BMW close to 10-year supply deal for battery minerals

BMW is close to signing a 10-year supply contract for lithium and cobalt, the company’s procurement chief told Germany’s Frankfurter Allgemeine Zeitung, amid an industry-wide scramble for raw materials needed for electric car batteries. 

“The aim is to secure the supply all the way down to the level of the mine, for 10 years. The contracts are ready to be signed,” Markus Duesmann told the paper, according to an excerpt of an article made available to Reuters on Friday.

Demand for minerals for batteries such as cobalt, nickel, manganese, graphite and  lithium is forecast to soar in the coming years as governments crack down on vehicle pollution and carmakers step up their investments in electric models.



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