Sweden is to step up efforts to find precious minerals such as cobalt and lithium, key battery components that are increasingly in demand among makers of electric vehicles.
The government is to invest 10 million kronor (US$1.26 million) over the next two years to map the existence of minerals deemed important for growth. While Sweden has a history of mining for base metals, the Geological Survey of Sweden, a government agency, believes there is potential for expanding the output of more uncommon minerals like tungsten and rare earths.
“Sweden has unique assets in its bedrock,” Swedish Enterprise Minister Mikael Damberg said in a telephone interview on Thursday. “Historically we have mainly explored minerals such as copper, iron, silver and gold, but the shift to green technologies means there’s an increased need for other minerals.”
The plan is part of a global push to safeguard the supply of critical metals and reduce the world’s dependence on the Democratic Republic of the Congo for cobalt. The conflict-ridden African country currently produces the vast majority of cobalt, often in small mining operations where injuries and child labor are common.
The price of cobalt, a key component in the manufacture of electric vehicles, has more than tripled since the start of 2016.
If each of the 1 billion cars currently on the road were to be replaced with a Tesla Model X, demand for cobalt would equal 14 million tonnes — twice the size of the current global reserves, according to a study by commodity analysts CRU Group. Even a more realistic scenario of 30 million electric cars by 2030 would require output to be more than trebled from current levels.
As manufacturers position themselves for a post-fossil fuel world, Sweden’s Volvo Cars recently announced plans to make all of its new models electric from next year.
In addition to the government-funded initiative, Sweden has also seen a rise in private investment in the exploration of minerals used in batteries. One is Australia’s Talga Resources, which runs exploration activities aiming to extract cobalt and graphite in northern Sweden. In a recent update, it said base metal deposits in Sweden have “significant potential” as a future supply of cobalt for batteries.
The Geological Survey of Sweden has a collection of 18,000 core samples, some of them dating back to 1858, that can be analyzed for traces of materials that have previously been overlooked. It is also to look at waste material from existing base metals mines.
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