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Cobalt |
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Kitco - November 5, 2024
Beijing – China’s industry ministry is proposing to step up domestic exploration of mineral resources under a plan to support the energy ...
China’s industry ministry is proposing to step up domestic exploration of mineral resources under a plan to support the energy storage manufacturing industry…China will step up efforts to support domestic exploration of lithium, cobalt, and nickel resources and bolster national resource security, under a draft plan released on Wednesday by the Ministry of Industry and Information Technology.
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BNN Bloomberg - November 5, 2024
The world’s No. 1 cobalt miner is sounding the alarm over the shrinking role of the metal in electric vehicle batteries…Chinese company CMOC Group Ltd., which has been churning out cobalt much faster than rivals like Glencore Plc, said the importance of the raw material in the energy transition is declining rapidly…The adoption of cobalt-free lithium iron phosphate, or LFP, batteries has gained momentum in recent years, due to them being cheaper to manufacture…CMOC’s bearish view of the market comes amid a glut of the metal that’s been largely created by the Chinese firm’s expansion of two huge copper-cobalt mines in the Democratic Republic of Congo. It smashed through its full-year output target in the first nine months of the year, helping to push down cobalt prices to the lowest level since 2016…CMOC has been forging closer ties with Contemporary Amperex Technology Co. Ltd., the world’s largest battery manufacturer that also became its second-largest shareholder in 2022. CATL has been buying cobalt from CMOC, helping it to secure orders in an oversupplied market…“A secure and stable supply of cobalt enables us to better meet customer demand,” a CATL spokesman said in an emailed response to questions. Investing in upstream suppliers was a way “to ensure supply chain security,”
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Mining.com.au - November 6, 2024
A Trump administration is good news for miners, with support expected for sectors including nuclear and critical minerals.
A Trump administration is good news for miners, with support expected for sectors including nuclear and critical minerals…In 2020 during his previous term as President, Trump issued an executive order declaring a national emergency in the mining industry aimed at cutting the country’s dependence on China and strengthening the US supply chain…According to a review in the USGS Mineral Commodity Summaries 2024, the US was 100% net import reliant for 12 of the 50 critical minerals on the 2022 Critical Minerals List and more than 50% net import reliant for an additional 29.
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EVs & Energy Storage |
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Reuters - November 6, 2024
A general view of Vestas V-47 660 kilowatt wind turbines, part of the Indian Mesa Wind Farm owned by NextEra Energy Resources, near Fort ...
Donald Trump's return to the White House will refocus the nation's energy policy onto maximizing oil and gas production and away from fighting climate change, but the Republican win in Tuesday's presidential election is unlikely to dramatically slow the U.S. renewable energy boom…A Biden-era law providing a decade of lucrative subsidies for new solar, wind and other clean-energy projects would be near-impossible to repeal, however, thanks to support from Republican states, while other levers available to the next president would only have marginal impact, analysts say…Renewable energy sources such as solar and wind are the fastest-growing segments on the power grid, according to the Department of Energy, driven by federal tax credits, state renewable-energy mandates, and technology advancements that have lowered their costs…President Joe Biden in 2022 signed into law the Inflation Reduction Act guaranteeing billions of dollars of solar and wind subsidies for another decade as part of his broader effort to decarbonize the power sector by 2035 to fight climate change…Before the election, Trump slammed the IRA as being too expensive and promised to rescind all unspent funds allocated by the law - a threat that, if accomplished, could pour cold water over the U.S. clean energy boom…But dismantling the IRA would require lawmakers, including those whose states have benefited from IRA-related investments such as solar-panel factories, wind farms and other projects, to vote to repeal it…Fleming said Trump could, however, slow things down around the margins by hindering federal agencies that deliver IRA grants and loans, or by reducing federal leasing for things such as offshore wind…Meanwhile, U.S. fossil-fuel production is likely to look much the same under Trump, experts said. The U.S. has already become the world's largest oil and gas producer, under the watch of Biden, thanks to a drilling boom in fields such as the Permian Basin under Texas and New Mexico.
