The are two main factors that appear to be emerging that may threaten an end to the current quite rosy picture surrounding demand for commodities such as iron ore, steel and the metals most exposed to the battery boom, cobalt, lithium and nickel.
Soaring cobalt and lithium prices are pushing some companies to dig for them in the recycle bin, which some believe could be even more profitable than mining them.
Nervous Asian battery makers are turning to early-stage cobalt projects in Australia and Canada to lock in supplies of the critical battery ingredient ahead of expected shortages as demand for electric vehicles revs up.
German researchers say cobalt-free battery technologies — including post-lithium technologies based on non-critical elements — are the best way to avoid supply issues in the long term.
The blended company will have projects in Ontario and Idaho which, once in operations, could be major cobalt suppliers for EVs makers and high tech firms.
According to minister Aurora Williams, miners with operations in the country currently spend $20 billion on support services a year and figure is set to increase.