will take much longer to recuperate.

For further information about the NICO Project and its Mineral Reserves, please refer to the Technical Report on the Feasibility Study for NICO, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon, which has been filed on SEDAR and is available under the Company's profile at


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The materials appearing in this email contain forward-looking information. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the size and quality of the Company’s mineral resources, progress in permitting and development of mineral properties, timing and cost for placing the Company’s mineral projects into production, costs of production, amount and quality of metal products recoverable from the Company’s mineral resources, anticipated revenues, earnings and cash flows from the Company's mineral projects, demand and market outlook for metals and coal and future metal and coal prices. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of mineral properties, uncertainties with respect to the receipt or timing of required permits and regulatory approvals, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal and coal prices, the possibility of project cost overruns or unanticipated costs and expenses, the possibility that production from the Company's mineral projects may be less than anticipated, uncertainties relating to the availability and costs of financing needed in the future, uncertainties related to metal recoveries and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update them or revise it to reflect new events or circumstances, except as required by law.