Goldman cautions carmakers looking to buy miners. miningnews
“It always ends in tears,” he said. “Going in and being involved in mining projects in places like Southern Africa, it requires an expertise that is very different than producing cars.”
Currie was commenting in response to a question about the prospect of Tesla Inc. acquiring Sigma Lithium Corp. The electric-car maker has beenreported last month, citing people with knowledge of the matter. Automakers have been pushing into mining more aggressively to lock in supply for batteries that increasingly are replacing internal combustion engines. Stellantis NVin a McEwen Mining Inc. copper subsidiary, and General Motors Co. is said to be vying for a stake in Vale SA’s base metals unit. In January, GM struck a $650 million pact with Lithium Americas Corp. to develop the top US lithium deposit.
Car companies will be better off sticking to their core competencies and reducing their exposure to commodity price swings through hedging, said Currie, who declined to comment on Tesla specifically.
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