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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":771,"relatedVideos":772},112472470084834,"ae6540cc-aa13-4fe4-a3f2-1c49faf1f63b","Inflation Reduction Act puts OEM raw material supply deals in focus","us-inflation-reduction-act-puts-oem-raw-material-supply-deals-in-focus","article/us-inflation-reduction-act-puts-oem-raw-material-supply-deals-in-focus",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":749,"featured":51,"reporter":750,"_editable":754,"component":755,"seo_title":543,"categories":756,"visibility":763,"author_company":49,"featured_image":764,"seo_description":749,"author_full_name":49,"author_job_title":49,"formattedDate":769,"formattedArticleDate":770},"68b10394-c8ff-4bfa-a3cb-f30946e4790c","2022-08-17 00:00",[550,553],{"slug":551,"name":552},"inflation-reduction-act","Inflation Reduction Act",{"slug":554,"name":555},"usa","USA",[557],{"slug":558,"name":559,"content":560},"matthew-bird","Matthew Bird",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Senior Editor - Supply Chains & Data Visualisation",{"filename":563},"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":567,"content":568},"doc",[569,576,581,586,591,596,601,604,613,618,633,638,643,648,661,666,671,676,681,686,691,704,709,714,719,724,729,734,739,744],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"The passing of the US Inflation Reduction Act puts automakers under increasing pressure to localise battery raw material supply in North America or secure supply from countries such as Chile, Canada and Australia.","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"The landmark climate legislation requires that at least 40% of the value of the battery minerals in qualifying vehicles must have been extracted or processed in the US or free trade partner countries by 2024 for automakers to obtain half of the $7,500 tax credit for purchases of new electric vehicles. In addition the legislation prohibits “Foreign Entities of Concern,” which includes companies from China, from extracting processing or recycling the minerals.",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":575},"Yet a number of recent supply agreements between automakers and mining companies will struggle to meet that goal within the timeline without further investment. From lithium to nickel and cobalt, automakers may have to accelerate a buildout of processing in North America to qualify, according to Benchmark.",{"type":570,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":575},"Over the past year automakers including Tesla, GM and Ford have signed over a dozen deals for raw material and cathode supplies. Yet only some of these will be eligible for the critical mineral part of electric vehicle tax credit under the Inflation Reduction Act, according to Benchmark.",{"type":570,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":575},"“It’s nice ambition on paper but the reality is that automotive investment into the raw material space should have happened five years ago,” James Mills, an analyst at Benchmark, said.",{"type":570,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":575},"The Inflation Reduction Act lifts the previous 200,000 vehicle cap on the electric vehicle tax credits, which GM and Tesla have already reached, according to the Department of Energy. To receive the full purchase credit from next year the automakers will have to meet the critical minerals requirements.",{"type":570,"attrs":602,"content":603},{"textAlign":49},[],{"type":605,"attrs":606,"content":608},"heading",{"level":607,"textAlign":49},4,[609,611],{"text":610,"type":575},"Tesla",{"text":612,"type":575}," furthest ahead",{"type":570,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":575},"So far Tesla is leading in terms of its supply chain deals with free trade agreement countries, having signed nickel agreements with BHP in Australia, Glencore in Australia, Vale in Canada, Prony Resources in New Caledonia, as well as Talon Metals in Minnesota.",{"type":570,"attrs":619,"content":620},{"textAlign":49},[621,623,631],{"text":622,"type":575},"Tesla has also recently ",{"text":624,"type":575,"marks":625},"signed lithium supply agreements",[626],{"type":627,"attrs":628},"link",{"href":629,"uuid":49,"anchor":49,"target":49,"linktype":630},"https://source.benchmarkminerals.com/article/tesla-taps-australia-for-future-lithium-supply-as-prices-hit-record-highs","url",{"text":632,"type":575}," with Australian junior miners Core Lithium and Liontown Resources.",{"type":570,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":575},"Still, some of Tesla’s lithium from Albemarle and Livent is refined in China, while the cobalt it directly sources from the Democratic Republic of Congo is also refined in China, according to its 2021 Impact Report. In addition the DRC does not have a free trade agreement with the US.",{"type":570,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":575},"“To date the auto industry has largely relied upon industrial DRC producers to meet its needs,” Caspar Rawles, chief data officer at Benchmark, said. “Outside of that any suitable forms from FTA countries are limited. The challenge will be getting cobalt refined to a chemical and then PCAM (precursor) within the US.”",{"type":605,"attrs":644,"content":645},{"level":607,"textAlign":49},[646],{"text":647,"type":575},"GM’s lithium supply",{"type":570,"attrs":649,"content":650},{"textAlign":49},[651,653,659],{"text":652,"type":575},"In July General Motors said it had ",{"text":654,"type":575,"marks":655},"secured enough lithium, nickel, cobalt and cathode active material",[656],{"type":627,"attrs":657},{"href":658,"uuid":49,"anchor":49,"target":49,"linktype":630},"https://source.benchmarkminerals.com/article/gm-locks-up-lithium-and-cathode-supply-with-livent-and-gm-deals",{"text":660,"type":575}," to reach its target of selling 1 million