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Economics",{"filename":566},"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":570,"content":571},"doc",[572,597,632,644,649,654,663,670,675,680,685,690,695,700,705,710,715,728,733,738,751,756,761,772,777,782,787,800,805,818],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576,579,587,589,595],{"text":577,"type":578},"Democrat ","text",{"text":580,"type":578,"marks":581},"senator Joe Manchin",[582],{"type":583,"attrs":584},"link",{"href":585,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/manchin-says-major-strides-made-in-critical-mineral-permitting-after-debt-limit-deal","url",{"text":588,"type":578}," warned a committee that China could use critical minerals as “leverage” over the ",{"text":590,"type":578,"marks":591},"US as the country ramps up",[592],{"type":583,"attrs":593},{"href":594,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/can-north-america-build-a-battery-supply-chain",{"text":596,"type":578}," its electric vehicle ambitions.",{"type":573,"attrs":598,"content":599},{"textAlign":49},[600,606,608,614,616,622,624,630],{"text":601,"type":578,"marks":602},"China dominates in the processing of battery minerals",[603],{"type":583,"attrs":604},{"href":605,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/infographic-chinas-lithium-ion-battery-supply-chain-dominance",{"text":607,"type":578},", forecast to produce 66% of the world’s ",{"text":609,"type":578,"marks":610},"lithium chemicals",[611],{"type":583,"attrs":612},{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://www.benchmarkminerals.com/forecasts/lithium/reports",{"text":615,"type":578},", 75% of ",{"text":617,"type":578,"marks":618},"nickel sulphate",[619],{"type":583,"attrs":620},{"href":621,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://www.benchmarkminerals.com/forecasts/nickel/reports",{"text":623,"type":578}," and 76% of ",{"text":625,"type":578,"marks":626},"refined cobalt",[627],{"type":583,"attrs":628},{"href":629,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://www.benchmarkminerals.com/forecasts/cobalt/reports",{"text":631,"type":578}," this year, according to Benchmark. The US, by contrast produces just 1.5%, 1%, and 0%, respectively.",{"type":573,"attrs":633,"content":634},{"textAlign":49},[635,637,642],{"text":636,"type":578},"The ",{"text":555,"type":578,"marks":638},[639],{"type":583,"attrs":640},{"href":641,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/what-does-the-us-inflation-reduction-act-mean-for-the-ev-battery-supply-chain",{"text":643,"type":578}," was designed, in part, to incentivise both the purchasing of electric vehicles and to encourage industry to develop domestic supply chains in which critical minerals are extracted or processed in the US and Free Trade Agreement countries.",{"type":573,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":578},"However, Manchin argues that the US Treasury guidance on what constitutes a critical raw material extracted or processed in the US or an FTA country “waters down” the sourcing requirements.",{"type":573,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":578},"“This administration appears to care more about getting EVs on the road than our energy security and competition with China,” he said at the Committee Hearing to Examine Opportunities to Counter the People’s Republic of China’s Control of Critical Mineral Supply Chains.",{"type":573,"attrs":655,"content":656},{"textAlign":49},[657],{"type":658,"attrs":659},"image",{"id":49,"alt":660,"src":661,"title":49,"source":49,"copyright":49,"meta_data":662},"China dominates in the processing of critical minerals","https://a.storyblok.com/f/287943243085208/599bf5b6f1/bm-fta-supply.png",{},{"type":664,"attrs":665,"content":667},"heading",{"level":666,"textAlign":49},4,[668],{"text":669,"type":578},"Interpretation of the IRA",{"type":573,"attrs":671,"content":672},{"textAlign":49},[673],{"text":674,"type":578},"The US Environmental Protection Agency estimates that 67% of new light-duty vehicles in 2032 will be electric in order to meet its emissions standards for vehicles.",{"type":573,"attrs":676,"content":677},{"textAlign":49},[678],{"text":679,"type":578},"The Inflation Reduction