As more countries around the world adopt the use of electric vehicles and that of sustainable energies, the disconnect between the crucial need for various minerals required for the batteries of electric cars as well as the advancement of wind and solar power, and the processes used in mining to extract said minerals, grows larger. This is mainly because these processes negatively impact the environment, which may likely become a public bone of contention.
With the Biden/Harris administration striving to achieve its Green New Deal-related goals, which propose an end to internal combustion engines and the use of fossil fuels as well as an energy transition to electric cars and renewables, priorities and policy goals may begin to clash.
Many are concerned that the energy transition will result in a similar kind of costly and destructive political dynamics normally associated with mining for large mineral resources, such as cobalt and lithium in the United States.
As the People’s Republic of China grows more aggressive on the global stage and works on finding critical supplies of these minerals for its own domestic needs, numerous mining companies are working on finding ways to access these minerals in the country.
At the moment, however, America is heavily reliant on other nations for the supply of minerals such as antimony, lithium and cobalt. These countries include Tajikistan, Russia and China, which supply the country with antimony, as well as the Democratic Republic of Congo, which makes up 70% of the total production of cobalt globally.
In order for the energy transition to be successful in America, the country must be able to produce its own minerals. However, the processes used in mineral extraction not only affect the surrounding environment but are also being opposed by various green groups in the country.
For instance, antimony is a rare earth mineral that is utilized in the production of batteries, semi-conductors, hydro and wind turbines, and solar panels. While the mineral itself is useful, its extraction process is tedious, to say the least. The mineral can be obtained by mining stibnite, which is often mined through open pit mining. This process has traditionally been opposed by green groups in the United States for use in mining copper, coal and other minerals.
It remains to be seen whether these groups will stand their ground when it comes to the mining and extraction of rare earths, which are needed to advance the energy transition in the country. Hopefully, a compromise will be reached, and mining will proceed in a way that reduces the potential harms of the extraction process.
A glimmer of hope is provided by other mining segments in which players such as Excellon Resources Inc. (TSX: EXN) (NYSE American: EXN) (FSE: E4X2) have ensured that they conduct their precious metals operations in a way that is environmentally responsible.
NOTE TO INVESTORS: The latest news and updates relating to Excellon Resources Inc. (TSX: EXN) (NYSE American: EXN) (FSE: E4X2) are available in the company’s newsroom at https://ibn.fm/EXN
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