Currently, the demand for battery metals is mostly driven by EV OEMs and green energy producers with both sectors expected to grow double digits within the next decades. For instance, our research showed that of Canadians looking to purchase a vehicle in 2022, nearly half were considering an EV; that is up 11 from 2021. In addition, green energy producers are creating increasing demand for reliable energy storage solutions to ensure the stability of the grid. This demand will, in turn, translate to the demand for batteries and for battery metals. With that, mining volumes will need to grow by approximately 15 per year for lithium and 5 per year for cobalt and nickel. Figure 1 illustrates the potential balance of supply and demand for battery metals over the next decade.
展开▼
