Forget Tesla. It seems as if every global automaker worth its salt has committed to producing a fleet of electric vehicles by 2035. The European Union has marked that on the calendar as the year to phase out internal combustion engines. It’s all moving so fast.
Well, maybe a little too fast. On this episode of Talking Supply Chain, Lewis Black, the CEO of the tungsten mining company Almonty Industries, explains why the supply of tungsten just might be a major stumbling block to making the EV revolution a reality.
The metal is hard to mine and the majority of the known reserves and processing facilities are in China. Russia and North Korea are also producers. “He, or she, who controls the supply will win,” Black says. Tungsten – along with some of the other rare materials used in the production of silicon chips and batteries for EVs – could become the next oil.
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