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Reuters - November 21, 2022
The United States and Europe could cut their dependence on China for electric vehicle batteries through more than $160 billion of new ...

The United States and Europe could cut their dependence on China for electric vehicle batteries through more than $160 billion of new capital spending by 2030, the Financial Times reported on Monday, citing a Goldman Sachs forecast…The investment bank's analysts believe demand for finished batteries could be met without China within the next three to five years, as a result of investments in the U.S. by South Korean conglomerates LG and SK Hynix , according to a Goldman report to clients viewed by the newspaper…The report calculated that to achieve a self-sufficient supply chain, countries competing with China would need to spend $78.2 billion on batteries, $60.4 billion on components and $13.5 billion on mining of lithium, nickel and cobalt, as well as $12.1 billion on refining of those materials, FT said…For now, China dominates battery production, including the mining and refining of raw materials. - November 21, 2022

Commodities trader Trafigura has agreed a $600 million syndicated financing facility with the Eastern and Southern African Trade and Development Bank (TDB) to develop cobalt and copper mines in the Democratic Republic of Congo…Trafigura said the funding would enable it to complete Congo miner Chemaf’s new mechanised mine at Mutoshi, processing plant in Kolwezi, and the expansion of its Etoile mine and processing plant in Lubumbashi…Trafigura in January signed a $600 million financing and marketing deal with Chemaf and its Dubai-based parent company Shalina Resources. Under the agreement Trafigura will market all the cobalt hydroxide produced by Chemaf’s Congo operations…Mutoshi, expected to start producing by the fourth quarter of 2023, will become the third-largest cobalt mine in the world, Trafigura said on Monday, with a capacity of 16,000 tonnes of cobalt hydroxide and 48,000 tonnes of copper cathodes a year…TDB, a Mauritius and Burundi-headquartered multilateral bank with 22 member states spanning the continent from Egypt to Congo to Zimbabwe, was the mandated lead arranger of the financing…Mutoshi was the site of an artisanal cobalt mining formalisation project run by Trafigura and Chemaf along with non-governmental organisation PACT for nearly two years. The project ended on Dec. 31 2020 when Chemaf announced plans to turn the site into an industrial mine.

EVs & Energy Storage
Reuters - November 21, 2022
LG Chem Ltd said on Tuesday it plans to invest more than $3 billion to build a battery cathode factory in Tennessee, as the South Korean ...

South Korea's LG Chem Ltd said on Tuesday it will invest more than $3 billion to build a battery cathode factory in Tennessee, as it ramps up plans to meet rising demand for U.S. electric vehicle components…It's one of the first major EV-related investments announced by a South Korean firm in the United States since a new U.S. law was passed in August that puts automakers and battery suppliers relying heavily on China for sourcing at a cost disadvantage…Mass production is set to start in the second half of 2025 and the plant will create more than 850 jobs, LG Chem said in a statement…The plant is slated to have an annual production capacity of 120,000 tonnes of cathode materials by 2027, enough to power about 1.2 million electric vehicles, it added…LG Chem added that it is also pursuing cooperation with mining firms and recycling companies to better support its customers so that requirements of the new law, the Inflation Reduction Act, can be metLG Chem's new plant will make cathodes for batteries with a nickel, cobalt, manganese and aluminum (NCMA) chemistry…China currently has 75% of the world's cobalt refining capacity and 50% of the lithium processing capacity, according to Benchmark Mineral Intelligence.

BNN Bloomberg - November 22, 2022

Mazda Motor Corp. and its suppliers plan to invest 1.5 trillion yen (US$10.6 billion) in an electric-vehicle expansion plan, with the automaker forecasting they'll account for 25 per cent-40 per cent of its global sales in 2030…The investment includes spending on facilities by Mazda's suppliers, senior managing executive Akira Koga said at a briefing Tuesday, without disclosing how much Mazda would be contributing. The company had previously said EVs could equal 25 per cent of sales at the end of the decade…Mazda is adding Chinese-owned Envision AESC as a new EV battery supplier, Koga said. In a separate statement Tuesday, the Japanese automaker said it will consider investing in battery production. …“Supply of batteries will be tightened as global electrification advances,” Koga said. “We must diversify procurement sources and aim to secure stable supply.” - November 21, 2022

Singapore-based electronic waste recycler TES has signed an initial agreement for electronic scrap and electric vehicle (EV) battery waste management with Volvo for the latter's bus operations in Singapore…TES has expertise in shredding recycling lithium-ion batteries and processing them into a battery waste material called black mass, which can be used to produce lithium salts such as hydroxide…The increasing usage of EVs globally has brought attention to battery recycling to maximise the value of raw materials used in EV batteries. 

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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