Source: Business Insider
Tesla stock has rocketed about 110% in 2020, hitting a record high of $917 on Wednesday. Hochschild Mining said the electric-car maker’s rally bodes well for its rare-earth deposit in Chile. Electric-car batteries rely on rare-earth minerals, so Hochschild stands to benefit if Teslas and other electric cars become mainstream. “This project is so unique and so important to the future and to the electric revolution,” finance chief Ramon Barua said. Visit Business Insider’s homepage for more stories . Tesla stock has skyrocketed around 110% since the start of this year, hitting a record high of $917 on Wednesday. Hochschild Mining , a British gold-and-silver miner, views the hype around Elon Musk’s electric-car startup as great news for one of its new projects. “We’ve all seen the Tesla stock going up quite impressively in recent weeks,” Hochschild’s finance chief, Ramon Barua, said during the miner’s earnings call on Wednesday. The astounding rally suggests investors expect electric cars to become more mainstream, and many are assessing which metals will be needed to power the necessary batteries, he continued. “There’s a lot of talk around cobalt, lithium, nickel, but not a lot on rare earths, which are crucial in terms of the efficiency of the motors,” Barua said.