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Fastmarkets - November 7, 2024
Donald Trump has previously said he plans to repeal the Inflation Reduction Act (IRA), at least partially, and rescind its unspent funds
The IRA aims to cut emissions by 40% by 2030, but its ultimate goal is to drive economic growth, create jobs and set a global standard for decarbonization and sustainable practices. It has been described as a landmark in legislative history, directing over $369 billion toward sustainable job creation across the supply chain…Pundits say a future Trump administration will target changes to tax credits and incentives created by the IRA. That includes tax credits for electric vehicles (EV), tightening qualifications for the advanced manufacturing tax credit with regards to foreign entities of concern (FEOC) like China, and slashing the grant program, industry experts say…That would be a massive setback to many of the lithium, nickel, cobalt and other critical minerals projects, as well as new technologies and processing facilities, whose future is dependent on grants and loans…Trump has made it clear that the push towards EVs, which have formed a key pillar of the Biden administration’s approach to the energy transition, will now be slowed…Initiatives such as the Department of Energy’s grant program, tax credits and other incentives for customers and manufacturers of batteries and EVs are now at risk of being rolled back or eliminated, industry experts say…Trump has also said he plans to roll back or eliminate standards for EVs under the Environment Protect Agency (EPA). Having already stated a desire to get rid of California’s zero emissions standards, Trump is also expected to do away with the requirement that EVs account for 56% of new vehicle sales by automotive original equipment manufacturers (OEMs) by 2032, and plug-in hybrids or other electric cars account for at least 13% in the same period…Foreign Entity of Concern...A key area that could come into the spotlight are sourcing requirements related to FEOC. When it comes to the 30D credit, FEOC rules permit licensing deals and joint ventures with under 25% ownership…The expectation is that these rules become stricter, a move that will have important short-term implications for nickel, a market that is struggling to find non-FEOC sources for battery raw materials supply chains...Similarly, the 45X Advanced Manufacturing Production Credit, which is currently available to any entity in the US, is expected to be prohibited for FEOC…There is bipartisan support for this, with a group of Senators having already proposed the American Tax Dollars for American Solar Manufacturing Act, which aims to stop Chinese solar panel manufacturers from claiming subsidies for operations in the US. The Act would not just apply to the solar industry but across all technologies eligible for the 45X credit…Not all Republicans support the elimination of tax credits and subsidies; after all, many IRA projects are concentrated in traditionally Republican states and create permanent jobs…This was highlighted in a letter sent in August to House Speaker Mike Johnson, signed by 18 House Republicans, expressing objections to repealing IRA credits on the grounds that it would halt project development and undermine investments…“Energy tax credits have spurred innovation, incentivized investment, and created good jobs in many parts of the country – including many districts represented by members of our conference,” the letter said…Outright repeal of the IRA would require the support of both houses of Congress; as it currently stands, the Republicans have won the Senate and the result for the House of Representatives is unclear as votes are still being counted.
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Reuters - November 7, 2024
Item 1 of 2 View shows cars waiting in traffic on a road near Porta Nuova district in Milan, Italy, October 25, 2023. REUTERS/Claudia Greco ...
The European Union's climate commissioner on Thursday reaffirmed EU plans to end sales of CO2-emitting cars in 2035 and tighten CO2 limits next year, after pressure from some governments and carmakers to reconsider the policies…The EU has passed a law to ban sales of new CO2-emitting cars from 2035, effectively outlawing new diesel and petrol engines…"Many of the car company CEOs I talk to have said that they can deliver on the targets," Hoekstra said, without naming specific companies…He said industry was, however, demanding bigger public investments in electric car-charging infrastructure…."And I think that is a fair ask."…Automakers have warned they cannot meet next year's EU car CO2 limits and are bracing for potentially billions of euros in fines.
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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 www.sedar.com.
DISCLAIMER
Fortune Minerals Limited does not endorse or guarantee the accuracy or completeness of any third party publication regarding the Company and accepts no liability for any direct or consequential losses arising from its use. The information contained in third party publications is subject to verification by the user and Fortune is under no obligation to provide, or comment upon, such publications. This communication is not, and under no circumstances is to be construed as, an offer to sell or a solicitation to buy any securities. Any decision to invest in securities in the secondary market or otherwise should only be made after consulting the investor’s own investment, legal, accounting and tax advisors in order to make an informed determination of the suitability and consequences of such investment.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
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.
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