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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":743,"relatedVideos":744},112469659575712,"42f9264a-5944-4273-9ccb-a35aedb9487a","Flake graphite needs at least $7.5 billion to meet 2035 battery demand ","flake-graphite-needs-more-than-7-5-billion-to-meet-2035-battery-demand","article/flake-graphite-needs-more-than-7-5-billion-to-meet-2035-battery-demand",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":718,"featured":51,"reporter":719,"_editable":723,"component":724,"seo_title":543,"categories":725,"visibility":732,"author_company":49,"data_vis_image":733,"featured_image":737,"seo_description":718,"author_full_name":49,"author_job_title":49,"formattedDate":741,"formattedArticleDate":742},"39c3bd59-0f93-4122-aea9-9c55a1adb12e","2024-04-30 00:00",[550,553],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"data-visualisation","Data Visualisation",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"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":567,"content":568},"doc",[569,576,581,590,595,600,615,622,627,632,645,650,655,668,673,684,689,694,699],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Flake graphite production will require $7.57 billion in capital expenditure (capex) investment to meet battery demand in 2035, according to Benchmark data. ","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"This is the level of investment needed to bring online more than 4 million tonnes of annual flake graphite production to meet 2035 demand according to Benchmark’s base case scenario. In the event of high demand, the supply gap rises to more than 6.5 million tonnes and the capex figure more than doubles to $12.27 billion.",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"type":585,"attrs":586},"image",{"id":49,"alt":587,"src":588,"title":49,"source":49,"copyright":49,"meta_data":589},"","https://a.storyblok.com/f/287943243085208/ec4eb82265/bm-flake-graphite-capex-column-chart.png",{},{"type":570,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":575},"Benchmark’s base case demand scenario is based on forecast demand from transportation, energy storage, and portable battery markets. The high case demand scenario reflects OEM targets and government policy decisions.",{"type":570,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":575},"“The lack of investment in flake graphite projects today could lead to demand destruction and increase dependence on China. The country continues to increase graphite production and has the potential to step up when required,” said Shruti Kashyap, anode product director at Benchmark.",{"type":570,"attrs":601,"content":602},{"textAlign":49},[603,605,613],{"text":604,"type":575},"The lack of investment could also exacerbate deficits in flake graphite supply and price volatility, according to ",{"text":606,"type":575,"marks":607},"Benchmark’s Flake Graphite Forecast",[608],{"type":609,"attrs":610},"link",{"href":611,"uuid":49,"anchor":49,"target":49,"linktype":612},"https://www.benchmarkminerals.com/forecasts/natural-graphite/reports/","url",{"text":614,"type":575},", with Benchmark forecasting a deficit emerging in 2025. ",{"type":616,"attrs":617,"content":619},"heading",{"level":618,"textAlign":49},4,[620],{"text":621,"type":575},"Where will funding come from?",{"type":570,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":575},"As flake graphite production is a low margin business and projects take years to come online and be productive, investors may not see a return for several years after their initial investment. ",{"type":570,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":575},"Flake graphite production has begun to have success in attracting investment, with ex-Chinese vertically integrated operations showing recent success in attracting both public and private investment. ",{"type":570,"attrs":633,"content":634},{"textAlign":49},[635,637,643],{"text":636,"type":575},"With graphite’s growing geopolitical role Western governments have also shown more interest in using ",{"text":638,"type":575,"marks":639},"public funds",[640],{"type":609,"attrs":641},{"href":642,"uuid":49,"anchor":49,"target":49,"linktype":612},"https://source.benchmarkminerals.com/article/carrots-and-sticks-how-europe-can-improve-its-battery-value-chain-funding",{"text":644,"type":575}," to