Sumitomo eyes to triple battery materials production capacity by 2030
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(Kitco News) - Sumitomo Metal Mining said today it continues to examine opportunities to expand its battery (cathode) materials production capacity from 60 kt/year in 2022 to 180 kt/year in 2030, citing growing demand for EV batteries.
In the short term, the company plans to increase its battery materials production capacity by 24,000t/year to 84,000t/year by the end of 2024, as construction of its new Niihama plant is mostly progressing as planned.
Importantly, the company said it continues evaluating the impact changes to laws and regulations - including the US Inflation Reduction Act - will have on its business, as well as continues “internal discussions and discussions with customers on investing in production increase in the next period.”
Japan’s Sumitomo Metal Mining has three core businesses: mineral resources, smelting and refining, and materials.
The company operates the Hishikari mine, which is the only gold mine in Japan to continue operating on a commercial scale, while also participating in the development and operation of mines producing different commodities in various locations around the world.
The company also develops and produces battery materials, such as cathode materials for rechargeable batteries, as well as advanced materials that are mainly used in the fields of energy and the environment and information communication.