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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":827,"relatedVideos":828},112470018344531,"cbf18c37-6192-4db9-bcc0-fd8a349c8419","Battery recycling pool could supplement 2040 lithium supply with equivalent to 30 mines","battery-recycling-pool-could-supplement-2040-lithium-supply-with-equivalent-to-30-mines","article/battery-recycling-pool-could-supplement-2040-lithium-supply-with-equivalent-to-30-mines",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":793,"featured":51,"reporter":794,"_editable":798,"component":799,"seo_title":543,"categories":800,"visibility":816,"author_company":49,"data_vis_image":817,"featured_image":822,"seo_description":793,"author_full_name":49,"author_job_title":49,"formattedDate":825,"formattedArticleDate":826},"f521dbdd-3a32-41f5-b49a-057a440a9c00","2024-02-21 00:00",[550],{"slug":551,"name":552},"data-visualisation","Data Visualisation",[554],{"slug":555,"name":556,"content":557},"didi-bostock","Didi Bostock",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Editor - Energy Transition & Economics",{"filename":560},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":564,"content":565},"doc",[566,573,588,615,620,633,642,649,660,668,673,686,699,704,709,714,719,724,729,734,739,744,749,754,767,788],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"By 2040, the combined battery scrap pool containing end-of-life batteries and process scrap is forecast to contain lithium in a quantity equivalent to 30 of today’s mines, Benchmark analysis shows.","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576,578,586],{"text":577,"type":572},"If all the material in the combined pool were recycled back into the supply chain it could represent around a quarter of total lithium demand for batteries by 2040, according to the base case scenario in ",{"text":579,"type":572,"marks":580},"Benchmark’s Recycling Forecast",[581],{"type":582,"attrs":583},"link",{"href":584,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/forecasts/recycling/reports","url",{"text":587,"type":572},". However, the majority of this material will still need to be met through expansions in mined production. ",{"type":567,"attrs":589,"content":590},{"textAlign":49},[591,597,599,605,607,613],{"text":592,"type":572,"marks":593},"Benchmark Forecasts",[594],{"type":582,"attrs":595},{"href":596,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/forecasts/",{"text":598,"type":572}," show the industry needs the addition of the equivalent of ",{"text":600,"type":572,"marks":601},"273 new mines",[602],{"type":582,"attrs":603},{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/more-than-300-new-mines-required-to-meet-battery-demand-by-2035",{"text":606,"type":572}," to meet the difference in 2040 demand and 2023 supply of lithium, nickel and cobalt, not accounting for recycling. Benchmark’s base-case forecast for end-of-life and ",{"text":608,"type":572,"marks":609},"process scrap batteries",[610],{"type":582,"attrs":611},{"href":612,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/battery-production-scrap-to-be-main-source-of-recyclable-material-this-decade",{"text":614,"type":572}," suggests recycling could reduce the number of new mines needed for the minerals by a third.",{"type":567,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":572},"How much of this will be offset by recycling hinges on technology innovation and the development of a robust supply chain for recyclable material to find its way back into the supply chain.",{"type":567,"attrs":621,"content":622},{"textAlign":49},[623,625,631],{"text":624,"type":572},"Further, with lithium and nickel prices currently so low, the attractiveness of recycling economics are currently under increased scrutiny. The ",{"text":626,"type":572,"marks":627},"profitability of a recycling enterprise",[628],{"type":582,"attrs":629},{"href":630,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/video/watch/analyst-insights-the-key-cost-factors-of-battery-recycling-profitability",{"text":632,"type":572}," depends heavily on the geographical location of the plant and the cell chemistries it accepts.",{"type":567,"attrs":634,"content":635},{"textAlign":49},[636],{"type":637,"attrs":638},"image",{"id":49,"alt":639,"src":640,"title":49,"source":49,"copyright":49,"meta_data":641},"2040 