Biden to spend $4.2b on EV batteries pulls lithium miners higher

Company News

by Melissa Darmawan

The Biden administration unveiled a US$3.2 billion (AU$4.2 billion) grant to support the local manufacturing of EV batteries in America. The grant is set to be put aside to produce key battery metals such as lithium, cobalt and nickel.

Domestically, lithium miners have taken the spotlight with recently announced offtake agreements. Liontown Resources (ASX:LTR) has inked a deal with Tesla while Lake Resources (ASX:LKE) has one Ford. Other companies to keep an eye out for are Pilbara Minerals (ASX:PLB), Allkem (ASX:AKE), AVZ Minerals (ASX:AVZ), Nickel Mines (ASX:NIC), and IGO (ASX:IGO).

All these companies are on the move today despite the local bourse trading 0.3 per cent lower with Nickel Mines (ASX:NIC) leading the pack, trading 2.3 per cent higher to $1.34.

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