UK Prime Minister Theresa May’s political judgement is often questioned, but her desire to boost Britain’s investment and trade with Africa makes perfect sense for commodities businesses. The continent’s resources will play an increasingly essential role in vital new industries such as the growth of electric vehicles (EVs) in passenger transport. Putting Britain at the front of the queue is vital. Although May made scant reference to the importance of Africa’s vast resources in her Cape Town speech this week, securing access to the region’s rich seams of ore is vital. S&P Global Platts Analytics estimates there will be more than 300 million EVs in a global passenger fleet of 1.7 billion cars by 2040. A large proportion of the minerals and metals required to build this new climate-friendly breed of vehicles will come from Africa’s major resource producers. Consequently, demand for Africa’s energy minerals is expected to surge as the shift to EVs gathers pace. For example, consumption of cobalt – used to produce EV batteries – is expected to triple to more than 300,000 million tons per year by 2030. The Democratic Republic of Congo (DRC) is the world’s largest supplier, providing two-thirds of the market. It’s not… continue reading
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Source: CTRM Center