Officials from mineral-rich African nations met with representatives from the ‘big mining’ industry at the Mining Indaba investment conference in Cape Town this week, with each hoping to make headway amid newly-simmering economic tensions.
Those tensions have been fuelled by a realization on the part of certain African nations that they now hold all the cards when it comes to producing minerals essential for the manufacture of electric vehicles.
As such, countries like Democratic Republic of Congo and Zambia have demanded a bigger piece of the pie from mining companies, so much so that the CEO of multi-billion dollar mining company, Barrick Gold, has already labelled the situation ‘untenable’.
This economic standoff threatens to makes itself felt in the U.S, where both political and financial pressure has already hit electric car manufacturers hard – in the balance books and on the assembly lines.
Africa Wakes Up
Electric cars use almost ten times as much copper as conventional cars – 185 pounds compared to around 18 pounds. The amount used in the production of electric busses is a staggering 800 pounds.
For the rest of this article: https://hacked.com/electric-minerals-tesla-chrysler-feel-the-heat-as-african-nations-demand-bigger-cut/