Benchmark to present at G7 Summit on building a UK lithium ion economy

Benchmark Mineral Intelligence is delighted to confirm that our Managing Director, Simon Moores, will present at the upcoming G7 Summit taking place this month in Cornwall, UK.

The presentation will keynote a summit organised with the G7 Summit and Cornwall House that discusses UK mining potential in the lithium ion battery and electric vehicle (EV) supply chain and the need to establish domestic production bases.

The G7 is an annual gathering of the world’s top seven advanced economies and their leaders, with the UK holding the presidency this year. The UK has also invited Australia, India, South Korea and South Africa as guest countries to this year’s G7.

The potential to unlocking domestic UK resources of critical minerals for the battery, EV and emerging green technology industry will be in focus.

Simon Moores, Managing Director, Benchmark Mineral Intelligence said:

“The UK needs to build domestic lithium ion battery cell capacity and its ecosystem for what is a platform technology for the energy storage revolution.

“As we have long testified at Benchmark: we are in the midst of a global battery arms race.

“Without lithium ion batteries you won’t have rapid mass adoption of EVs or energy storage. And without the lithium, cobalt, nickel, graphite anode and manganese supply chains to feed these battery plants, you won’t have lithium ion batteries.

“Lithium ion batteries are of geopolitical strategic importance and are top of the agenda for China, the USA and the European Union – complacency can no longer be a strategy for the UK.

“Myself and Team Benchmark are delighted to be able to carry this message into the G7 Summit. I especially would like to thank Jeremy Wrathall, CEO of Cornish Lithium, who has led this discussion from day one within the UK. ”

UK needs at least four gigafactories

Benchmark has tracked the number of the world’s battery megafactories – or gigafactories – either active, being planned or built, from only three in 2015 to 211 as of June 2021.

China and Europe have led this trend while US President Biden issued a rallying call for more gigafactories only last month.

In November 2020, Benchmark outlined how the UK should establish a lithium ion economy including the founding of a Lithium ion Economic Task Force.

At least four gigafactories need to be established by 2027 at an investment cost of at least $20bn with at least 175GWh of ramped and ready cell production going into the 2030s.

Investments in the corresponding supply chain to feed these plants and downstream battery recycling would more than double this figure.

Benchmark Members will be able to view Simon Moores’ address in Benchmark’s video library next week.

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