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　　Demand for raw materials for battery technology will be very strong over the next 10 years

　　Evy Hambro, investment director of BlackRock Natural Resources Team, said on Bloomberg TV that electric vehicles have favorable conditions to capture market share from traditional vehicles.

　　Hambro said the auto industry is approaching an inflection point, with mainstream suppliers offering electric vehicles at lower prices than in the past. The automotive industry has yet to find a more ideal battery chemistry, and the technology will continue to evolve over the next few years.

　　Hambro said demand for raw materials from currently dominant technologies will be very strong over the next 10 years. Lithium, cobalt, nickel and graphite will all benefit as electric vehicle sales pick up.

　　Mining exploration spending rose to nearly $10 billion for the second consecutive year in mid-November, according to S&P Global Market Intelligence, as the industry shifted from caution to growth and prepared for the rise of electric vehicles. The coming surge in demand for copper and other base metals has boosted demand.

　　The value of exploration for cobalt and lithium, used in rechargeable batteries for electric vehicles, rose 82% in 2018, but spending is still a fraction of that for gold or base metals. The number of companies and entities engaged in the exploration of mining projects rebounded to approximately 1,651 in 2018, the first increase in the number of exploration companies in six years.

　　Even so, this number is still down by about one-third from 2012. Equity market funding for mining exploration companies also remains restricted. Mark Ferguson, associate director of metals and mining research at S&P Global, said rising metal prices and improving profit margins since 2016 have spurred producers to expand exploration efforts.

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