battery scrap pool forecast to be equivalent to 30 lithium mines","https://a.storyblok.com/f/287943243085208/536091848e/bm-recycling-mines-graphic-1.png",{},{"type":643,"attrs":644,"content":646},"heading",{"level":645,"textAlign":49},4,[647],{"text":648,"type":572},"A quarter of lithium demand ",{"type":567,"attrs":650,"content":651},{"textAlign":49},[652,654,658],{"text":653,"type":572},"Recycled sources could represent up to a quarter of lithium demand from batteries in 2040, highlighting the importance of recycling in the supply chain, according to ",{"text":579,"type":572,"marks":655},[656],{"type":582,"attrs":657},{"href":584,"uuid":49,"anchor":49,"target":49,"linktype":585},{"text":659,"type":572},".",{"type":567,"attrs":661,"content":662},{"textAlign":49},[663],{"type":637,"attrs":664},{"id":49,"alt":665,"src":666,"title":49,"source":49,"copyright":49,"meta_data":667},"Battery recycling forecast to provide over a quarter of lithium in 2040","https://a.storyblok.com/f/287943243085208/92ef34a0ed/bm-recycling-proportion-demand.png",{},{"type":567,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":572},"Currently much of the recycling capacity is concentrated in China, in part due to the number of gigafactories in the country. However, as gigafactory buildout and electric vehicle adoption accelerate in other regions, recycled sources could become a vital domestic source of battery minerals.",{"type":567,"attrs":674,"content":675},{"textAlign":49},[676,678,684],{"text":677,"type":572},"“As process scrap is set to dominate the scrap pool for the next decade, current recycling facilities are predominantly reliant on cell manufacturing facilities for this lithium-ion battery waste,” ",{"text":679,"type":572,"marks":680},"Beatrice Browning",[681],{"type":582,"attrs":682},{"href":683,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/video/watch/analyst-insights-black-mass-101",{"text":685,"type":572},", a recycling analyst at Benchmark, said. “Partnerships and offtake agreements are vital to ensure recyclers secure a reliable source of battery scrap.”",{"type":567,"attrs":687,"content":688},{"textAlign":49},[689,691,697],{"text":690,"type":572},"In 2040, ",{"text":692,"type":572,"marks":693},"Benchmark’s Lithium ion Battery Database",[694],{"type":582,"attrs":695},{"href":696,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports",{"text":698,"type":572}," forecasts eight terawatt-hours of battery demand, six times that forecast for 2024.",{"type":567,"attrs":700,"content":701},{"textAlign":49},[702],{"text":703,"type":572},"To meet this demand will require 5.1 million tonnes of lithium (lithium carbonate equivalent), along with 3.5 million tonnes of nickel and half a million tonnes of cobalt.",{"type":643,"attrs":705,"content":706},{"level":645,"textAlign":49},[707],{"text":708,"type":572},"Mined and recycled supply required ",{"type":567,"attrs":710,"content":711},{"textAlign":49},[712],{"text":713,"type":572},"To meet this mineral demand will necessitate the build out of new mines. For example, the forecast lithium output of mines in 2024 would meet just half of the battery demand in 2040.",{"type":567,"attrs":715,"content":716},{"textAlign":49},[717],{"text":718,"type":572},"However, the scrap pool of end-of-life batteries and process scrap is effectively an urban mine with a very high-grade ‘ore’. Benchmark forecasts the scrap pool could contain 26% of lithium and nickel and 36% of the cobalt demand from batteries in 2040.",{"type":567,"attrs":720,"content":721},{"textAlign":49},[722],{"text":723,"type":572},"Extracting these valuable minerals from scrap batteries in 2040 is forecast to be the equivalent of the output of 30 average lithium mines, 21 nickel mines and 40 cobalt mining operations. This is calculated on the basis of average mine sizes of 45,000 tonnes per year, 42,000 tonnes per year and 5,000 tonnes per year for lithium, nickel and cobalt, respectively.",{"type":567,"attrs":725,"content":726},{"textAlign":49},[727],{"text":728,"type":572},"This assumes that the required capacity to recycle said scrap is built out.",{"type":567,"attrs":730,"content":731},{"textAlign":49},[732],{"text":733,"type":572},"“In China, they have established a large amount of infrastructure for battery mineral recovery,” Browning said. “In North America and in