First US cobalt mining operation to begin after more than 30-year hiatus USA cobalt EV metals batteryminerals
Booming demand for batteries powering the world’s shift into electric vehicles is rekindling US cobalt production after a nearly 30-year hiatus.Bryce. The mineral sits “at the top of the table” in terms of national security, said Crocker. “There aren’t many new sources of supply, particularly in stable jurisdictions, which is why this mine in the US is very important,” Crocker said.
In July, General Motors and Ford Motor stepped up efforts to lock in supplies by signing direct deals with producers of battery metals. The passage of the Inflation Reduction Act also provides incentives for battery materials sourced in the US. EVs can qualify for a $7 500 tax credit under Presidentclimate and tax bill, as long as their batteries contain minerals extracted from or processed in a country with a free trade agreement with the US, and providing part of the components are made or assembled in North America.