A tale of two metals will determine the future of energy
Production of nickel and copper, vital components of a decarbonised economy, should be surging. Lopsided growth will slow the shift to net zero.
Add BT as a preferred source
THE world’s biggest miner BHP Group grew powerful by building dominant positions in producing the minerals of the future. That makes the challenges that it’s facing with two key clean-tech ingredients a sobering lesson for the energy transition.
Nickel and copper have long been recognised as vital components of a decarbonised economy. Nickel helps to cram energy into the lithium-ion batteries used in electric vehicles and grid-scale power storage cells. Copper is used almost everywhere electricity flows – from wires, motors and turbines to heat exchangers and transformers.
Annual nickel supplies need to grow from about 3.4 million tonnes currently to more than 5 million tonnes in 2030 to keep the world on a path to net zero, according to the International Energy Agency. Copper must go from 25 million tonnes to 35 million tonnes. Ideally, we should be seeing supply of both metals expanding at a rapid clip, with the emphasis most strongly on copper, where miners produce about 10 metric tonnes for every tonne of nickel.
TRENDING NOW
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
CDL, Hong Realty outbid 3 other bidders with S$542.4 million offer at S$1,865 psf ppr for Peck Hay plot
Private equity giant Carlyle can grow bigger but needs to stay on its toes: co-founder David Rubenstein
Evergrande’s liquidation prompts some PwC partners to shield assets, contemplate divorce
