Glencore Plc Chief Executive Officer Ivan Glasenberg said the rise of electric cars will significantly boost demand for minerals including copper and lithium in the coming decades.
The electric vehicle revolution is happening and its impact is likely to be felt faster than expected, Glasenberg told investors at an industry conference in Barcelona on Tuesday. Almost all carmakers are increasing investment in electric vehicles as governments adopt tighter emissions targets, he added.
Electric vehicles require more copper wiring than standard internal combustion engines. For example, the battery in an electric car contains about 38 kilograms of copper, 11 kilograms of cobalt and 11 kilograms of nickel, according to Glencore. Those materials, along with maganese, stand to benefit from more demand for electric cars, Glasenberg said.
Demand is growing for battery-powered vehicles. European sales of alternative-fuel models, which include fully electric cars and hybrid vehicles, jumped 36 percent in the first quarter to 235,438 vehicles, according to the European Automobile Manufacturers’ Association.
European Metals Holdings Limited (LON:EMH) is a mineral exploration and development company engaged in the exploration of tin and base metals. The Company is primarily involved in the development of a lithium and tin project in the Czech Republic. The Company’s segments include Australia, Congo and Czech. The Company’s project includes Cinovec Lithium/Tin Project.
