Connect with us

Hi, what are you looking for?

Metaverse CapitalistsMetaverse Capitalists

Business

Cornish Lithium mine granted special status to power UK’s electric vehicle ambitions

Angela Rayner, Secretary of State for Housing, Communities and Local Government, has endorsed plans to transform the disused Trelavour clay pit near St Austell into a major lithium mine, a move that could significantly bolster the UK’s battery-making capabilities.

The site, operated by Cornish Lithium, is projected to supply 25,000 tonnes of lithium per year by 2030, helping to power British-made electric vehicles with domestically sourced batteries.

Lithium is a vital component in battery production, and developing the Trelavour site is expected to play a key role in meeting the rising demand for electric vehicles in the UK. With Rayner’s decision to upgrade the project to a “project of national significance,” the planning approval process will be accelerated, with ministers overseeing the approval rather than local authorities.

Cornwall’s rich deposits of lithium, embedded in the same granite rock that once supported the county’s historic china clay industry, have the potential to make the region the heart of the UK’s lithium mining sector. Jeremy Wrathall, CEO of Cornish Lithium, highlighted the importance of the project, stating, “This marks another stage in the UK’s journey from relying on imported lithium to maximising the potential of the industrial scale of lithium that already lies beneath our feet at existing brownfield sites in Cornwall.”

Securing a domestic supply of lithium could reduce the UK’s dependence on imports from Australia, South America, and China, cutting carbon emissions and logistical costs associated with overseas sourcing. The Trelavour pit plans to produce 10,000 tonnes of lithium hydroxide annually, with an additional 15,000 tonnes sourced from geothermal waters in other parts of Cornwall.

The UK’s push towards electric vehicles is set to intensify, with quotas for EVs expected to rise from 22% of all new cars sold in 2024 to 80% by 2030, and reaching 100% by 2035. With over 1.2 million electric cars currently on UK roads—around 3.5% of the total—this figure is projected to grow to 20% by 2030, driving up the demand for lithium significantly.

Cornish Lithium’s initiative could potentially meet over half of the UK car industry’s lithium needs, estimated at 80,000 tonnes by 2030. This domestic supply would not only support the UK’s electric vehicle targets but also underpin the broader use of lithium in other technologies, including rechargeable batteries for mobile phones, laptops, and critical medical devices like heart pacemakers.

As the UK car manufacturing industry remains a crucial export sector, particularly to the EU, the development of a local lithium supply chain is seen as a strategic move to secure the industry’s future amid increasing global competition and environmental targets.

Read more:
Cornish Lithium mine granted special status to power UK’s electric vehicle ambitions

    You May Also Like

    Stocks

    In this edition of StockCharts TV‘s The Final Bar, Dave shows how breadth conditions have evolved so far in August, highlights the renewed strength in the...

    Business

    In the UK, the care sector is under incredible strain, it’s good to know there are people working hard to address the issue. One...

    Business

    With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike the right chord...

    Politics

    On January 10, the French government announced plans to raise the retirement age from 62 to 64. The change would mean that after 2027,...

    Dislaimer: pinnacleofinvestment.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 metaversecapitalists.com | All Rights Reserved