Sumary of Tesla, mining firm seal deal:
- MINNESOTA: Anglo-Australian mining firm BHP said on Thursday it had reached a deal to provide Tesla with supplies of nickel – a metal vital in producing high-powered batteries for electric cars.
- But demand for the metal is projected to explode over the next decade as electric vehicles become more common.
- Mercurial Tesla Chief Executive Officer Elon Musk has previously voiced concern about future nickel shortages – which could put a brake on the efficiency and storage capacity of batteries – as well as making them more costly to produce.
- BHP chief commercial officer Vandita Pant predicted demand will “grow by over 500 percent over the next decade” in large part, thanks to the nickel-for-batteries business.