Stellantis (NYSE: STLA) announced today in Amsterdam a $155 million investment in EV batteries by acquiring a 14.2% equity stake in McEwen Copper, a subsidiary of Canadian mining company McEwen Mining. McEwen owns the Los Azules project in Argentina and the Elder Creek project in Nevada, US. With this investment, Stellantis will become McEwen Copper’s second largest shareholder, along with Rio Tinto, through its copper leaching technology venture, Nuton. Los Azules plans to produce 100,000 tons per year of cathode copper at 99.9% purity starting in 2027. The resources can secure the operation for at least 33 years, Stellantis said.

Copper, of course, is a strategic raw material for the future of electric mobility. Estimates predict that global demand for the conductive metal will triple in the coming years. By making this investment in one of the top international projects in development of this commodity, Stellantis will be able to supply some of the projected copper demand starting in 2027, Stellantis claimed.