As part of its global push to secure raw materials for electric-vehicle batteries, Stellantis has invested $155 million to purchase a minority stake in a copper mine in Argentina. This is part of the company’s global push.
According to a statement released by the manufacturer, the company has acquired a 14.2 percent stake in McEwen Copper, a corporation of Canada’s McEwen Mining that is the owner of the Los Azules project in Argentina.
$155 million worth of investment
According to the statement, the investment of $155 million will elevate Stellantis to the position of the second-largest shareholder in McEwen Copper, behind only Rio Tinto.
The automaker stated that beginning in 2027, Los Azules intends to produce cathode copper that is 99.9 percent pure at a rate of 100,000 tons per year. Cathode copper is an essential component of car batteries.
Fiat and Alfa Romeo, both of which are based in Italy, along with Peugeot and Citroen, both of which are based in France, and Jeep and Ram, both of which are based in the United States, make up Stellantis, which is the third-largest automotive group in terms of sales in the entire world.
Become fully electric in 2030
By the year 2030, the company intends to have sold only fully electric vehicles in Europe at a rate of one hundred percent and in the United States at a rate of fifty percent for both passenger cars and light-duty trucks.
In the past few months, Stellantis has reached a series of agreements in order to acquire raw materials for electric batteries.
One of these agreements was a supply deal for nickel sulphate with Finland’s Terrafame, which was just finalized last month.
