Benchmark Mineral Intelligence forecasts a need for over 300 new mines globally to meet the escalating demand for electric vehicle (EV) batteries by 2035. The demand surge for graphite, lithium, nickel, and cobalt, essential components of these batteries, is attributed to the rapid growth in EV adoption. Andrew Miller, Benchmark's chief operating officer, notes a steady rise in EV demand, prompting the necessity for more mines. With increasing interest from traditional automakers like General Motors and Volkswagen, the demand for EVs is diversifying beyond China. Miller acknowledges the time-consuming process of mine development but highlights Canada's potential in meeting this demand, particularly in lithium extraction. He also mentions the emergence of cobalt-free lithium iron phosphate batteries, signaling a shift in battery composition. The firm suggests that with significant recycling efforts, fewer new mines might suffice to meet the burgeoning demand.
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