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Batteries and the EV Market

"Batteries’ demand for high-purity Class 1 nickel will increase by a factor of 24 in 2030 compared to 2018 levels” 

World Economic Forum

In September 2019, the World Economic Forum with the Global Battery Alliance published a report called “A Vision for a Sustainable Battery Value Chain in 2030: Unlocking the Full Potential to Power Sustainable Development and Climate Change Mitigation”.

This report provided a quantified foundation for a vision about how batteries can contribute to sustainable development and climate change mitigation over the coming decade.

As the electric vehicle (EV) market grows and use of fossil fuels decreases, the requirement for battery minerals will increase to meet this demand. Kabanga will produce two of the key elements used in batteries – nickel and cobalt. Additionally, with increased electrification comes increased use of copper – another product to be produced at Kabanga.

World Economic Forum on Nickel:

Nickel reserves are relatively scattered around the world with seven countries accounting for 7-20% of the volume each (Australia, Brazil, Canada, Indonesia, New Caledonia, the Philippines and Russia). Today, major applications for nickel mostly fall outside of batteries (e.g., stainless-steel fabrication) that, to a large extent, use Class 2 nickel with low purity levels. With the growing demand for batteries in EVs however, batteries’ demand for high-purity class 1 nickel will increase by a factor of 24 in 2030 compared to 2018 levels, putting the market under pressure in the next few years. It will be crucial for enough investment to be directed into new mines and refinery complexes for class 1 nickel to ensure timely and sufficient supply in the coming years.”

It is clear that our world today needs more nickel and associated battery minerals. Bringing Kabanga Nickel into production will make a major contribution towards meeting this demand.