EV makers eye bigger battery-metals role by inking mining deals

Electric-vehicle makers are pushing for an intermediary role in mining to secure supplies of key battery metals, according to the head of Wheaton Precious Metals Corp.

File photo used for representational purpose. (AFP)
File photo used for representational purpose.

“We’ve had discussions on that and Tesla has definitely explored these options," Chief Executive Officer Randy Smallwood said Friday in a phone interview. “There is a real concern on the battery metal side in terms of supply."

Wheaton Precious Metals is one of the world’s largest metals streaming companies, whose business involves giving miners upfront financing in exchange for the right to buy produced metals in the future at a discount. Smallwood said he’s seeing increasing interest from electric-vehicle makers to get more involved in the industry and has even had talks with “potential partners" interested in starting their own streaming companies for battery metals including cobalt, nickel and lithium.

Also check these Vehicles

Find more Cars
Tesla Model S (HT Auto photo)
₹70 Lakhs - 1 Cr* *Expected Price
View Details
Tesla Model 3 (HT Auto photo)
₹ 70 - 90 Lakhs* *Expected Price
View Details
Vayve Mobility Eva (HT Auto photo)
₹ 7 Lakhs *Expected Price
View Details
Add to compare
Add to compare
Add to compare

Also Read : Foreign automakers criticize White House embrace of union plants in EV race

Automakers have been signing supply deals with mining companies to secure metals used in batteries to meet surging demand amid a global push for a cleaner energy economy. Tesla Inc. struck a nickel-supply deal with BHP Group last month after CEO Elon Musk had expressed concern about supply due to challenges in sustainable sourcing.

These companies should “focus on the prominence of where their metals are coming from and making sure that the products they’re buying and investing into to supply their customers are sourced responsibly," Smallwood said.

Also Read : Carmakers’ EV pledge gives burned environmentalists deja vu

Wheaton Precious Metals remains primarily focused on gold and silver production deals, though the Vancouver-based company has a cobalt streaming deal with Vale SA for some output from the Brazilian miner’s Voisey’s Bay mine in Canada. Cobalt has become harder to find with companies like Tesla and Apple Inc. trying to secure their own supplies by signing long-term production deals with miners.

First Published Date: 17 Aug 2021, 11:26 AM IST
Shopping Bag Shop Now
73% OFF
IDELLA Car Duster, Extendable Long Handle Microfiber Car Duster Exterior Scratch Free Car Cleaning Tool, Car Dust Brush for Truck, Pickup, SUV, RV, Motorcycle, Vehicles Cleaning,(Multicolor)
Rs. 239 Rs. 899
64% OFF
Antson Portable High Power 2 in 1 Car Vacuum Cleaner | USB Rechargeable Wireless Handheld Car Vacuum Cleaner Traveling, Camping Reusable and Sustainable, Portable,Rechargeable Vacuum (2 in 1)
Rs. 699 Rs. 1,939
74% OFF
Microfiber Car Cleaning Soft Brush Ideal as Mop Duster, Washing Brush with Long Handle, Dust Cleaner Car Wash Brush with Handle, Soft Brush Scratch Free, Cleaning Dashboard Curved Design - Grey
Rs. 389 Rs. 1,499
1% OFF
GOODAIR Clear Car Windshield Enhancer | Classic |12 Tablets
Rs. 295 Rs. 299

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
Powered by: Acko Logo
Please be noted that any information provided herein above will be received by Acko General Insurance Limited (“Acko”). By mentioning the above information, you agree to provide these details and information to Acko.
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.