Tesla & the Diggers in Australia

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The legend says that Australian soldiers got nicknamed “the diggers” during World War I because of the engineering prowess displayed at the ill fated Gallipoli campaign. 

Now, that prowess is once again on display at Core Lithium’s Northern Territory Finniss Project (mine). Yahuna, a key lithium supplier to Tesla has signed a 4 year offtake agreement to access the 150 million tons of the white gold the mine will produce.

“The project and FID (Final Investment Decision) are underpinned by high-grade lithium deposits that have the potential to support long term lithium supply from northern Australia, quality lithium offtake partners and a highly engaged and supportive NT government,” Managing Director Stephen Biggins said.

This new mine will further cement Australia’s position as the largest producer and exporter of lithium in the world. As more and more materials that support the electric vehicle revolution and the transition to solar and wind generation, supported by batteries, are mined in Australia, I would hope that the thermal coal industry will assume a diminishing role in our export portfolio and hence assert less influence over our politicians and their policy decisions. 

Remember when EVs first started to make their presence felt, and so many people predicted failure because of how “rare” lithium was. Then there was prediction of a lithium glut, and then a shortage. Amazing what you can find when you go looking for it. The mining industry is transitioning, even if the federal government isn’t.

We’ve still got a long way to go, according to Google. In financial year 2020, around 1.09 billion Australian dollars worth of lithium were exported from Australia. In the same year, the export value of coal from Australia was approximately 54.62 billion Australian dollars.

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David Waterworth

David Waterworth is a retired teacher who divides his time between looking after his grandchildren and trying to make sure they have a planet to live on. He is long on Tesla [NASDAQ:TSLA].

David Waterworth has 750 posts and counting. See all posts by David Waterworth