- Write by:
-
Thursday, November 18, 2021 - 13:28:42
-
666 Visit
-
Print
Mining News Pro - As the pace and shape of the global transition to a greener economy has become a key issue globally, the need for battery metals will grow up to four times in the next 30 years, Vandita Pant, BHP’s chief commercial officer, said on Wednesday at the FT Commodities Asia Summit.
“Some of the modelling that we have done showed that in, let’s say a decarbonised world … the world will need almost double the copper in the next 30 years than in the past 30,” she told the audience at the inaugural session.
The world’s largest miner is also predicting that demand for nickel, another needed battery metal, will quadruple by 2050. “And all this will have to be done as sustainably as possible,” Pant added.
Her vision echoes those of most experts, from consultants such as Wood Mackenzie, ING Economics and BloombergNEF, to industry actors including top miners and electric vehicles makers lead by Tesla and Volkswagen.
Copper has long been a common component in most electrical wiring, power generation, transmission, distribution, and circuitry because of its high conductivity and durability.
New energy technologies, however, require even more copper and nickel. Output of both elements would have to rise exponentially over the next three decades to meet demand from renewable power generation, battery storage, electric vehicles, charging stations and related grid infrastructure, BHP estimates.
Boosting portfolio
Since Canadian Mike Henry took the top post at the company last year, the group has adopted an aggressive strategy to expand its footprint among what it calls “future-facing” commodities — copper, nickel and copper.
The miner is currently involved in talks with Australian billionaire Andrew Forrest’s Wyloo Metals concerning BHP’s imminent takeover of Noront Resources (TSX-V: NOT).
The two miners were in a bidding war over the Canadian miner, which owns the early-stage Eagle’s Nest nickel and copper deposit in the ‘Ring of Fire’ in northern Ontario.
The asset is believed to be the largest high-grade nickel discovery in Canada since the Voisey’s Bay nickel find in the eastern province of Newfoundland and Labrador.
BHP is also proceeding with the development of the Jansen potash project, in Canada, has merged its oil and gas assets with Australia’s Woodside Petroleum (ASX: WPL), and has sold a big portion of its coal business.
Short Link:
https://www.miningnews.ir/En/News/617089
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Iron ore futures prices drifted higher on Thursday as the latest soft data from top consumer China triggered renewed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Rio Tinto said on Wednesday it is teaming up with a global venture studio and start-up investor to back the development ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
Australia’s Fortescue said on Monday it would form a joint venture with OCP Group to supply green hydrogen, ammonia and ...
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being ...
Mining News Pro - The ceremony of commemorating the tree planting day and the beginning of the afforestation project and ...
Mining News Pro - The DRI manager of Hormozgan Steel Company's said: According to the plans made in line with the ...
No comments have been posted yet ...