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Bird",{"job_title":570,"image":571,"bio":573,"linkedin":574},"Senior Editor - Supply Chains & Data Visualisation",{"filename":572},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":576,"content":577},"doc",[578,585,590,597,602,607,612,617,622,635,640,645,650,659,664,669,674,685,690,695,700],{"type":579,"attrs":580,"content":581},"paragraph",{"textAlign":49},[582],{"text":583,"type":584},"Strengthening collaboration between the public and private sectors will be critical for the US and its Western allies’ ambition of building secure clean energy supply chains, according to panellists on the first day of Benchmark’s Giga USA 2024 event in Washington DC.","text",{"type":579,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":584},"“The critical minerals sector is not a free market,” said former United Kingdom deputy Prime Minister, Dominic Raab. “We’re not dealing with normal market conditions. We need to play to the innovative advantages that we have in the private sector in the West and government has a role to play.”",{"type":591,"attrs":592,"content":594},"heading",{"level":593,"textAlign":49},4,[595],{"text":596,"type":584},"Protectionist measures designed to address market distortions ",{"type":579,"attrs":598,"content":599},{"textAlign":49},[600],{"text":601,"type":584},"Raab, now Senior Strategic Advisor on Global Affairs at Appian, suggested the “big challenge” was addressing capital cost discrepancies for Western miners and their Chinese counterparts, underscoring the role policy could play in bridging the gap between geopolitical and commercial realities.",{"type":579,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":584},"He noted that protectionist measures introduced by the US would play an important role in addressing these market discrepancies, by helping to “level the playing field” for Western companies.",{"type":579,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":584},"China’s lithium ion battery industry has been heavily subsidised since its classification as a strategic sector in 2015. Thanks to state support, China now has a hegemonic position across the global battery value chain and is able to produce critical minerals, lithium ion batteries, and electric vehicles at a significantly lower cost than in the West.",{"type":579,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":584},"Lawmakers in the US and EU have warned that unfettered access to Western markets for Chinese minerals, batteries, and EVs risks decimating domestic industries, raising trade barriers in response.",{"type":579,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":584},"“On the means to the end, whether it be through tariffs or subsidies, that will be contested. But we’re playing catch up and we have to play to our strengths,” he added.",{"type":579,"attrs":623,"content":624},{"textAlign":49},[625,627],{"text":626,"type":584},"The European Union announced this week that it would increase duties on Chinese electric vehicles by up to 38.1% from July 2024, ",{"text":628,"type":584,"marks":629},"following similar tariff US hikes in May.",[630],{"type":631,"attrs":632},"link",{"href":633,"uuid":49,"anchor":49,"target":49,"linktype":634},"https://source.benchmarkminerals.com/article/us-hikes-tariffs-to-further-isolate-china-from-its-ev-supply-chain-ambitions","url",{"type":591,"attrs":636,"content":637},{"level":593,"textAlign":49},[638],{"text":639,"type":584},"Long-term certainty needed to incentivise mining investments",{"type":579,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":584},"Aside from addressing capex discrepancies between China and the West, according to Raab, governments in the West need to create long-term certainty for businesses over minings investments in their own jurisdictions.",{"type":579,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":584},"Mining is the most capital intensive stage of the lithium ion battery supply chain, with lead times stretching to anywhere between 5-25 years compared to 2-5 years at other stages of the value chain, according to Benchmark analysis. Delays in building new mines have been compounded by the current low price environment for critical minerals, which has served to hamstring new investment and curtail existing supply. ",{"type":579,"attrs":651,"content":652},{"textAlign":49},[653],{"type":654,"attrs":655},"image",{"id":49,"alt":656,"src":657,"title":49,"source":49,"copyright":49,"meta_data":658},"","https://lh7-us.googleusercontent.com/docsz/AD_4nXf0Ztx5ViHjwDM0zyxKSphRW-Y7iavvge4HF6rdAzJMYJsPO9voU7Sn_D1Rkk1tNDVP9T6JK1vh1u2J9H15dWSSEJJvP2OzpNzckuhSUHl_MQ6XGU6wJFS8xo0OX79q5gZcKfGji-o0QRB48KVUUPfGIM1G?key=lphewRSCo6Ons6oSVwmdpA",{},{"type":579,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":584},"Ash Lazenby, Head of Cobalt North America, Glencore, echoed Raab’s sentiments, suggesting that “predictability” was the greatest barrier for upstream capital deployment in the West today.",{"type":579,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":584},"“Commodities are cyclical. The challenge is to make them become more predictable,” he said. “We need a good line of sight on exactly the trajectory of this business, with a required rate of return (RRR) that supports the logic of bringing on new production.”",{"type":579,"attrs":670,"content":671},{"textAlign":49},[672],{"text":673,"type":584},"Lazenby highlighted the streamlining of the permitting process for new mines as a key area in which governments could aid the private sector, suggesting that Glencore wanted to see a more rigorous permitting process in the West to allow timelines to become more predictable. ",{"type":579,"attrs":675,"content":676},{"textAlign":49},[677,683],{"text":678,"type":584,"marks":679},"Benchmark projects all critical minerals markets to fall into deficit at varying stages in the next five years",[680],{"type":631,"attrs":681},{"href":682,"uuid":49,"anchor":49,"target":49,"linktype":634},"https://www.benchmarkminerals.com/forecasts/",{"text":684,"type":584},", with in-house analysis indicating that over $220 billion of additional upstream investment will be required to meet battery demand projections by 2030. However, long lead times, combined with geopolitical uncertainties and environmental and social governance concerns, means that the risk portfolio for mining projects is very high. ",{"type":579,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":584},"Ashish Patki, Director, Business Development and Market Intelligence, Arcadium Lithium, agreed that policy was key to creating a long-term value proposition for miners in Western jurisdictions, noting that the capital intensity for lithium operation in North America was considerably higher than in China or other regions of Asia. ",{"type":579,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":584},"“Policy, but also technology direction is important,” he said. ",{"type":579,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":584},"Patki suggested that the US government could assist the industry by providing greater clarity over the direction of the technological roadmap. Incentivising the uptake of certain chemistries, akin to the Chinese policy of promoting high-nickel NCM cathode adoption several years ago. ",{"type":579,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":584},"“LFP has a huge role to play in North America,” he added, “its uptake will determine whether investments are made in lithium carbonate or hydroxide.”","Strengthening collaboration between the public and private sectors will be critical for the US and its Western allies’ ambition of building secure clean energy supply chains, according to panellists on the first day of Benchmark’s Giga USA 2024 event in Washington DC. “The critical minerals sector is not a free market,” said former United Kingdom […]",[707],{"slug":567,"name":568,"content":708},{"job_title":570,"image":709,"bio":573,"linkedin":574},{"filename":572},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"23d53905-a346-460f-9e67-8916d6509240\", \"id\": \"\"}-->","article",[713,716,719],{"slug":714,"name":715},"batteries","Batteries",{"slug":717,"name":718},"critical-minerals","Critical Minerals",{"slug":720,"name":721},"geopolitics","Geopolitics","private",{"id":49,"alt":656,"name":656,"focus":656,"title":656,"source":656,"filename":724,"copyright":656,"fieldtype":725,"meta_data":726,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/92990ba50c/bm-atl00458.jpg","asset",{"alt":656,"title":656,"source":656,"copyright":656},"Jun 12, 2024","12th June 2024",[],[],1787933190646]