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‘Miner's Revenge’ Is Coming With Electric Cars, Friedland Says

Surging demand for metals like copper, nickel and cobalt for use in electric vehicles promises to overturn the balance of power between mining companies and their customers, according to billionaire investor Robert Friedland.

Automakers will have to change the way they approach procurement if they want to power their vehicles, said Friedland, who as a student befriended Steve Jobs before a career backing major discoveries from Canada to Mongolia.

“Coming soon to a theater near you: this is the revenge of the miner,” said Friedland. “No miner is willing to sell a high-volatility metal to a car manufacturer at a fixed price.”

Friedland’s Ivanhoe Mines Ltd. is developing a large copper deposit in the Democratic Republic of Congo and a platinum project in South Africa. He’s also co-chairman of Clean Teq Holdings Ltd., which has a nickel and cobalt sulphate project in Australia.

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Name Last Change
DOW 24792.20 0.57%
S&P 500 2690.16 0.53%
NASDAQ 6994.76 0.83%
TSX 16131.64 0.56%
TSX-V 807.51 0.00%

Resource Commodities

Name Last Change
Gold 1261.70 0.00
Silver 16.05 0.00
Copper 3.11 1.98%
Platinum 910.88 1.60%
Oil 57.30 0.45%
Natural Gas 2.61 2.76%
Uranium 24.25 N/A
Zinc 1.44 0.00%

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