The global mining sector may witness more mergers next year as the industry competes for capital to develop battery minerals. Read more here
More mergers and acquisitions are expected next year as the global mining industry competes for capital to explore and develop projects that contain battery minerals, such as nickel and lithium, needed for the energy transition away from fossil fuels, according to a new survey.The annual report by accounting firm Ernst & Young Global Ltd.
For example, the United States in 2022 passed the Inflation Reduction Act, which encourages automakers to source batteries made and recycled in North America or in countries they are on good terms with. Canada, meanwhile, ordered three Chinese companiesThanks for signing up!The next issue of Top Stories will soon be in your inbox.Analysts say these steps are designed to help ensure that western nations lessen their dependence on China, which dominates the critical minerals sector.
Executives interviewed for the survey said they have a better understanding of sustainability issues, but they cannot tackle all areas at once. Addressing ESG issues, which are becoming more complex and interlinked, requires an approach that goes beyond meeting regulations and controlling costs, the report added.
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