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Canadian Company Aims to Revive Swedish Graphite Mine
A Canadian company is preparing to reopen a graphite mine in Sweden because of surging demand for the material in electric-vehicle batteries.
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A Canadian company is preparing to reopen a graphite mine in Sweden because of surging demand for the material in electric-vehicle batteries.
The mine at Woxna was closed in 2001 because of slumping graphite prices. But Bloomberg News says Vancouver-based Leading Edge Materials Corp. is reviving the facility in a bid to become a materials supplier to battery makers.
CEO Blair Way tells the news service that the company also is exploring deposits of lithium nearby and cobalt in Finland. The prices of all three materials have surged as battery producers gear up for growing EV demand.
A typical EV battery contains about $1,200 of graphic, $1,300 of lithium and $800 of cobalt, according to Way. Most of the graphite used in batteries is synthetic, but he says using the material in its natural form could reduce its cost in batteries by 40%.
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