Battery Technology Innovation/Electric Vehicles – Page 98

BHP was rebuffed twice by Noront’s biggest shareholder before making takeover bid – by Niall McGee (Globe and Mail – July 31, 2021)

August 4, 2021

https://www.theglobeandmail.com/

BHP Group Ltd. had designs on Ring of Fire exploration company Noront Resources Ltd as early as the spring, but on two occasions its plans were stymied by Wyloo Metals Ltd., Noront’s biggest stakeholder.

Melbourne-based BHP on Tuesday made a $0.55 a share takeover offer for Noront, obliterating a previous $0.315 approach by fellow Australian company Wyloo Metals.

A regulatory filing this week shows that BHP first approached Toronto-based Noront in April with a proposal to acquire a 9.9 per cent stake in the company.

EV Batteries Won’t Be Enough to Save the Mining Industry – by David Fickling (Bloomberg News – July 30, 2021)

July 30, 2021

https://www.bloombergquint.com/

(Bloomberg Opinion) — Rio Tinto Group’s decision to push the button on a project in Serbia to produce lithium for electric vehicle batteries is a sign of how the mining industry is working to embrace the transition to net-zero emissions.

It’s also emblematic of just how difficult that transition is going to be. The company said Tuesday it will commit $2.4 billion to the Jadar project, which will produce lithium carbonate as well as boric acid, a material used in cockroach poison and high-strength magnets, with an aim to produce 58,000 metric tons of lithium a year starting in 2026.

Lithium is undoubtedly a boom market. Demand will increase from around 400,000 tons last year to around 2 million in 2030 as electric cars start to take over from gasoline, according to BloombergNEF.

Column: Rio’s lithium project will test mining’s ESG credentials – by Andy Home (Reuters – July 29, 2021)

July 30, 2021

https://www.reuters.com/

LONDON (Reuters) – Rio Tinto’s decision to invest $2.4 billion in developing the Jadar lithium mine in Serbia is big news. For the company with its heavy exposure to the iron ore sector, it’s a major strategic pivot to the fast evolving battery metals space.

For the lithium market, it marks the first entry of a big international mining company into what is a supply landscape dominated by specialty incumbents.

It’s hugely significant for Serbia, which is trying to attract investment to its mining sector, and it’s hugely important for the European Union, which has identified its Balkan neighbour as a key link in its mineral securities chain.

BHP and Forrest may be better together on nickel play (Australian Financial Review – July 28, 2021)

July 28, 2021

https://www.afr.com/

BHP might have trumped Andrew Forrest’s bid for a Canadian nickel miner, but there’s no reason the pair can’t form a partnership on this project.

The prospect of iron ore titans Andrew Forrest and BHP duking it out over a Canadian nickel junior is obviously delicious. But the rational move is for the old foes to get into bed together on what both clearly see as a great opportunity amid a broader rush for battery minerals.

BHP announced on Tuesday night a $C325 million ($351 million) bid for Noront, which has a highly rated nickel project called Eagle’s Nest in Ontario’s Ring of Fire region (how Game of Thrones is that?) some 1200 kilometres north of Toronto.

The Big Australian’s bid, which has the support of the Noront executive team (which owns 9.9 per cent of the company), is pitched at a 75 per cent premium to the takeover bid by Forrest’s Wyloo Metals in May.

Fight over nickel assets heats up with BHP’s $258m Noront bid – by Cecilia Jamasmie (Mining.com – July 27, 2021)

July 28, 2021

https://www.mining.com/

BHP (ASX, LON, NYSE: BHP) has offered C$325 million ($258.45 million) for Canadian nickel miner Noront Resources (TSX-V: NOT), trumping a bid by Australian mining billionaire Andrew Forrest’s Wyloo Metals, as top miners race to secure supplies of battery metals.

The world’s largest miner is offering C$0.55 per share of Noront, representing a premium of 129% to the firm’s closing price on May 21, a day before Wyloo’s proposal.