electric vehicles in North America by 2025.",{"type":570,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":575},"Yet it faces the same issue as Tesla in terms of lithium refining. GM signed a six-year deal with Livent to secure battery-grade lithium hydroxide “primarily” from its brine-based operations in Argentina starting in 2025.",{"type":570,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":575},"While Argentina does not have a free trade agreement with the US, GM said that all of Livent’s lithium hydroxide processing for GM will happen in North America over the course of the agreement.",{"type":570,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":575},"But in the near-term most of Livent’s lithium hydroxide processing capacity will be in China. Livent only has around 10,000 tonnes of lithium hydroxide processing capacity in the US. Meeting GM’s target will likely depend on the development of the Nemaska Lithium mine and hydroxide plant in Quebec, in which Livent owns a 50% stake. That project is not set to start production until 2025.",{"type":570,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":575},"“They (GM) don’t need the raw material to come from North America but they want that final production, that processing step into lithium hydroxide to be in the same region,” Paul Graves, chief executive of Livent, said this month.",{"type":570,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":575},"GM said it welcomed the passing of the Inflation Reduction Act and it would “help drive further investments in American manufacturing, clean energy and sustainable, scalable, and secure supply chains.”",{"type":605,"attrs":687,"content":688},{"level":607,"textAlign":49},[689],{"text":690,"type":575},"Ford’s nickel supply",{"type":570,"attrs":692,"content":693},{"textAlign":49},[694,696,702],{"text":695,"type":575},"In July Ford said it ",{"text":697,"type":575,"marks":698},"had secured",[699],{"type":627,"attrs":700},{"href":701,"uuid":49,"anchor":49,"target":49,"linktype":630},"https://source.benchmarkminerals.com/article/ford-could-require-fifth-of-2026-tier-1-battery-supply-to-meet-2-million-ev-goal",{"text":703,"type":575}," “most of the nickel needed through 2026 and beyond,” via “non-binding MOUs” with Vale Canada, PT Vale Indonesia and Huayou Cobalt and BHP. This included a non-binding off-take agreement with China’s Huayou Cobalt for 84,000 tonnes a year of nickel.",{"type":570,"attrs":705,"content":706},{"textAlign":49},[707],{"text":708,"type":575},"But Indonesia does not have a free trade agreement with the US, and in addition the legislation prohibits “Foreign Entities of Concern,” which includes companies from China.",{"type":570,"attrs":710,"content":711},{"textAlign":49},[712],{"text":713,"type":575},"Ford said that “while its consumer tax credit targets for electric vehicles are not all achievable overnight, the bill is an important step forward to meet our shared national climate goals and help strengthen American manufacturing jobs.”",{"type":605,"attrs":715,"content":716},{"level":607,"textAlign":49},[717],{"text":718,"type":575},"Battery Components ",{"type":570,"attrs":720,"content":721},{"textAlign":49},[722],{"text":723,"type":575},"To receive the other half of the $7,500 tax credit automakers must ensure that a certain value of the battery components (cathodes and anodes) made or assembled in North America. Up to 2024, this value needs to be 50%, reaching 80% by 2028 and 100% by 2029.",{"type":570,"attrs":725,"content":726},{"textAlign":49},[727],{"text":728,"type":575},"The battery component requirement may be more achievable since it is quicker to build cathode plants than mines.",{"type":570,"attrs":730,"content":731},{"textAlign":49},[732],{"text":733,"type":575},"GM is building a cathode plant in Quebec with Korea’s Posco Chemical, which will process cathode active material to be used in the automakers’ Ultium battery cells. The two companies say the plant will be completed in the second half of 2024 with capacity to produce 30,000 tonnes of material a year.",{"type":570,"attrs":735,"content":736},{"textAlign":49},[737],{"text":738,"type":575},"In July GM also signed an agreement with LG Chem for the supply of more than 950,000 tonnes of cathode active material beginning in the second half of this year, enough for around 5 million electric vehicles.",{"type":570,"attrs":740,"content":741},{"textAlign":49},[742],{"text":743,"type":575},"The two companies also agreed to “explore the localization of a CAM production facility in North America by the end of 2025.”",{"type":570,"attrs":745,"content":746},{"textAlign":49},[747],{"text":748,"type":575},"Tesla also assembles its batteries at its Nevada gigafactory, a joint venture with Panasonic, and is producing its own battery cells at its Kato Road plant in California as well as at its Texas gigafactory.","The passing of the US Inflation Reduction Act puts automakers under increasing pressure to localise battery raw material supply in North America or secure supply from countries such as Chile, Canada and Australia. The landmark climate legislation requires that at least 40% of the value of the battery minerals in qualifying vehicles must have been […]",[751],{"slug":558,"name":559,"content":752},{"job_title":561,"image":753,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"68b10394-c8ff-4bfa-a3cb-f30946e4790c\", \"id\": \"\"}-->","article",[757,760],{"slug":758,"name":759},"batteries","Batteries",{"slug":761,"name":762},"critical-minerals","Critical Minerals","private",{"id":49,"alt":765,"name":765,"focus":765,"title":765,"source":765,"filename":766,"copyright":765,"fieldtype":767,"meta_data":768,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/91b5946a7c/bm-gm-ultium-platform-e1660747859940.jpg","asset",{"alt":765,"title":765,"source":765,"copyright":765},"Aug 17, 2022","17th August 2022",[],[],1780670081772]