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A total of 388 new mines must be constructed by 2030 if countries around the globe, including Canada, hope to meet their timelines on mandating electric vehicles (EV), according to a new report.
Released by the Fraser Institute on Nov. 23, the report says the 388 new mines are essential to provide the metals required for EV production in Canada and the United States as well as a number of countries in the European Union and Asia.
Ottawa published draft regulations last December mandating all new passenger vehicles and light trucks be electric zero-emission vehicles by 2035. The plan is to phase in the rules starting with a 20 percent requirement in 2026 and up to at least 60 percent by 2030.
“The sheer scale of mining required to meet EV mandates raises serious questions about the timelines being imposed by governments,” said Kenneth Green, senior fellow at the Fraser Institute and author of the report, in a release.
“For context, as of 2021, there were only 270 metal mines operating across the U.S., and only 70 in Canada. If Canada and the U.S. wish to have internal supply chains for these vital EV metals, they have a lot of mines to establish in a very short period.”
International Energy Agency (IEA) figures cited in the report indicate that a 15-year wait time from application to production is common for most mines. The average global timeline for a nickel mine is between 13 and 18 years from application to production while lithium production timelines are roughly six to nine years.
Released by the Fraser Institute on Nov. 23, the report says the 388 new mines are essential to provide the metals required for EV production in Canada and the United States as well as a number of countries in the European Union and Asia.
Ottawa published draft regulations last December mandating all new passenger vehicles and light trucks be electric zero-emission vehicles by 2035. The plan is to phase in the rules starting with a 20 percent requirement in 2026 and up to at least 60 percent by 2030.
“The sheer scale of mining required to meet EV mandates raises serious questions about the timelines being imposed by governments,” said Kenneth Green, senior fellow at the Fraser Institute and author of the report, in a release.
“For context, as of 2021, there were only 270 metal mines operating across the U.S., and only 70 in Canada. If Canada and the U.S. wish to have internal supply chains for these vital EV metals, they have a lot of mines to establish in a very short period.”
Building Mines a Slow Process
According to the report, mines require a lengthy process to develop and are often plagued by environmental issues and regulatory barriers, particularly in Canada. A Globe and Mail article cited in the report indicated it can take up to 25 years to get a mineral mine up and running.International Energy Agency (IEA) figures cited in the report indicate that a 15-year wait time from application to production is common for most mines. The average global timeline for a nickel mine is between 13 and 18 years from application to production while lithium production timelines are roughly six to nine years.
