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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":722,"relatedVideos":723},112470270867281,"e4e9eb22-c407-4add-8db5-76e935f47515","US miners and recyclers could lose out on production tax credits in the Inflation Reduction Act","us-miners-and-recyclers-could-lose-out-on-production-tax-credits-in-the-inflation-reduction-act","article/us-miners-and-recyclers-could-lose-out-on-production-tax-credits-in-the-inflation-reduction-act",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":703,"featured":50,"reporter":704,"_editable":708,"component":709,"seo_title":543,"categories":710,"visibility":714,"author_company":49,"featured_image":715,"seo_description":703,"author_full_name":49,"author_job_title":49,"formattedDate":720,"formattedArticleDate":721},"90f9b273-1a6a-424b-84f9-0260127efd53","2023-12-18 00:00",[550,553],{"slug":551,"name":552},"inflation-reduction-act","Inflation Reduction Act",{"slug":554,"name":555},"policy","Policy",[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",[569,585,590,595,608,613,618,623,628,633,638,643,650,663,668,673,678,683,688,693,698],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573,576,583],{"text":574,"type":575},"US miners and recycling companies could lose out on manufacturing production tax credits in the ","text",{"text":552,"type":575,"marks":577},[578],{"type":579,"attrs":580},"link",{"href":581,"uuid":49,"anchor":49,"target":49,"linktype":582},"https://source.benchmarkminerals.com/article/opinion-what-will-be-the-eventual-cost-of-the-us-inflation-reduction-act","url",{"text":584,"type":575},", following guidance from the government that suggests raw materials are not eligible costs under the clean energy legislation. ",{"type":570,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":575},"The guidance released by the US Treasury on Friday states that “any costs related to the extraction or acquisition of raw materials would not be taken into account as production costs.”",{"type":570,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":575},"The proposal is a disappointment for domestic mining companies, who had hoped to be beneficiaries of the tax credits, since the credits for critical minerals have no end dates, unlike those for other clean energy manufacturing. ",{"type":570,"attrs":596,"content":597},{"textAlign":49},[598,600,606],{"text":599,"type":575},"It’s also a blow to ",{"text":601,"type":575,"marks":602},"recycling",[603],{"type":579,"attrs":604},{"href":605,"uuid":49,"anchor":49,"target":49,"linktype":582},"https://www.benchmarkminerals.com/forecasts/recycling/reports/",{"text":607,"type":575}," companies, since they cannot receive tax credits on the biggest portion of their costs – the feedstock raw materials that they recycle. ",{"type":570,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":575},"The tax credits cover costs equal to 10 percent of the costs incurred by the taxpayer with respect to production of critical minerals. ",{"type":570,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":575},"The National Mining Association said the guidance “fails to uphold Congress’s intent to incentivize the secure and reliable mineral supply chains we need.” ",{"type":570,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":575},"“By restricting the benefits available to the front end of the supply chain – the mines and minerals that drive the clean energy economy – the incentives offer a pittance of what Congress intended to bolster domestic raw material supply and take on China,” it said. ",{"type":570,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":575},"The guidance states that only production of processed battery raw materials with a high level of purity would count towards the production tax credits. ",{"type":570,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":575},"For graphite this means “99.9 percent graphitic carbon by mass”, which is essentially anode active material. For lithium it is lithium carbonate or lithium hydroxide. ",{"type":570,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":575},"For manganese, it is material converted to manganese sulphate or purified to a minimum purity of 99.7 percent manganese by mass.",{"type":570,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":575},"And for nickel it is material converted to nickel sulphate or purified to a minimum purity of 99 percent nickel by mass.",{"type":644,"attrs":645,"content":647},"heading",{"level":646,"textAlign":49},4,[648],{"text":649,"type":575},"Cathode and anode materials",{"type":570,"attrs":651,"content":652},{"textAlign":49},[653,655,661],{"text":654,"type":575},"The guidance states that producers of ",{"text":656,"type":575,"marks":657},"cathode",[658],{"type":579,"attrs":659},{"href":660,"uuid":49,"anchor":49,"target":49,"linktype":582},"https://www.benchmarkminerals.com/price-assessments/cathode/portal/",{"text":662,"type":575}," and anode materials can deduct tax credits including for labour, electricity, storage costs, depreciation or amortisation, recycling, and overhead. ",{"type":570,"attrs":664,"content":665},{"textAlign":49},[666],{"text":667,"type":575},"However, it says that “the cost of acquiring the raw material used to produce the electrode active material, the cost of materials used for conversion, purification, or recycling of the raw material, and other material costs related to the production of the electrode active material would not be taken into account.”",{"type":570,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":575},"The Treasury said that this was done to prevent the same costs being counted multiple times, creating the risk of fraud. ",{"type":570,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":575},"A material that qualifies as both an electrode active material and an applicable critical material is eligible for the section 45X credit, but a company can only claim one of the credits. ",{"type":570,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":575},"“A taxpayer who produces and sells lithium carbonate may claim either the electrode active material credit or the critical mineral credit for its production and sale of lithium carbonate but may not take both credits,” it says. ",{"type":570,"attrs":684,"content":685},{"textAlign":49},[686],{"text":687,"type":575},"The department said, however, that it welcomed comments on how to include raw material costs if it does not lead to double-counting or fraud, waste or abuse. ",{"type":570,"attrs":689,"content":690},{"textAlign":49},[691],{"text":692,"type":575},"“Treasury explicitly left the door open in the guidelines for adding raw materials into the calculation of critical mineral production for the 45x tax credits.  In numerous other parts of the tax code, raw material is included in production costs so there is good precedent,” Ben Steinberg of the Battery Materials & Technology Coalition, said. ",{"type":570,"attrs":694,"content":695},{"textAlign":49},[696],{"text":697,"type":575},"The group’s members include battery recycling companies such as Li-Cycle and anode producer Anovion, among others. ",{"type":570,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":575},"The Treasury guidance is open for comments for 60 days. ","US miners and recycling companies could lose out on manufacturing production tax credits in the Inflation Reduction Act, following guidance from the government that suggests raw materials are not eligible costs under the clean energy legislation. The guidance released by the US Treasury on Friday states that “any costs related to the extraction or acquisition […]",[705],{"slug":558,"name":559,"content":706},{"job_title":561,"image":707,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"90f9b273-1a6a-424b-84f9-0260127efd53\", \"id\": \"\"}-->","article",[711],{"slug":712,"name":713},"critical-minerals","Critical Minerals","private",{"id":49,"alt":716,"name":716,"focus":716,"title":716,"source":716,"filename":717,"copyright":716,"fieldtype":718,"meta_data":719,"is_external_url":51},"","https://wp-admin.benchmarkminerals.com/app/uploads/US-mine-truck-scaled.jpg","asset",{"alt":716,"title":716,"source":716,"copyright":716},"Dec 18, 2023","18th December 2023",[],[],1780500956731]