Author Archives: Nanthakumar Victor Emmanuel, P.Eng

#US senators introduce bill to counter #China’s dominance in critical minerals

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In an effort to counter China’s dominance over critical minerals, a bipartisan group of US senators introduced legislation 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.

Read more at: https://www.scmp.com/news/china/diplomacy/article/3249131/us-senators-introduce-bill-counter-chinas-dominance-critical-minerals

$China sees the transition to green energy as a chance to elevate the #yuan and dedollarize key markets

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While the US dollar reigns supreme in global finance, especially in commodities markets, China sees an opening to elevate the yuan: the shift to renewable energy.

That’s according to Zongyuan Zoe Liu, a China scholar at the Council on Foreign Relations, who pointed to developments in key resources that are critical for green technologies like EV batteries and wind turbines.

“These policymakers and scholars see the ongoing energy transition as an opportunity for the nation to raise the global standing of the renminbi in commodities markets; to them, there’s no guarantee that the US dollar’s dominance in our current fossil fuel-powered global economy will persist in a decarbonized world,” Liu.

Read more at: https://finance.yahoo.com/news/china-sees-transition-green-energy-213001879.html

#Canada gives mineral-rich #Arctic region of #Nunavut control over its resources

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Canada on Thursday formally gave the giant Arctic territory of Nunavut control over its reserves of gold, diamonds, iron, cobalt and rare earth metals, a move that could boost exploration and development.

Prime Minister Justin Trudeau signed a devolution agreement in the Nunavut capital Iqaluit with Premier P.J. Akeeagok, granting the territory the right to collect royalties that would otherwise go to the federal government.

Nunavut is home to some of the minerals critical for battery production. Canada has pledged billions in incentives to woo companies involved in all levels of the electric vehicle supply chain as the world seeks to cut carbon emissions.

Read more at: https://www.mining.com/web/canada-to-give-mineral-rich-arctic-region-of-nunavut-control-over-its-resources/

#Vale’s $10 billion spend on #Canada targets existing potential

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Vale Base Metals chairman Mark Cutifani is undertaking a unit-wide asset review that will likely find more potential at the company’s operations in Sudbury, Ontario; Thompson, Manitoba; and Voisey’s Bay and Long Harbour, Newfoundland; Olson said.

Vale also may have an announcement soon on the Bécancour nickel sulphide processing project it’s advancing to supply 25,000 tonnes of nickel a year to General Motors, she said. That deal, announced just over one year ago could be worth about C$762 million per year.

“There’s just a clarity and a certainty in regulation and Canada is a mining country and with that comes a lower risk, and equally you have the wonderful benefit of renewable and clean power,” Olson said. “Canada has a great opportunity to further establish itself as a leader in our industry with community and Indigenous rights leaders.”

Read more at: https://www.mining.com/future-minerals-forum-vales-us10b-for-canada-targets-existing-potential/

#Pentagon to deliver report on domestic seafloor mining by March

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Under the National Defense Authorization Act (NDAA) signed into law on Jan. 3, US President Joe Biden has directed the House Armed Services Committee to submit a report on the domestic processing of seafloor polymetallic nodules.

The Pentagon will deliver a report assessing deep-sea mining by March 1.

Last month, 31 members of Congress wrote a letter to the Secretary of Defense and the Pentagon urging the Department of Defense to “explore every avenue to strengthen our rare earth and critical mineral supply chains”, emphasizing “the importance of evaluating and planning for seabed mining as a new vector of competition…”

In November 2023, a bipartisan coalition led by Senator Lisa Murkowski (R-AK) reintroduced a resolution urging the US Senate to ratify the UN Convention on the Law of the Sea (UNCLOS). They argued that sitting out risks letting the rest of the world dictate maritime agendas, from seabed mining to critical subsea infrastructure.

Read more: https://www.mining.com/pentagon-to-deliver-report-on-domestic-seafloor-mining-by-march/

#China bans export of rare earth processing tech over national security

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China, the world’s top processor of rare earths, on Thursday banned the export of technology to extract and separate the strategic metals, in a further step towards protecting its dominance in several strategic metals.

The commerce ministry sought public opinion last December on the potential move to add the technology to its “Catalogue of Technologies Prohibited and Restricted from Export”.

It also banned the export of production technology for rare earth metals and alloy materials as well as technology to prepare some rare earth magnets.

Read more at: https://www.reuters.com/markets/commodities/china-bans-export-rare-earths-processing-technologies-2023-12-21/

#Cobalt rich #Congo votes with crucial role in climate change

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Voters in the Democratic Republic of Congo are to decide the fate of a nation that could drive the global energy transition and help shape the fight against climate change.

Congo will soon be the world’s second-biggest copper producer and accounts for about 70% of cobalt production, two metals key to the electric vehicle and renewable-energy industries. There are rich seams of gold, and largely untouched oil and gas.

It’s also home to about two-thirds of the second-biggest tropical rainforest, which sucks in hundreds of million of tons of climate-warming carbon dioxide every year.

Read more at: https://www.bloomberg.com/news/newsletters/2023-12-19/cobalt-rich-congo-votes-with-crucial-role-in-climate-change

#EU sets critical mineral goals, but faces struggle to hit them

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The European Union has set targets to dig up, recycle and refine lithium, cobalt and other metals it needs for its green transition, but a shortage of new money, crippling energy costs and local opposition could put them beyond reach.

The bloc will likely need to find ways to trim demand, find substitute materials and forge partnerships that break China’s stranglehold on mineral supplies.

The Critical Raw Materials Act (CRMA), due to enter force in early 2024, says the bloc should mine 10%, recycle 25% and process 40% of its annual needs of 17 key raw materials by 2030.

Read more at: https://www.reuters.com/markets/commodities/eu-sets-critical-mineral-goals-faces-struggle-hit-them-2023-12-18/

#China likely to beat #Europe, #US in meeting battery metals demand through recycling – study

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China is the most likely candidate to first meet its entire demand for the three most important raw materials for batteries – lithium, cobalt and nickel – through recycling, new research has found.

According to a study by a team at the University of Münster, the race to achieve a complete circular economy for key battery metals will see Europe arriving in second and the US in third place.

In detail, the results show that China is expected to be able to employ recycling to meet its own demand for primary lithium for electric vehicles from 2059 onwards; in Europe and the US, this will not happen until after 2070. 

When it comes to cobalt, recycling is expected to ensure that China will be able to meet its needs after 2045, at the earliest; in Europe, this will happen in 2052 and in the US not until 2056.

Finally, for nickel, China can probably meet demand through recycling in 2046 at the earliest, with Europe following in 2058 and the US from 2064 onwards, according to the report.

Read more at: https://www.mining.com/china-likely-to-beat-europe-us-in-meeting-battery-metals-demand-through-recycling-study/

#China metals firms see #US rules unlikely to upend supply chains

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Chinese firms producing and processing battery materials see new US rules aimed at limiting Beijing’s grip on the electric-vehicle industry as less stringent than feared, allowing them to preserve a key role in the global supply chain.

Washington’s move, which seeks to cut China out of US tax credits and curb the country’s control over joint ventures, created uncertainty at the end of last week, with questions swirling around the status of Chinese-owned battery-material operations outside the mainland, and over the impact on the wider car and battery industry.

Read more at: https://www.mining.com/web/china-metals-firms-see-us-rules-unlikely-to-upend-supply-chains/

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