More than 300 new mines needed to meet electric vehicle demand, says analyst (CBC News Sudbury – September 25, 2022)

Canada can play a big role in meeting demand for electric vehicles, analyst says

More than 300 new mines will be needed globally to meet growing demand for electric vehicle (EV) batteries, according to a new forecast from a mining analyst.

Benchmark Mineral Intelligence estimates at least 384 new mines for graphite, lithium, nickel and cobalt will be required to meet electric vehicle demand by 2035. If battery materials can be recycled in large enough quantities, the firm says about 336 new mines would be needed.

Andrew Miller, Benchmark’s chief operating officer, said he wasn’t surprised when they arrived at the numbers. “You know this has been something that has been building,” he told CBC News.

“The targets, if you talk about EV demand, are increasing. We publish our forecast every quarter and that number has only ticked up.” Miller said the rest of the world is catching up to China with regard to demand for electric vehicles.

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