Europe there’s a lot less infrastructure there to extract these materials and so a lot of investment is needed.”",{"type":643,"attrs":735,"content":736},{"level":645,"textAlign":49},[737],{"text":738,"type":572},"A broader distribution of raw materials",{"type":567,"attrs":740,"content":741},{"textAlign":49},[742],{"text":743,"type":572},"But recycling doesn’t just increase the available supply of critical minerals. As electric vehicle adoption increases across the globe, the distribution of these urban sources of minerals will widen.",{"type":567,"attrs":745,"content":746},{"textAlign":49},[747],{"text":748,"type":572},"Used batteries can be collected and shredded to produce black mass. This black mass can then be processed to produce battery chemicals.",{"type":567,"attrs":750,"content":751},{"textAlign":49},[752],{"text":753,"type":572},"So long as the used batteries and black mass don’t cross the border, the value of the minerals contained within a country’s batteries can be kept locally.",{"type":567,"attrs":755,"content":756},{"textAlign":49},[757,759,765],{"text":758,"type":572},"One way to achieve this is through the ",{"text":760,"type":572,"marks":761},"regulation of black mass",[762],{"type":582,"attrs":763},{"href":764,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/black-mass-hits-policy-mainstream-2023-in-review",{"text":766,"type":572},". China already does this through designating black mass a hazardous waste, thus significantly increasing the difficulty of exporting it.",{"type":567,"attrs":768,"content":769},{"textAlign":49},[770,772,778,780,786],{"text":771,"type":572},"The European Commission has proposed taking a similar route. This could complement the European Union’s new ",{"text":773,"type":572,"marks":774},"battery regulation",[775],{"type":582,"attrs":776},{"href":777,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/video/watch/analyst-insight-how-the-supply-chain-needs-to-prepare-for-the-new-eu-batteries-regulation",{"text":779,"type":572}," which, amongst other things, legislates a ",{"text":781,"type":572,"marks":782},"minimum amount of the minerals",[783],{"type":582,"attrs":784},{"href":785,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/can-the-eu-meet-its-proposed-battery-metals-recycling-targets",{"text":787,"type":572}," contained within a battery to come from recycled sources.",{"type":567,"attrs":789,"content":790},{"textAlign":49},[791],{"text":792,"type":572},"“Bringing in these waste codes in Europe and policies like the Inflation Reduction Act in the US that incentivise localisation of the supply chain is really important to domesticate materials supply, otherwise these regions are going to continue being reliant on Asia and China for processing due to their established materials extraction capacity,” Browning said.","By 2040, the combined battery scrap pool containing end-of-life batteries and process scrap is forecast to contain lithium in a quantity equivalent to 30 of today’s mines, Benchmark analysis shows. If all the material in the combined pool were recycled back into the supply chain it could represent around a quarter of total lithium demand […]",[795],{"slug":555,"name":556,"content":796},{"job_title":558,"image":797,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f521dbdd-3a32-41f5-b49a-057a440a9c00\", \"id\": \"\"}-->","article",[801,803,806,808,810,813],{"slug":802,"name":115},"cobalt",{"slug":804,"name":805},"critical-minerals","Critical Minerals",{"slug":807,"name":8},"lithium",{"slug":809,"name":150},"nickel",{"slug":811,"name":812},"recycling","Recycling",{"slug":814,"name":815},"sustainability","Sustainability","private",{"id":49,"alt":639,"name":818,"focus":818,"title":639,"source":818,"filename":819,"copyright":818,"fieldtype":820,"meta_data":821,"is_external_url":51},"","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1708412164/www-production/Recycling-mines-graphic/Recycling-mines-graphic.png?_i=AA","asset",{"alt":639,"title":639,"source":818,"copyright":818},{"id":49,"alt":818,"name":818,"focus":818,"title":818,"source":818,"filename":823,"copyright":818,"fieldtype":820,"meta_data":824,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c51b6e28a0/bm-2023-08-17-licycle-23.jpg",{"alt":818,"title":818,"source":818,"copyright":818},"Feb 21, 2024","21st February 2024",[],[],1780500954348]