June 10, 2014
What will Tesla Motors' battery super plant mean for Critical Mineral demand?
In February of this year, Tesla’s announced its ambition is to build the world’s largest electric vehicle battery production facility at a cost of $5B, known as the Gigafactory - the equivalent of today’s global battery production in one plant. The expected demand for critical metals for the batteries, including cobalt, lithium and graphite, is substantial. It is estimated the global demand for cobalt alone from the Tesla Gigafactory will increase by 20%.
Tesla’s CEO has stated publicly that the Gigafactory intends to ethically source its raw materials as locally as possible to reduce its carbon footprint. The front runner for the plant’s location is rumoured to be near Reno, Nevada — a relative stone’s throw from Formation Metals’ fully permitted Idaho Cobalt Project, a near term cobalt mine that could be in production in as little as 12-14 months upon the successful completion of mine financing.
This free report is made available from Industrial Mineral Data with permission. The report covers a wide range of topics related to this ambitious project, including Tesla’s demand for the critical minerals it will require.
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News Release:June 11th, 2014, Report: Tesla Gigafactory decision down to San Antonio and Reno