In the news today…
Minerals:
- The Brentwood Press and The Fairfield Sun Times report a Chinese-dominated mining company has procured millions of dollars in American subsidies to extract lithium in the United States – but, given a dearth of U.S. processing capacity, the mineral is likely to be sent to China with no guarantee that the end product would return as batteries to power President Biden’s envisioned green economy.
- Bloomberg reports Elon Musk has called for more investment in global lithium refining to ease shortages in battery materials — and promised those who seize the opportunity it’s as lucrative as “basically minting money.”
- Axios reports Ford Motor Co. unveiled a bunch of deals and agreements the auto giant says will ensure it has the batteries and raw materials to support rapid growth of electric vehicle production.
Coal:
- Argus reports US thermal coal imports dipped from a year earlier in the first five months of 2022 as seaborne prices climbed and a power plant that takes imported coal gets ready for retirement.
- Argus reports high gas prices and supply constraints will promote coal-fired thermal power generation in Europe and northeast Asia in the near term, the Paris-based International Energy Agency (IEA) said.