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Pentagon plans AI-based program to estimate prices for critical minerals

Reuters · 1y ago

Pentagon plans AI-based program to estimate prices for critical minerals

The U.S. Department of Defense plans to develop an AI-based program to estimate prices and predict supplies of critical minerals such as nickel and cobalt. This program aims to boost market transparency and support U.S. production of these minerals used in weapons manufacturing and the energy transition. The program, called Open Price Exploration for National Security (OPEN), will construct a metal's "structural price" based on factors such as production location, labor, and supply costs. This initiative is part of the Pentagon's efforts to address the opaque pricing data that can potentially disrupt supply chains.

Related News

Battery recycling startup BatX raises $5 million in funding from Zephyr Peacock, Lets Venture

Economic Times

Economic Times · 1y ago

Battery recycling startup BatX raises $5 million in funding from Zephyr Peacock, Lets Venture

BatX Energies, a lithium battery recycling startup, has secured $5 million in funding from Zephyr Peacock and Lets Venture, with participation from JITO Angel Network, Mankind Pharma, Excel Industries, and BluSmart. The funds will support market expansion and the scaling up of recycling operations across India. BatX Energies aims to reduce critical material imports for India by recycling and extracting materials for new batteries. The company plans to invest in scaling up Hydrogen electrode-based critical material extraction, refining capacities, and commercial R&D for PCAM development from recycled battery minerals.

India to kick off critical minerals mission to bolster energy transition, EV manufacturing

YourStory

YourStory · 7m ago

India to kick off critical minerals mission to bolster energy transition, EV manufacturing

India is launching a national mission for the critical minerals sector in 2025, aiming to support its green energy transition and boost electric vehicle manufacturing capacity. The mission will bring together multiple ministries, industries, research institutions, and think tanks to ensure a sustainable supply of minerals that are crucial for future technologies. India is also planning roadshows overseas to attract international investors and is looking to acquire critical mineral assets in countries like Australia. The country recognizes the importance of securing these minerals for clean energy technologies, the semiconductor industry, and its goal of becoming a major player in the global chip industry.

India looks east to this new ally to ease China’s grip on EV batteries

Livemint

Livemint · 1m ago

India looks east to this new ally to ease China’s grip on EV batteries

India is exploring ties with Japan to reduce reliance on China for EV batteries and critical minerals. Major Japanese firms like Panasonic and Mitsubishi Chemicals are in India to explore partnerships. This collaboration aims to diversify the supply chain for lithium-ion batteries essential for electric vehicles and energy storage. As China tightens export controls on critical minerals, these discussions signify India’s strategic move to secure its position in the global EV market.

India’s critical mineral trade is up 10x in ten years: MC Analysis

Money Control

Money Control · 9m ago

India’s critical mineral trade is up 10x in ten years: MC Analysis

India's imports of critical minerals have surged over the past decade, increasing more than tenfold from $475 million in FY15 to $4.93 billion in FY24. This growing trade has led to a greater reliance on finished products, particularly from China. In FY24, battery packs, including lithium-ion batteries, accounted for 68% of India's critical mineral imports, with China capturing a 72.8% share. China's dominance extends beyond battery packs, as it accounted for 56.3% of India's total critical mineral imports. Lithium, graphite, and cobalt were India's top imported minerals.

Hindustan Copper Ltd to bid for critical mineral, REE blocks with IOCL, GAIL, RITES: Top official

Economic Times

Economic Times · 1m ago

Hindustan Copper Ltd to bid for critical mineral, REE blocks with IOCL, GAIL, RITES: Top official

Hindustan Copper Ltd, a state-owned enterprise, intends to bid for critical mineral and rare earth element (REE) blocks in collaboration with PSUs like IOCL, GAIL, and RITES. This move is part of its diversification strategy. The company also plans to partner with Coal India Ltd for copper and critical minerals exploration in Chile. Hindustan Copper aims to broaden its operations beyond copper by participating in mineral block auctions and infrastructure development.

Jaguar Land Rover-backed battery recycling project gets UK government funding

Economic Times

Economic Times · 24d ago

Jaguar Land Rover-backed battery recycling project gets UK government funding

Jaguar Land Rover and startup Mint Innovation have secured UK government funding for an EV battery recycling project aimed at recovering critical minerals like lithium, nickel, and cobalt from end-of-life batteries. This project is part of the UK's DRIVE35 program to support the transition to electric vehicles, with a significant investment of 2.5 billion pounds. Located in Britain's West Midlands, the project aims to reduce reliance on virgin materials and support job creation and EV innovation.

Rare-earth crunch: India’s quest for critical minerals must race the clock

Livemint

Livemint · 1m ago

Rare-earth crunch: India’s quest for critical minerals must race the clock

India faces challenges in securing critical minerals for EV production due to a scarcity of rare-earth magnets. A Quad-led initiative could help create a supply chain independent of China. Developing critical minerals globally involves lengthy processes, often taking 15-25 years from discovery to production due to exploration uncertainty and regulatory hurdles, as seen in projects like Australia’s Olympic Dam and Mongolia’s Oyu Tolgoi. The article suggests the potential of an Indo-Pacific Rare Earth Processing Hub in India.

GSI plans to install AI for use in mineral exploration

Economic Times

Economic Times · 1y ago

GSI plans to install AI for use in mineral exploration

The Geological Survey of India (GSI) plans to leverage advanced technologies such as drones, artificial intelligence (AI), and machine learning (ML) for more accurate mineral exploration. This move is expected to enhance efficiency, save time and resources, and uncover hidden mineral deposits. GSI Director General Janardan Prasad highlighted the accuracy of AI and ML in delineating potential mineralization areas, emphasizing the use of these technologies for efficient exploration. Mines Secretary V L Kantha Rao urged exploration agencies and startups to focus on critical minerals, potash, and concealed deposits while adopting new-age technologies like AI and ML to expedite exploration activities.

Salesforce Posts Strong Revenue With Promise of AI Boost

Livemint

Livemint · 8m ago

Salesforce Posts Strong Revenue With Promise of AI Boost

Salesforce has reported better-than-expected quarterly revenue, leading to a 10% increase in stock prices. This has sparked optimism about the company's AI strategy for its artificial intelligence products. Salesforce's revenue increased to $9.44 billion, surpassing the estimated $9.35 billion, while adjusted operating margin was 33.1%, exceeding the average estimate of 32.2%. The company's focus on AI tools called agents, designed for customer support and sales, has shown promise, and Salesforce plans to add 1,000 employees to sell its Agentforce product. The stock has rebounded over 50% this year due to optimism surrounding the new AI strategy.

Coal India plans to start mining lithium, nickel, cobalt, molybdenum, graphite, phosphorus and potash in foreign countries

Money Control

Money Control · 11m ago

Coal India plans to start mining lithium, nickel, cobalt, molybdenum, graphite, phosphorus and potash in foreign countries

State-owned Coal India is looking to mine critical minerals such as lithium, nickel, cobalt, molybdenum, graphite, phosphorus, and potash in foreign countries as part of the Indian government's overseas scouting efforts. Director of Business Development Debasish Nanda revealed that Coal India is considering Australia for lithium and nickel mining, as well as parts of Africa. The move comes as India aims to secure critical mineral assets to support its energy security plans and achieve net-zero goals. In addition, Coal India is also focused on expanding its solar power capacity in several Indian states.

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