In an effort to counter China's dominance over critical minerals, a bipartisan group of US senators introduced legislation on Thursday to address "information gaps" and establish a divestment process for American companies…The Critical Minerals Security Act of 2024 would require federal agencies to submit to Congress a report on all critical mineral and rare earth element resources around the world. The report would be due within a year of the bill's enactment and every two years thereafter…The assessment must include which resources are under the control of a "foreign entity of concern" - China, Iran, North Korea or Russia - and which are under the control of the United States or its allies and partners…The report should also include an accounting of mines that extract significant quantities of critical minerals and rare earths, their estimated annual output, and their owners…Thursday's bill represents the latest in Washington's efforts to deal with the fact that China produces and processes the bulk of the world's rare earths and critical minerals…Critical minerals such as lithium, nickel and cobalt are essential inputs for military supply chains and clean energy technologies. Rare earths are a type of critical mineral that are especially hard to extract…Concerned that Beijing might withhold the materials to undermine US national and economic security, the Biden administration has incentivised alternative suppliers to replace Chinese refiners through tax credits, trade deals and government loans…"Despite the important role critical minerals play in everything from consumer electronics to military defence, we need more information to secure a reliable, long-term supply of these minerals," Cornyn said on Thursday…"This legislation would ensure the US and our allies understand how critical minerals are controlled around the world so we can counter foreign countries of concern."…The report required by Cornyn's bill must also include a compilation of ways to collaborate with countries that host mines or mineral processing operations…Separately, the bill establishes a process for Americans to notify the US government if they intend to divest from mining or processing operations for critical minerals in a foreign country. The same process would allow government departments to help them find a buyer not located in one of the countries of concern…Furthermore, the bill calls on the US to strategise with allies and partners to advance mining, refining, separation and processing technologies, and to create a method for sharing the intellectual property that results from the development of these technologies.

Moroccan mining company Managem plans to increase its capital by 3 billion dirhams ($300 million) in the first half of this year to fund its gold, copper and cobalt expansion plans, CEO Imad Touimi said…The company also plans to invest up to $100 million in a factory of cobalt sulphate, to meet demand from electric vehicle (EV) battery manufacturers…Managem signed in 2022 a seven-year deal to supply French carmaker Renault with 5,000 tonnes of low-carbon cobalt sulfate annually starting from 2025…Casablanca-listed Managem, which operates in six African countries, is controlled by the royal family holding company Al Mada.

Korea will likely cut tax credits for EVs that are powered with Chinese batteries in a move to keep China in check and prevent its dominance on Korean roads…The Environment Ministry is currently collecting feedback on its newest EV credit regulations which aim to offer low credits to EVs with less energy density, according to multiple local reports…This will likely benefit Korea-made EVs that come with high-performance nickel-cobalt-manganese (NCM) batteries, where Korean battery makers hold a firmer standing. NCM batteries are pricier than China's lithium iron phosphate (LFP) batteries but translate higher energy density and are made with materials that have higher recyclable value…The measures come as China-made EVs are slowly expanding their presence on Korean roads…The government will announce the revised regulations within the month. They will likely go into effect as early as February.

Panasonic's battery business must focus on boosting productivity, Group CEO Yuki Kusumi told Reuters, signalling the Tesla supplier may hold off building a third battery plant in North America as demand for electric vehicles cools…The battery unit, Panasonic Energy, had previously said, it aimed to decide on building the factory by the end of March…"I keep telling people we need to think about thoroughly raising productivity before setting up a third location," he said on Friday at the company's Tokyo office…The comments come amid signs of cooling demand for EVs in the United States that have prompted some automakers, including General Motors and Ford , to scale back production plans…Panasonic Energy has a plant in Nevada and has broken ground on a second one in Kansas…The unit expects the Kansas plant to take its annual auto battery capacity to 80 gigawatt hours (GWh) a year. It aims to raise that to 200 GWh by early 2031…While consumer demand for EVs is growing worldwide, it has cooled in key markets such as the United States and Europe, and is not as profitable as industry executives had anticipated…Higher interest rates have pushed many EVs out of reach for middle-income consumers who are also waiting for cheaper models now under development.

