More than 300 new mines needed to meet battery demand by 2035 Analysis from Benchmark Mineral Intelligence's raw material forecasts shows at least 384 new mines for graphite, lithium, nickel and cobalt are required to meet demand by 2035, based on average mine sizes in each industry Taking into account recycling of raw materials, the number is around 336 mines For lithium, the world will require 74 new lithium mines with an average size of 45,000 tonnes by 2035, or 59 if recycling rates ramp up as expected Issues will also be faced in the midstream, with the need for aggressive expansion of lithium refinery facilities able to produce consistent, battery grade, qualified lithium chemicals being another significant hurdle Looking to graphite, a total of an estimated 97 natural flake graphite mines will need to be built, assuming an average size of 56,000 tonnes a year, whilst a further 54 synthetic graphite plants with an average size of 57,000 tonnes will also be required How the balance of synthetic vs natural graphite plays out in China compared to the rest of the world will also play a role, but either way a significant volume of raw materials will be required to meet anode demand from the EV industry