Refining the metal, which is essential for electric car batteries, in Europe would ease the EU’s precarious reliance on China
Graham Watson's insight:
I'm currently reading Ed Conway's "Material World" - it's excellent! This story links to that - with the news that the EU are looking to move away from an over-reliance on China for lithium and start refining their own lithium, with Dutch company AMG Lithium.
Not only will the factory have a regional multiplier effect, but it's also intended to help the EU electric car sector catch up with China, by reducing the cost of producing electric vehicles, an area where China, notably BYD, appear to have a significant cost advantage.
It is an industry that has been dominated by China for years, but now the rest of the world wants in.
Graham Watson's insight:
The hunt for rare earth metals is going to become increasingly fierce, and really highlight the centrality of scarcity to Economics, but it seems that Australia is making a play to become a significant extractor of some of them, reducing the world's dependence upon Chinese sources.
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Greenland has huge resources of metals known as ‘rare earths,’ key components for powering wind turbines and electric vehicles. Warming temperatures are melting away ice sheets, making these riches more accessible.
Graham Watson's insight:
Global warming and renewable energy are placing Greenland's resources at risk - with rare earth metals increasingly accessible and two companies proposing to invest in mines on the island.
It's a blessing - in the sense that it might prop up Greenland's economy but it might also restrict access to hunting lands, and, also generate pollution.
A lovely example of the complexity of Economics: on balance, is this a good thing?
As wealthy nations compete, Africa wants to keep more of the benefits from its natural resources.
Graham Watson's insight:
There's not very much economic theory here, but it's an interesting article nonetheless, looking at how the G7 appear to be courting China, in the hope of developing better relationships and securing access to primary products. Certainly, access to scarce resources, notably rare earth metals is going to be a significant determinant of international competitiveness going forward.
Carlos Tavares says planned battery production boost won’t cope with surging demand for electric vehicles
Graham Watson's insight:
And another electric car manufacturer, Stellantis, is predicting an electric battery shortage in 2025, as the industry fails to keep pace with increased demand for electric cars. Clearly, the supply of batteries is relatively inelastic, and is only likely to get worse because of shortages of rare earth metals in the wake of the Ukraine conflict.
Oh dear! Are supply chain issues here to stay. And aren't markets supposed to correct them...
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I'm currently reading Ed Conway's "Material World" - it's excellent! This story links to that - with the news that the EU are looking to move away from an over-reliance on China for lithium and start refining their own lithium, with Dutch company AMG Lithium.
Not only will the factory have a regional multiplier effect, but it's also intended to help the EU electric car sector catch up with China, by reducing the cost of producing electric vehicles, an area where China, notably BYD, appear to have a significant cost advantage.