Tesla to buy more than $1 bln of Australian battery minerals a year

Tesla said it expects to spend more than $1 billion a year on battery raw materials from Australia given the country's reliable mining industry and responsible production practices.

Robyn Denholm, chair of the U.S. carmaker, said on Wednesday that Australia, which is rich in minerals used for batteries like lithium and nickel, is poised to benefit as developing supply chains for electric vehicle batteries and the green energy age focus on environmental, social and governance (ESG).

"We expect our spend on Australian minerals to increase to more than $1 billion per annum for the next few years," Denholm, an Australian, told a Minerals Council of Australia event.

Tesla already sources three quarters of its lithium feedstock from Australia and over a third of its nickel, Denham said, without specifying a dollar figure.

https://www.reuters.com/business/sustainable-business/tesla-buy-more-than-1-bln-australian-battery-minerals-year-2021-06-02/

Although this article doesn't say exactly what minerals Tesla are looking at, it is a fair bet that Tesla along with other fund managers, Superannuation Funds, etc will be eyeing Green Energy Minerals in Australia and will "float all Green Energy boats" within Australia. For sure excellent news for CYM and other copper producers.

At it's height in January, Tesla's market Cap was US$880 Billion, so a lot of money tied up with what Tesla are doing. Big players will be watching the Australian Minerals sector from now on.

Here is the projected copper use of Tesla 2021


Add to that all the other car manufacturers will make moves similar to Tesla to ensure they have a reliable supply of minerals to build their EV cars.