support project development. ",{"type":570,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":575},"Recent investment in the flake graphite value chain outside of China include:",{"type":616,"attrs":651,"content":652},{"level":618,"textAlign":49},[653],{"text":654,"type":575},"China’s impact on investment",{"type":570,"attrs":656,"content":657},{"textAlign":49},[658,660,666],{"text":659,"type":575},"China’s ability to oversupply the market and drive prices down, as well as its ",{"text":661,"type":575,"marks":662},"export regulations",[663],{"type":609,"attrs":664},{"href":665,"uuid":49,"anchor":49,"target":49,"linktype":612},"https://source.benchmarkminerals.com/article/graphite-prices-tick-up-following-chinas-proposed-export-regulations",{"text":667,"type":575}," enacted in December 2023, may deter investment outside of the country. ",{"type":570,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":575},"“Companies have reservations on the sustainability of prices to encourage investment, given China’s dominance and ability to bring new supply online quickly,” said Kashyap.",{"type":570,"attrs":674,"content":675},{"textAlign":49},[676,678,682],{"text":677,"type":575},"In 2023, China produced 67% of the world’s flake graphite, according to ",{"text":606,"type":575,"marks":679},[680],{"type":609,"attrs":681},{"href":611,"uuid":49,"anchor":49,"target":49,"linktype":612},{"text":683,"type":575},". By 2033, this falls to 39% as supply from Mozambique, Madagascar, and Tanzania ramps up. ",{"type":570,"attrs":685,"content":686},{"textAlign":49},[687],{"text":688,"type":575},"In the case of uncoated spherical graphite, the product of processing flake graphite for use in batteries, nearly 100% of supply came from China in 2023; by 2029, this is 56%.",{"type":570,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":575},"“However, the growing desire to de-link from China through policy initiatives will nevertheless support ex-China supply growth. The Inflation Reduction Act in the US and the Critical Raw Materials Act in Europe are key examples of government intervention to boost domestic supply and friend-shoring to reduce dependence on China,” said Kashyap. ",{"type":616,"attrs":695,"content":696},{"level":618,"textAlign":49},[697],{"text":698,"type":575},"Join us at Giga USA 2024",{"type":570,"attrs":700,"content":701},{"textAlign":49},[702,707,714],{"text":703,"type":575,"marks":704},"Discussions on financing the energy transition will continue at Benchmark’s ",[705],{"type":706},"italic",{"text":708,"type":575,"marks":709},"Giga USA 2024",[710,713],{"type":609,"attrs":711},{"href":712,"uuid":49,"anchor":49,"target":49,"linktype":612},"https://benchmarkevents.benchmarkminerals.com/gigausa24",{"type":706},{"text":715,"type":575,"marks":716}," conference being held June 11-13 at the JW Marriott Washington DC, USA.",[717],{"type":706},"Flake graphite production will require $7.57 billion in capital expenditure (capex) investment to meet battery demand in 2035, according to Benchmark data. This is the level of investment needed to bring online more than 4 million tonnes of annual flake graphite production to meet 2035 demand according to Benchmark’s base case scenario. In the event […]",[720],{"slug":558,"name":559,"content":721},{"job_title":561,"image":722,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"39c3bd59-0f93-4122-aea9-9c55a1adb12e\", \"id\": \"\"}-->","article",[726,729],{"slug":727,"name":728},"critical-minerals","Critical Minerals",{"slug":730,"name":731},"graphite","Graphite","private",{"id":49,"alt":734,"name":587,"focus":587,"title":734,"source":587,"filename":588,"copyright":587,"fieldtype":735,"meta_data":736,"is_external_url":51},"Stacked column chart showing the capex needed for flake graphite to meet demand in 2030 and 2035 under base case and high case demand scenarios","asset",{"alt":734,"title":734,"source":587,"copyright":587},{"id":49,"alt":738,"name":587,"focus":587,"title":738,"source":587,"filename":739,"copyright":587,"fieldtype":735,"meta_data":740,"is_external_url":51},"Birds-eye view of an excavator working on a mine","https://a.storyblok.com/f/287943243085208/5f6f499bc6/bm-natural-graphite-capex-featured-image.jpg",{"alt":738,"title":738,"source":587,"copyright":587},"Apr 30, 2024","30th April 2024",[],[],1782484945642]