The new legislation goes further than ever before, looking at not only the domestic mineral resources but the supply chains that refine the raw materials for electric vehicles.
Global demand for strategic minerals like lithium, graphite and nickel will skyrocket by 965%, 383% and 108% respectively by 2050, according to the World Bank’s updated 2018 projections.
But with demand for lithium set to boom from above 300,000 tons a year to a million tons by 2025, mining companies need to grow fast and they prefer to do so in jurisdictions they know well.