Supply key to three battery plants to be built here in coming years
Slumping prices for the minerals needed in the energy transition away from fossil fuels is a concern for Canada and its allies, says Energy and Natural Resources Minister Jonathan Wilkinson, since it is preventing capital from moving into projects the country wants to develop.
“It is a concern for a number of countries like Canada that produce these minerals and hope to produce many more going forward,” he said. “It is something that Australia, Canada, the European Union and others are talking about.”
In 2023, the price of lithium fell 82.3 per cent, nickel dropped 29.1 per cent, cobalt swooned 38.5 per cent and manganese fell 22.3 per cent, according to Benchmark Intelligence, due to an increase in supplies, subdued Chinese demand and a weaker-than-expected electric vehicle market.
These are considered critical minerals by the Canadian government since they are used to build batteries and are expected to power EVs, the demand for which is expected to increase in the future as the world gradually moves away from fossil fuels.
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