Act incentivises the purchase of EVs through a consumer tax credit up to $7,500 on a vehicle, described in section 30D of the act.",{"type":573,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":578},"A total of $3,750 of this credit is made available if a certain percentage of the value of the critical raw materials are extracted or processed in the US or a free trade agreement country, or recycled in North America.",{"type":573,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":578},"The applicable percentage starts at 40% up to 2024 and increases to 80% by 2028.",{"type":573,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":578},"Manchin’s concerns arise from US Treasury’s guidance which states a mineral can be said to have been extracted or processed in the US or FTA country if just 50% of value added to the mineral occurs in that country.",{"type":573,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":578},"“Through guidance, the administration is attempting to cut the critical mineral sourcing percentage requirements in the IRA in half,” Manchin said.",{"type":573,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":578},"A threshold reduces the sourcing requirements, but it could also help OEMs take full advantage of the credits.",{"type":573,"attrs":706,"content":707},{"textAlign":49},[708],{"text":709,"type":578},"“The issue is the realities of the supply chain are such that any OEM would find it difficult to get hold of the $7,500 credit in totality,” Manish Dua, an analyst at Benchmark said. “And even then they would still need to ramp up quickly across the supply chain – make investments, find materials and bypass China.”",{"type":664,"attrs":711,"content":712},{"level":666,"textAlign":49},[713],{"text":714,"type":578},"Building mines",{"type":573,"attrs":716,"content":717},{"textAlign":49},[718,720,726],{"text":719,"type":578},"Another point raised by Manchin in his address to the committee is that more mines are needed, citing Benchmark’s previous report that over ",{"text":721,"type":578,"marks":722},"300 new mines",[723],{"type":583,"attrs":724},{"href":725,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/more-than-300-new-mines-required-to-meet-battery-demand-by-2035",{"text":727,"type":578}," are needed to meet the demand for battery minerals.",{"type":573,"attrs":729,"content":730},{"textAlign":49},[731],{"text":732,"type":578},"“However, an insufficient number of new mines are currently in development to meet that demand, while those projects that are under development face long timeframes and considerable risk,” he said. “When we refuse to allow mining and processing here in a timely fashion, we encourage it to occur in countries with lower environmental and labor standards than we would permit at home.”",{"type":573,"attrs":734,"content":735},{"textAlign":49},[736],{"text":737,"type":578},"The US has awarded grants and loans to projects associated with critical minerals, but the majority of this has been on the processing side, according to Dua.",{"type":573,"attrs":739,"content":740},{"textAlign":49},[741,743,749],{"text":742,"type":578},"Last year, the US Department of Energy awarded ",{"text":744,"type":578,"marks":745},"$2.8 billion in grants across 20 companies",[746],{"type":583,"attrs":747},{"href":748,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/us-targets-lithium-graphite-and-nickel-with-2-8-billion-doe-grants-to-take-on-china",{"text":750,"type":578}," in the battery supply chain. ",{"type":573,"attrs":752,"content":753},{"textAlign":49},[754],{"text":755,"type":578},"Much of the money that has been awarded for mining projects has come through the Department of Defense, which was given the authority to strengthen domestic mining and processing of critical minerals when the Biden Administration invoked the Defense Production Act Title III authorities.",{"type":573,"attrs":757,"content":758},{"textAlign":49},[759],{"text":760,"type":578},"Through this, the DoD has awarded funds to lithium, nickel, graphite and cobalt projects in the US.",{"type":573,"attrs":762,"content":763},{"textAlign":49},[764,770],{"text":765,"type":578,"marks":766},"Albemarle received $90 