Mitsubishi Corp Seeks Investment Opportunities in Nickel and Lithium Projects

Tokyo [Japan]: Mitsubishi Corp, a Japanese trading establishment, is contemplating investments in the production of Nickel and Lithium as the requirement for Electric Vehicle (EV) batteries rises. Along with that, the company seeks to increase its Copper output. The surge in demand for these minerals is due to the worldwide trend among automakers to electrify their fleets.

The need for secure and reliable supplies of Lithium, Nickel, Copper, and other essential minerals has also intensified. Industry experts predict that demand for these minerals will surpass supply by the end of this decade. Therefore, in response to this emerging trend, Mitsubishi Corp is considering investments in Lithium and Nickel production.

Nickel may become a favoured investment target in Canada and Australia thanks to their combination of safety from geopolitical risks and access to renewable power, two key factors in decarbonization efforts. In fact, Mitsubishi acquired a 15% stake in a joint venture with Giga Metals Corp last year with a view to developing the Turnagain Nickel deposit in Canada. Additionally, the company is exploring various Lithium projects as part of its investment activities.

The biggest challenge in developing a new mine is setting up the downstream operation to process the metal into raw battery material, and it remains uncertain if this can be accomplished in Australia and North America. Announcement has been made by Mitsubishi and its partner, BHP Group, about the sale of the Daunia and Blackwater metallurgical coal mines, which are in the Bowen Basin of Queensland. Mitsubishi, already holding a stake in five Copper mines in South America, now aims to enhance its Copper output through expanding its current mines and investing in new, promising projects.