By the end of this year, Tesla’s first Gigactory is expected to reach full capacity and be producing lithium-ion batteries for at least 500,000 new electric cars each year. Tesla’s supply-side issues seem to be largely resolved as offtake deals from proven mining locations are estimated to meet its anticipated demand. For Apple, the challenge is far greater and its path towards securing its required cobalt supply is only just beginning. As offtake deals continue to be signed, it’s not just Apple and Tesla that are feeling the supply-side pinch. Apple and Tesla are vying for the same commodities as other powerhouse manufacturers such as BMW, Samsung and Volkswagen as just a few examples. If we include Chinese electric car markers such as Warren Buffett-backed BYD — it is clear that manufacturers across the world are embracing battery technology rather quickly; maybe even a bit too quickly for miners to adapt in such a short time. The world’s top manufacturers are forming orderly queues to secure reliable lithium/cobalt supplies to meet their ambitious targets with the biggest side-effect being the sharp price inflation seen in both lithium and cobalt over the past 2 years. Closer to home, Australian Mines (ASX: AUZ) is currently developing the Sconi mine in Queensland. Just recently, the company agreed to a cobalt and nickel offtake deal with SK Innovation Co, South Korea’s top oil refiner, worth around A$5 billion. In this particular deal, SK Innovation has agreed to buy all of the project’s planned output for seven years, with the option to extend for a further six years.
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