A recent forecast from Benchmark Mineral Intelligence reports that more than 330 new mines may need to be built over the next 10 years to meet growing demand for electric vehicle (EV) and energy storage batteries.
Benchmark has projected that demand for lithium-ion batteries will grow six-fold by 2032, translating to a need for up to 384 new mines for lithium, graphite, nickel, and cobalt to meet demand by 2035. Projections are based on average size mines in each industry and after taking recycling of raw materials into account, the total number of mines required is around 336.
Growing momentum in the EV market is a key driver in what Benchmark calls exceptional volumes of demand for battery metals. For detailed projections that look at 2022 supply vs. 2035 demand, learn more here.
With multiple North American properties in areas known for lithium development and exploration, ACME Lithium’s project claims translate to lithium mining and extraction in this growing market where supply demand is increasing rapidly.
These latest projections from Benchmark come only weeks after U.S. President Biden signed the Inflation Reduction Act into law this past August. A key focus of the legislation is the administration’s vision for a clean energy future, with a number of provisions focused on developing and promoting a domestic supply chain for EVs.
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At the consumer level, new incentives to purchase EVs have been announced which will further drive supply demand for battery metals. The legislation also introduces domestic battery and critical mineral standards as well as incentives for U.S. automakers to grow a domestic supply chain that eliminates reliance on foreign markets. This includes requirements to source a specific percentage of materials and components within North America.
These incentives to purchase and build EVs with components sourced in North America will further drive the need for domestic battery metal mines, and ACME is at the epicenter of lithium production in America. Our Clayton Valley and Fish Lake Valley project claims in Nevada neighbor Albemarle Corporation’s (NYSE: ALB) Silver Peak lithium mine, which has produced lithium minerals from brines continuously since 1966.
U.S. automakers already have their sights set on the region, with Ford Motor Co, Toyota Motor Corp, and Panasonic Corp having entered agreements with ioneer’s billion-dollar Rhyolite Ridge Lithium-Boron Project to supply lithium for EV battery production in the United States. ACME’s Fish Lake Valley project is contiguous directly to the west of ioneer.
Our Nevada projects are in a highly prospective position to power the energy revolution. ACME’s recent lithium brine discovery at Clayton Valley this summer has initiated an aggressive Phase 2 Development Program with expanded drilling and pump testing targeted to commence in Q4 2022.
Over the foothills to the west, fall field work is planned at Fish Lake Valley to further develop ACME’s knowledge of lithium occurrences on the property and assist with drill hole targeting.
ACME is keeping pace with momentum in the market by advancing our exploration and development objectives. We most recently expanded our Manitoba lithium projects in Canada’s Winnipeg River pegmatite region with the addition of 10 claims totaling approximately 5,196 acres at Birse Lake, bringing us to a total of three projects in the area.
The Manitoba properties neighbor Tanco Mine, purchased by Sinomine Corporation in 2019. Pegmatite ore body was discovered in the late 1920s and Tanco Mine has been mining there since 1929. ACME’s exploration strategy in Manitoba is focused on spodumene-bearing LCT pegmatites that can be a source for lithium carbonate deposits and our Summer Exploration Program commenced in July 2022 at Shatford Lake and Cat-Euclid Lake.
With increasing demand and emphasis on creating a domestic supply chain for lithium and EVs in North America, ACME continues to be in the right place at the right time. The building blocks for the future are our focus today.
About ACME Lithium Inc.
Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, and at Cat-Euclid, Shatford, and Birse Lakes in southeastern Manitoba.