Biden’s EV minerals cash fruitless without permitting reform.
Washington’s growing financial support for companies that produce metals used in electric vehicles will likely prove fruitless unless the federal government streamlines the mine permitting process, investors, executives, and consultants told Reuters.
“The US government is saying ‘Go! Go! Go!,’ but the environmental review process is extremely cumbersome,” said Jerry Hicks at the Optica Rare Earths & Critical Materials ETF, which holds shares of Albemarle, Freeport-McMoRan, and Glencore. “What I would like, if I could ask for something, is predictability,” said Arne Frandsen, chief executive of mining investment group Pallinghurst and a director at Talon Metals, whichfrom Biden to partially fund a nickel processing plant in North Dakota that will supply Tesla.
Privately-held Nth Cycle Inc is building a recycling plant in the US Midwest expected to be producing 5 000 tonnes of nickel annually by 2025. That is about when the only current US nickel mine prepares to close. “Hopefully, they’ll give us some help and fast-track some of the permitting processes,” said Kent Masters, Albemarle’s CEO.
“What really needs to happen is not for permitting to be relaxed, but to be expedited to ensure we can build the mines that can supply the automakers,” said Jordan Roberts, a minerals analyst at consultancy Fastmarkets.
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