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1) The Fraser Institute released a report indicating that meeting global electric vehicle (EV) mandates requires the construction of 388 new mines worldwide by 2030 to supply essential metals. These mines are crucial for Canada, the United States, the European Union and Asia to meet their EV production needs. The report also questions the feasibility of government-imposed timelines, highlighting the substantial mining scale necessary to fulfill EV mandates. Kenneth Green, the report's author, raises concerns about the ambitious deadlines, especially considering the lengthy process and regulatory barriers associated with establishing mines. Mining timelines, ranging from 6 to 25 years due to environmental concerns and regulatory obstacles, present challenges in meeting the soaring demand for crucial metals like copper, lithium, nickel, cobalt, and graphite for EV production. The report cites the International Energy Agency (IEA) figures, indicating a significant rise in mineral demand for EV batteries, with the need for 50 new lithium mines, 60 more nickel mines, and 17 additional cobalt mines by 2030, among others. Source: At least 388 new mines needed to satisfy EV appetite - Mining Magazine
2) Ivanhoe Mines, a Canadian mining company, secured extensive prospecting rights covering over 22,000 square kilometers (8,500 sq. mi.) in Angola's Moxico and Cuando Cubango provinces. The rights, formalized via a mining investment contract during the Angolan Mining Conference, focus on unexplored, highly prospective copper exploration areas. Currently, the plans to commence exploration start in the coming year, as Ivanhoe aims to leverage its successful track record in discovering significant deposits in new regions. The company's founder, Robert Friedland, expressed enthusiasm, about exploring Angola, suggesting the potential extension of the Central African Copperbelt based on their experiences at other projects like Kamoa-Kakula in the Democratic Republic of Congo (DRC) and the Western Foreland Project. “Ivanhoe has an exceptional record of discovering tier-one deposits in new frontiers . . . and we are now commencing exploration activities in the underexplored regions of Angola that we believe could host an extension of the Central African Copperbelt.
"We are incredibly privileged to own 100% of a massive exploration land package with outstanding geological potential. We will be deploying our in-depth, proprietary geological insights gained from Ivanhoe’s exploration team in the Western Foreland and at Kamoa-Kakula," said Mr. Friedland. Ivanhoe has allocated an initial exploration budget of $10 million for Angola, intending to conduct reconnaissance visits, geophysical surveys, and soil geochemistry tests in the first half of 2024. Source: Ivanhoe to explore for copper in Angola (miningweekly.com)