million",[767],{"type":583,"attrs":768},{"href":769,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/us-department-of-defense-awards-110-million-to-boost-lithium-and-nickel-mining",{"text":771,"type":578}," to support the reopening of its Kings Mountain lithium mine in North Carolina. Talon Metals received $20.6 million to further explore nickel deposits in Minnesota and Michigan. Graphite One received $37.5 million to expedite its feasibility study for its Graphite Creek mining project. Jervois Mining USA also received $15 million for its feasibility study looking at cobalt extraction in Idaho.",{"type":573,"attrs":773,"content":774},{"textAlign":49},[775],{"text":776,"type":578},"Recently, the DOE awarded $10.9 million in grants to ten companies working on direct lithium extraction.",{"type":664,"attrs":778,"content":779},{"level":666,"textAlign":49},[780],{"text":781,"type":578},"FTAs and Foreign Entities of Concern",{"type":573,"attrs":783,"content":784},{"textAlign":49},[785],{"text":786,"type":578},"The third aspect to Manchin’s concerns are over the definitions of Foreign Entities of Concern and Free Trade Agreement countries.",{"type":573,"attrs":788,"content":789},{"textAlign":49},[790,792,798],{"text":791,"type":578},"On the former, the Treasury is ",{"text":793,"type":578,"marks":794},"yet to release guidance on what exactly one is",[795],{"type":583,"attrs":796},{"href":797,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/automakers-us-government-guidance-on-chinese-involvement-in-battery-supply-chain",{"text":799,"type":578}," and what proportion of involvement a company from a country such as China can have in a project before it becomes ineligible for IRA tax credits.",{"type":573,"attrs":801,"content":802},{"textAlign":49},[803],{"text":804,"type":578},"Although there is a list of formal FTA countries, Manchin decries the creation of new agreements which he calls “fake”, referring to the FTA-like agreement the US reached with Japan and the proposed agreement with Indonesia.",{"type":573,"attrs":806,"content":807},{"textAlign":49},[808,810,816],{"text":809,"type":578},"In March this year, the ",{"text":811,"type":578,"marks":812},"US and Japan signed a critical minerals agreement",[813],{"type":583,"attrs":814},{"href":815,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/us-japan-call-for-global-collaboration-to-meet-growing-battery-demand",{"text":817,"type":578}," which effectively afforded Japan FTA-like status with regards to the trade of critical minerals. The UK and EU are in negotiations with the US for a similar deal.",{"type":573,"attrs":819,"content":820},{"textAlign":49},[821],{"text":822,"type":578},"Indonesia has also proposed a similar deal on the back of its large mined and refined nickel production. Benchmark forecasts that Indonesia will produce 50% of refined nickel this year potentially rising to 66% by 2030.","Democrat senator Joe Manchin warned a committee that China could use critical minerals as “leverage” over the US as the country ramps up its electric vehicle ambitions. China dominates in the processing of battery minerals, forecast to produce 66% of the world’s lithium chemicals, 75% of nickel sulphate and 76% of refined cobalt this year, […]",[825],{"slug":561,"name":562,"content":826},{"job_title":564,"image":827,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"081f290f-eaa3-4de8-88a0-fe9e68b0375b\", \"id\": \"\"}-->","article",[831,834],{"slug":832,"name":833},"critical-minerals","Critical Minerals",{"slug":835,"name":836},"geopolitics","Geopolitics","private",{"id":49,"alt":660,"name":839,"focus":839,"title":660,"source":839,"filename":661,"copyright":839,"fieldtype":840,"meta_data":841,"is_external_url":51},"","asset",{"alt":660,"title":660,"source":839,"copyright":839},{"id":49,"alt":843,"name":839,"focus":839,"title":843,"source":839,"filename":844,"copyright":839,"fieldtype":840,"meta_data":845,"is_external_url":51},"US Congress dome closeup with background of water fountain splashing, American flag waving in Washington DC, USA closeup on Capital capitol hill, columns, pillars","https://a.storyblok.com/f/287943243085208/d1d41a6a60/bm-us-capitol.jpg",{"alt":843,"title":843,"source":839,"copyright":839},"Oct 06, 2023","6th October 2023",[],[],1780500960632]