ACG is actually a SPAC deal ("Blank Cheque Fund", ala EUR deal) to buy mines in Brazil (see link below).
So desperate are western EV makers for EV etc.crucial supply chains of Ni, Li etc, from reliable western-orientated producers (subtext: Do NOT trust China!), Volkswagen paid US $100 m to the miner as a
prepayment to obtain Ni sulphide ore for its EV batteries.
The same scarcity & fears exist, obviously, amongst western-oriented EV car makers, for Li as well.
Could EUR also attract, eventually, prepayments 9which aid in avoiding dilution of shareholders) for its Li, & refined Li battery precursor chemicals?
automotivenews/reuters 12.6.23 said
"
Glencore will invest $100 million in ACG equity.Stellantisand mining investment fund La Mancha Resource Capital will each provide an equity investment of the same amount, while PowerCo (Volkswagen entity- my words) will make a $100 million nickel prepayment".
https://europe.autonews.com/suppliers/vws-powerco-stellantis-glencore-back-1b-mine-deal-brazil
miningtechnology L. Parker 3.7.23 said
"According to theFinancial Times, the deal “highlights how car groups are making direct mining investments”...
ACG’s US $1.1bn transaction is also being supported by Swiss miner Glencore and investment fund La Mancha...
With China’s dominance of the critical minerals used for EV battery production increasingly generating concern amongst western governments, automakers are beginning to place greater emphasis in sourcing battery metals.
“The global supply chain is breaking up and segregating into the eastern supply chain and the western supply chain,” ACG chief executive Artem Volynets was quoted as saying.
“And we are very much on the forefront of that, supplying into the western supply chain” ".
(20min delay)