- United Kingdom announces that nation plans to outlaw sale of gasoline-powered vehicles by 2030, full decade ahead of original deadline
- Electric vehicle sales are set to rise by 50% YoY in 2021, with global EV penetration rates forecast to touch 31% by 2030
- Electric vehicles require nearly 80kg of copper during production process versus approximately 25 kilos for internal combustion engine powered vehicle
- Surge in long-term copper demand bodes favorable for Josemaria Resources, with company reportedly attracting attention of global mining giants in recent months
On November 18, 2020, the United Kingdom made the fateful and unexpected decision to ban the sale of new internal combustion engine vehicles in the country from 2030 onwards (https://ibn.fm/6BkSt) — a step that the British Government felt was necessary to achieve its longer-term carbon emission target goals. While the political statement attracted a great deal of attention from environmental sources, it also quietly heralded a titanic shift in copper demand prospects over the next few decades – one that would bode particularly favorably for the prospects of Josemaria Resources (TSX: JOSE) (OTC: JOSMF), a Canadian natural resources company currently working on the development of its flagship Josemaria Project in Argentina’s San Juan province. In essence, a gasoline-powered vehicle is said to require approximately 25 kilograms of copper during its manufacturing process; however, the figure soars astronomically when looked at through the prism of an electric vehicle. The equivalent electric car would need nearly 80 kilograms of copper to build, largely due to the increased use of electronics and cabling included within the vehicle (https://ibn.fm/92zbC).
Passenger vehicle sales topped 77.5 million units in 2019, the last year for which normalized data is available. In an eventual future where 100 percent of those vehicles were to be electrified, automobile manufacturers would look to consume approximately 6.2 billion kilograms of copper per annum (assuming 80 kilograms of copper per vehicle); to put that astounding figure into perspective, total mined copper production in 2019 amounted to an estimated 20 million metric tons (20 billion kilograms) with Fitch estimating that global copper mine production would increase by a…
NOTE TO INVESTORS: The latest news and updates relating to JOSMF are available in the company’s newsroom at https://ibn.fm/JOSMF
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