Metals & Mining News

Why Elon Musk should buy Glencore, not Twitter | Business

While Elon Musk has been trying, then not trying, to buy Twitter, General Motors and Ford have been doing far cleverer deals.

They have been striking exclusive supply agreements with mining companies and refiners to buy directly thousands of tonnes of the rare minerals needed to build the electric cars of the future.

Surging demand for electric vehicles has triggered a late realisation among the carmakers that, without access to nickel, cobalt, copper and other metals, they are going to run out of manufacturing road.

EVs use up to four times more copper than petrol vehicles, and the networks of charging stations to keep them running need it too.

Simply sourcing it on the open market, where prices are surging and supplies can be patchy,

Source link