Chinese miner Hanking is searching globally to fill this one growing need as electric vehicles go mainstream

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Demand for lithium and other elements that go into the manufacture of electric vehicles is expected to rise dramatically as China switches on to electric vehicles. Photo: EPA

Published: 8:33am, 7 May 2018Updated: 2:43pm, 7 May 2018

China Hanking Holdings, the largest privately owned iron ore producer in northeast China, will actively seek opportunities to acquire mines of lithium, cobalt and nickel in Australia, buoyed by Beijing’s effort to promote new-energy vehicles.

Yang Jiye, chairman and chief executive of China Hanking said that the company’s overseas operations are likely to account for half of its total revenue in 2020 as it actively pursues overseas expansion.

“Apart from mines for precious metal such as gold, we are adamant in making acquisitions of assets related to the development of China’s new-energy vehicle,” he said. “They include lithium, cobalt and nickel.”

The materials are in high demand as they are used in auto parts such as batteries and high-strength alloys.

The chairman said he was unable to give an exact figure for Hanking’s investment plans for the mines, but added that the company will focus its search for assets in markets outside China.

“China is still a resource-short market and the high cost of relocating densely-populated residents to pave a way for mining is another big concern,” Yang said. “We want to focus on overseas markets to expand output and supply.”

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