Riyadh has spent billions to try to turn itself into a hub for electric vehicles and overcome obstacles including a lack of infrastructure, talent and raw materials, as it seeks to catch up in the global race to reap the profits of the new industry…As part of a broader plan by Saudi Crown Prince Mohammed bin Salman to wean the economy off oil and create jobs, the kingdom has invested at least $10 billion in U.S.-based Lucid Motors, set up Ceer, Saudi Arabia's own brand, and built an EV metals plant…The Public Investment Fund (PIF), Saudi Arabia's $700 billion sovereign wealth fund, has a goal to produce 500,000 EVs annually by 2030, up from a target of 150,000 in 2026…Yet by December, the kingdom's sole auto factory, opened in September 2023, had reassembled around 800 vehicles, based on kits supplied from Arizona…As the world moves away from cars fueled by the oil that has financed Saudi's economy for decades, analysts say such obstacles remain and competition is intense…China dominates the new supply chain as well as EV production…The domestic EV manufacturer Ceer, a joint venture between the PIF and Taiwanese company Foxconn, plans to launch a car by 2025, but has yet to build its factory…A source familiar with Ceer, speaking on condition of anonymity, said it was unlikely the company would have a vehicle on the road before 2026…In October, South Korean car manufacturer Hyundai and the PIF announced a joint venture to build a factory for internal combustion engine and electric vehicles that, together with Lucid and Ceer, would create a cluster of factories in Jeddah's King Abdullah Economic City…At U.N. climate talks in Dubai in December, nearly 200 countries agreed to begin reducing global consumption of fossil fuels after the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, objected to stronger language on a phase out of coal, oil and gas…The PIF owns 60% of Lucid and had invested at least $5.4 billion into the company as of August 2023…"I don't think Lucid is a project that they (the PIF) have got into to make a lot of profits… It’s a more strategic relationship. The automotive ecosystem development in the kingdom is a huge win for them," said Sultan…"We have an automotive industry which is springing up in the kingdom which will require EV battery material. We will probably not find that in time as the plants are being built so we have to go outside and source it," Wilt said…The PIF in January last year launched Manara Minerals, a joint venture with Maaden, to secure minerals abroad.

Italian truck and bus maker Iveco Group has partnered with German chemicals group BASF for the recycling of lithium-ion batteries of its electric vehicles (BEVs), the two companies said on Tuesday…BASF, one the main suppliers of chemicals for automotive batteries, has recently inaugurated a hub for battery material production and battery recycling in Schwarzheide, Germany…Based on the deal with Iveco, BASF will arrange there the whole recycling process for the lithium-ion batteries used by the Italian group on its BEV vans, buses and trucks, including their collection, packaging, transport, and recycling in a number of European countries…BASF will mechanically process the batteries into the "black mass", from which raw materials such as nickel, cobalt and lithium can be extracted and reused. It will then supply recycled metals to Europe's local battery industry.

China and Democratic Republic of Congo are discussing $7 billion in financing as part of a renegotiated minerals-for-infrastructure deal, President Felix Tshisekedi said Saturday at his second inaugural address in the capital, Kinshasa…Tshisekedi has been pushing for a restructuring of a 2008 $6.2 billion contract between the countries, which he says has provided little benefit to Congo. The original deal promised $3 billion in infrastructure projects paid for by proceeds from a copper and cobalt mine known as Sicomines…While the mine has operated for years, less than a third of the development money was ever disbursed, according to Congo’s government…Congo is Africa’s second biggest country by landmass, and is deeply poor despite huge mineral riches, including key green-energy metals like copper and cobalt. China, where most of those minerals are processed, is by far the country’s largest trading partner…Tshisekedi was sworn in for a second five-year term before tens of thousands of supporters and more than a dozen African heads of state at Congo’s national stadium.