Glencore increases metal production for EV batteries to stay ahead of its rivals
London — Glencore has increased production of the metals used to make electric-vehicle (EV) batteries faster than its major mining rivals, according to an industry-wide analysis that shows the scale of a strategy that has big prospective risks and rewards. The Anglo-Swiss company’s output of cobalt and copper roughly doubled in the five years to 2016, while its production of nickel quadrupled, the research compiled for Reuters by S&P Global Market Intelligence shows. EV metals account for roughly 50% of Glencore’s core profit, more than double the proportion of its major listed competitors — BHP, Rio Tinto and Anglo American. The analysis, based on the companies’ reports, supports Glencore’s assertion it is well positioned to capitalise on an anticipated surge in demand for EVs in the coming decade. However, the drive also holds potential perils: most of the production has been added through acquisitions, and Glencore has racked up more debt than its competitors, according to S&P Gl...
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