Last week, Aperio Intelligence released a report on battery metal production that predicts a significant growth in the demand for raw materials for the e-mobility sector in Europe by 2025. The report reveals that local producers may not be able to meet this increase in demand.
According to the report, in 2019, Europe produced roughly 750,000 electric vehicles (“EVs”). This total is set to increase to by more than 4 million electric vehicles by 2025. This corresponds to a growth from 4% of market share in 2019 to 22% market share in 2025.
Aperio Intelligence states that this growth in production could be split between plug-in hybrid electric vehicles (“PHEV”) and battery-electric vehicles (“BEV”), with the latter growing the share of overall production over the next 10 years.
By the year 2025, the United Kingdom, Italy, Spain, France and Germany are expected to manufacture nearly 85% of electric vehicles in Europe, even if major manufacturers were to divide their operations between Asia and Europe. With regard to sales volumes, the European market for electric vehicles grew by 44% in the year 2019 and 137% last year, with Germany and the Netherlands in the lead.
Keeping the European Union’s consumption and production figures in mind, added to those of other regions, analysts predict that the demand for copper alone from plug-in hybrid and battery-electric vans and cars would increase to 317,000 tons in 2025 from 2019’s copper demand of 52,000 tons. In addition, the demand for cobalt will increase to 51,600 tons in 2025 from 2019’s 9,000 tons while nickel’s demand will grow to 129,000 tons in 2025 from 2019’s 22,500 tons.
Most recent data from the report also shows that the European Union’s total production of copper in 2019 made up only 13% of the 20.4 million copper tons that was produced globally. Of that 13%, 399,000 tons of copper came from Poland while the rest came from Spain, Bulgaria and Sweden.
Correspondingly, the nickel ore mined in the EU represents a small fraction of the total global production of nickel, which is concentrated in Greece and Finland, with about 14,000 tons and 39,000 tons being produced respectively in 2019.
With regard to cobalt, the EU imports about 86% of the cobalt it requires, and the report shows that by 2030, the continent will need nearly five times more cobalt than it currently requires; by 2050, the number jumps to 15 times more cobalt, in comparison with present cobalt supply levels.
In a media statement, Eurobattery Minerals CEO Roberto García Martínez stated that Europe needed to move faster in order to meet the demand for these minerals. This, he said, could be done by sourcing for raw materials within the European Union and increasing mining production.
Speaking of battery minerals, Canada-based GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) recently acquired seven properties rich in gold deposits. The properties are located in a mineral-rich stretch of land that is reported to host more than a billion pounds of the highly sought after battery mineral copper used in the clean energy industry.
NOTE TO INVESTORS: The latest news and updates relating to GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) are available in the company’s newsroom at http://ibn.fm/GHVNF
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