As China moved to control some exports of key battery mineral graphite on Friday, miners elsewhere face a race against time to bring new projects to fruition to secure supplies for the next generation of electric vehicles.
China will require export permits for some graphite products to protect national security, its commerce ministry said, in its latest move to safeguard supplies of critical minerals and protect its manufacturing dominance.
To stay ahead in a fast-changing industry, carmakers have been investing directly in mining projects to ensure future supplies of the battery inputs. "We've aligned ourselves with several graphite miners outside of China. I would imagine this news will accelerate their plans to bring capacity online in the near term," DeMaio said.
"The battery controls a lot of the cost of a vehicle, so if carmakers outside of China are forced to use very expensive materials or can't access them,...that is going to ramp up their prices or force them to purchase the batteries from Chinese battery manufacturers," said Stefan Bernstein, CEO of GreenRoc Mining, owner of a graphite project in Greenland that is due to reach production in 2027.
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