Nick Hodge,
Publisher
Sept. 10, 2024
“Show me your papers.”
That’s what global governments are now telling mining companies that want their raw materials to be part of electric vehicles and renewable energy technologies.
Starting in the next few years, battery passports will be required to track the origin and emissions of various critical metals in Europe. The US will follow in short order.
So if BHP wants its copper to go into a Volvo electric vehicle battery, it will have to invest in tracking that entire lifecycle of that copper from rock to wire.
This is creating a sea change in how mining is done.
See-Through Opaqueness
It’s tough to see underground.
It’s hard to know which gram of valuable material came from which ton of waste rock — the epitome of a needle in a haystack.
It’s even more difficult to keep track of that material down the line.
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Consider as just one example a ton of ore that is mined near me in the Silver Valley of Idaho. That ore may be crushed and ground locally, and turned into a concentrate. That concentrate may then be sent by rail to Seattle where it then boards a ship for British Columbia for further refinement.
Not only does the mining industry, which still uses pencil and paper in most cases, need to track all these movements, it now also needs to know the level of carbon emissions generated at each stage. Because the Battery Passport will require this information.
The need to track and analyze all this data in an outdated industry that is inherently difficult to track because much occurs underground has given rise to a ground-floor industry.
Using modern technologies and abilities like the internet of things, remote sensing, blockchain, and artificial intelligence… the mining industry is being dragged into the 21st century.
In Peru, where I visited last week, the world’s first fully traceable mine just came online.
Called San Rafael, it's the third-largest tin producer in the world, supplying more than one in ten pounds globally.
The process starts with a technology that uses x-rays to analyze underground rock composition. So the company can target higher-grade ore from the start while minimizing waste.
From there it uses sensors in its equipment and trucks to track and measure the movement of ore through the refining process.
Compare this to tin mines in Indonesia that have used child labor to produce materials for your smartphone.
Starting today, electronics and battery companies are requiring proof of origin for their input materials.
This is being mandated across the industry.
But mandating it is one thing. And making it a reality is quite another.
The first fully traceable tin mine just came online.
There are hundreds of other companies that will follow.
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And remember, mining companies are good at mining. They aren’t good at supply chain and emission tracking.
There is a very tiny subset of firms that can provide the technologies necessary to produce this detailed tracking.
And they are going to make early investors a fortune.
Call it like you see it,
Nick Hodge
Publisher, Daily Profit Cycle