By: Rob Wertheimer
The past two days have seen headlines on the Electric Vehicle impact on mined minerals. Glencore noted that Electric Vehicles may drive a 3-fold increase in cobalt by 2030, a 56% increase in nickel, and an 18% increase in copper demand over the same timeframe, assuming 32 million electric car sales in 2030. What does that mean for CAT/Komatsu mining equipment? Copper is the only important factor. Total mining fleet required might rise 3-4%, with almost all of that from the copper demand. Falling copper ore grades could almost double that increase, but copper moving underground, where CAT and Komatsu have limited presence, could offset.