Noront is recommending that shareholders accept the bid, which comes through BHP Lonsdale, a subsidiary that already owns 3.7% of the Canadian nickel producer.

BHP strikes friendly deal to buy Ring of Fire explorer Noront for $325-million – by Niall McGee (Globe and Mail – July 28, 2021)

July 28, 2021

https://www.theglobeandmail.com/

BHP Group Ltd. has reached a friendly agreement to acquire Ring of Fire explorer Noront Resources Ltd. for $325-million, trumping an earlier unsolicited approach from Australian private equity firm Wyloo Metals Pty Ltd.

Melbourne-based BHP said it intends to pay 55 cents a share in cash for Toronto-based Noront, 69-per-cent higher than the company’s closing price on the TSX Venture Exchange on Monday. The offer is also significantly higher than the $0.315-a-share proposal made by Wyloo, currently Noront’s largest shareholder, in May.

The Ring of Fire, situated 550 kilometres northeast of Thunder Bay in the James Bay Lowlands in Ontario’s Far North, has had an almost mythical hold on the Canadian mining industry for more than a decade, but so far no company has succeeded in building any mines in the region.

Australian company BHP makes takeover bid for Canada’s Noront Resources (CBC Thunder Bay – July 27, 2021)

July 28, 2021

https://www.cbc.ca/news/canada/thunder-bay/

Another Australian company is moving forward with a takeover bid for Noront Resources, with a cash offer for all outstanding and issued shares of the Canadian company.

Noront’s board of directors is recommending shareholders accept the offer from BHP, which would pay 55 cents cash for each share.

This is the second Noront takeover bid by an Australian company this year. In May, Wyloo Metals offered 31.5 cents cash for Noront shares.

BHP beats Forrest in takeover battle for prized nickel project – by Brad Thompson (Australian Financial Review – July 27, 2021)

July 28, 2021July 28, 2021

https://www.afr.com/

BHP has made a sensational bid to snatch a high-grade nickel project in Canada from the clutches of Andrew Forrest in another sign of how determined it is to secure a future in battery metals.

The BHP bid for Noront Resources unveiled on Tuesday night trumps a takeover offer lobbed by Dr Forrest’s privately-owned Wyloo Metals in May.

How Dr Forrest will react to the BHP raising the takeover stakes by a substantial premium remains unclear, with Wyloo controlling about 37 per cent of Noront stock.

News Release: Rio Tinto commits funding for Jadar lithium project (July 27, 2021)

July 27, 2021

LONDON–(BUSINESS WIRE)–Rio Tinto has committed $2.4 billion to the Jadar lithium-borates project in Serbia, one of the world’s largest greenfield lithium projects. The project remains subject to receiving all relevant approvals, permits and licences and ongoing engagement with local communities, the Government of Serbia and civil society.

The Jadar project would scale up Rio Tinto’s exposure to battery materials, and demonstrate the company’s commitment to investing capital in a disciplined manner to further strengthen its portfolio for the global energy transition.

Jadar will produce battery-grade lithium carbonate, a critical mineral used in large scale batteries for electric vehicles and storing renewable energy, and position Rio Tinto as the largest source of lithium supply in Europe for at least the next 15 years. In addition, Jadar will produce borates, which are used in solar panels and wind turbines.

BHP swoops on Canadian nickel miner, trumping Forrest – by Thomas Biesheuvel (Bloomberg News – July 27, 2021)

July 27, 2021

https://www.bnnbloomberg.ca/

BHP Group agreed to buy Noront Resources Ltd. to add a nickel project in Canada, trumping a bid by Australian mining magnate Andrew Forrest, as the world’s biggest miner accelerates its push into metals poised to benefit from the green-energy transition.

BHP is increasingly gearing its portfolio toward so-called commodities of the future, as investors put greater weight on resource companies’ environmental credentials. The company is in the process of exiting thermal coal and is considering getting out of oil and gas.

