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Automaker Stellantis NV and miner Rio Tinto Group are upping their investments in a giant copper deposit in Argentina as the race for metals used in electric vehicles heats up.
The investments, which value McEwen Copper at about $800 million, will go toward advancing development of the company’s Los Azules project in San Juan province as more welcoming policies rekindled interest in Argentina’s vast deposits despite the nation’s economic woes and capital and currency controls.
For Stellantis, it’s a sign of how keen car companies are to lock in future supplies of the materials needed to move away from fossil fuels. Still, Goldman Sachs Group Inc. analysts warned earlier this year that moves by automakers into the mining space may end badly, saying they’d be better off sticking to their core competencies and reducing their exposure to commodity price swings through hedging.
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