Thread by @sdmoores

Tesla’s Master Plan 3 believes it will take $1.4 Trillion dollars to invest in critical mineral mining, refining and cathode / anode making for the energy transition.

ie 240TWh of deployed batteries around the world.

$2Tr in gigafactories and battery recycling

All in all to reach net zero with the technologies we have today Tesla and Elon Musk have laid down a $3.5 Trillion dollar gauntlet for the energy transition

The numbers are almost bang on the low end what we have at @benchmarkmin - we estimate $3.5 to $5bn

We anticipate that mining will need the lions share of this investment

Mining, Refining, Chemicals: ~$2.5 to $3Trillion

Battery making / Recycling: $1.5 Tr to $2Trillion

Considering the total cost of the Energy Transition will be ~$100 Trillion, batteries are less than 5% of the total energy transition tab.

That is a quite an incredible impact for what is the platform technology of the energy transition.

The data will be refined over time but Tesla’s Master Plan 3 Report is going to become the most influential document to frame the thinking of our industry and financial investment.

The critical minerals mining space needs to shift its thinking from the hundreds of millions of dollars to the tens of billions of dollars.

We need to 3x the present rate of investment over the next 10 years we are seeing to get on track to this target.

The biggest problem right now is that it’s a lot easier to raise money for a gigafactory than it is a mine.

It takes 2 years to build a gigafactory but 10 years to build a mine.

Both need the money but the upstream supply chain is now out of kilter with the downstream. #EV