At the same time, it’s putting greater emphasis on metals like copper and nickel, needed to support the green revolution. Last week it sealed a nickel supply agreement with Tesla Inc. and is expected to sanction a giant potash project later this year.

Questioning The Sustainability Of Biden’s Brave New Green World – by David Blackmon (Forbes Magazine – July 25, 2021)

July 26, 2021

https://www.forbes.com/

A Biden administration official who heads up the Department of Energy’s Loans Program office complained this week that U.S. government and industry were not investing nearly enough in ‘clean’ energy programs and projects to meet the administration’s climate change goals.

The official, Jigar Shah, speaking in an episode of the CERAWeek Conversation series sponsored by IHS Markit, estimated total U.S. investment currently to be roughly $200 billion per year, but then stated that the total annual spending needs to be more like $1 trillion.

“The pace at which we are deploying climate solutions is wholly unacceptable,” he said, continuing on to say that “We perennially have too much money and not enough projects.

Analysts expect global shortage of precious metals in years to come – by Eugene Gerden (Resource World – July 22, 2021)

July 23, 2021

https://resourceworld.com/

The increase of demand for clean energy sources and the ever growing popularity of electric vehicles and energy storage systems in the world may lead to a shortage of metals in the global market followed by a sharp increase in prices for them in years to come, according to recent statements, made by producers and analysts in the field of mining.

According to recent estimates of the International Energy Agency (IEA), the demand for lithium will grow more than 40 times by 2040, while for cobalt and nickel by 20 times within the next two decades. The same situation is expected to be observed in the case of other precious metals.

Igor Sechin, Chief Executive Officer of Rosneft, Russia’s largest state-owned oil producer, believes such as growth of demand may lead to the shortage of this and other metals in the global market, as the current investments in their exploration and development remains insufficient to ensure their stable supplies to global market.

Stellantis CEO says Canada could be the location of its new electric-vehicle battery plant – by Eric Atkins (Globe and Mail – July 22, 2021)

July 23, 2021

https://www.theglobeandmail.com/

The head of Stellantis says Canada could be the location of its new electric-vehicle battery plant, part of the global automaker’s $44.5-billion investment in low-emission cars.

Stellantis, formed in January by the merger of Fiat Chrysler Automobiles and PSA Group of France, will build two battery plants in North America and three in Europe – Germany, France and possibly Italy.

Carlos Tavares, Stellantis’s chief executive officer, said the locations of the North American plants have not been selected, and are under discussion with partners and government officials.

BHP to supply greener Australian nickel to Tesla (Reuters – July 22, 2021)

July 23, 2021

https://www.reuters.com/

MELBOURNE July 22 (Reuters) – Global miner BHP Group (BHP.AX) said on Thursday it signed a nickel supply agreement with Tesla Inc (TSLA.O) and will work with the electric carmaker on lowering carbon emissions in the battery supply chain.

Tesla said in June it expects to spend more than $1 billion a year on battery raw materials from Australia given the country’s reliable mining industry and responsible production practices. read more

Western automakers are also seeking to diversify supply chains to lessen their dependence on China, in line with a U.S. policy to rely on allies to supply metals for electric vehicles.

As lithium booms again, new players hope to avoid ‘horror’ show of predecessors – by Gabriel Friedman (Financial Post – July 21, 2021)

July 21, 2021

https://financialpost.com/

Mining lithium not only generates environmental concerns, but chemical conversion for battery use is a major challenge

In the middle of July, as COVID-19 restrictions relaxed, Guy Laliberté, chief executive of Sayona Quebec — the company that aims to be the next lithium producer in Canada — was meeting with an opponent of his project.

Last month, the company announced a Quebec Superior Court approved a deal for Sayona Quebec to purchase North American Lithium’s former assets, which includes the La Corne mine, a concentrator and a chemical plant for $94 million in cash plus a range of conditions — pennies on the dollar given the company says previous owners invested around $400 million.

The deal is not expected to close until August, but Sayona aims to start producing lithium by early 2023, a tight time schedule that will require a range of work.