Household batteries

China's largest rare earth company by production volume; controls the Bayan Obo mining complex in Inner Mongolia — the world's largest rare earth deposit (light rare earths, primarily bastnäsite/monazite). Listed on Shanghai Stock Exchange. Subsidiary of Baotou Steel Group (itself a subsidiary of China Baowu, the world's largest steel company). Bayan Obo was initially developed as an iron ore deposit; rare earths were a 'byproduct' discovery that became the dominant geopolitical asset. China Northern's production plus other Chinese producers gives China ~60% of global ore production and ~85% of separated NdPr oxide.

Japanese non-ferrous metals and mining company (TSE: 5713, HQ Tokyo); one of the world's oldest mining enterprises — its Besshi Copper Mine in Ehime Prefecture operated from 1691 to 1973, making Sumitomo Metal Mining older than the United States. Today SMM is a leading producer of nickel sulfate for Li-ion battery precursors (NMC/NCA pCAM). SMM operates Coral Bay Nickel Corporation (CBNC) and Taganito HPAL Nickel Corporation (THPAL) in the Philippines — high-pressure acid leach plants that process Philippine laterite nickel ore into mixed sulfide precipitate (MSP), which is then refined into nickel sulfate at the Niihama Nickel Refinery in Ehime Prefecture, Japan. SMM's integrated laterite-to-sulfate pathway (Philippines HPAL → Japan refinery) is one of the most established non-Chinese nickel sulfate supply chains for Korean and Japanese battery manufacturers (Toyota-Panasonic joint venture PPES; Panasonic Energy). SMM is also the world's leading producer of nickel hydroxide for NiMH hybrid vehicle batteries.

Belgian zinc powder company (HQ Brussels, part of Recticel Group, then independent); operates 12 global production sites for specialty zinc powders. ZBM (Zinc Battery Material) product line for alkaline batteries produced since 1976; major global supplier to Energizer, Duracell, Panasonic Battery, and other alkaline battery makers. Battery zinc powder must be alloyed with trace indium or bismuth additives to suppress hydrogen gas evolution (gassing) — regular zinc powder cannot substitute. EverZinc's global footprint (Europe, North America, Asia) makes it the most geographically distributed battery zinc powder supplier.

German zinc and chemical company (HQ Duisburg, family-owned); founded in 1842 by Wilhelm Grillo — making Grillo-Werke older than the telephone (1876), the light bulb (1879), and the automobile (1885). Produces battery-grade zinc powder under the BatteryZinc® brand for alkaline battery anodes; claims to be the only full-range European battery zinc powder supplier with particle sizes from 20-600 μm and guaranteed purity >99.995%. Also produces zinc oxide (for tires, cosmetics, pharmaceuticals), sulfuric acid, and specialty chemicals. The same German family company that made zinc before electricity was discovered makes the zinc powder in every Duracell and Varta battery sold in Europe today.

Wholly owned chemical subsidiary of Occidental Petroleum (NYSE: OXY, HQ Dallas TX); one of the largest US PVC resin manufacturers, primarily from the Battleground Manufacturing Complex in La Marque (near Texas City), Texas. OxyChem is also one of the largest US chlorine and caustic soda (chlor-alkali) producers, operating in Texas, Louisiana, and Tennessee. OxyChem's PVC resin production is vertically integrated with its chlor-alkali operations — it produces its own chlorine and VCM. The Battleground complex sits on the Houston Ship Channel corridor, approximately 25 miles southeast of Houston, within the densest concentration of US chemical manufacturing. OxyChem's parent Occidental Petroleum carries significant upstream oil and gas exposure, creating financial linkage between crude oil prices and OxyChem's capital spending priorities for chlor-alkali and PVC assets.

China's largest and the world's largest producer of electrolytic manganese dioxide (EMD). Founded 1958. Annual EMD capacity of 110,000 tonnes (~25% of global supply). Operates plants in Xiangtan, Hunan and Jingxi, Guangxi. Core supplier to global alkaline battery manufacturers.

Korea Zinc Co., Ltd. (Seoul; KRX: 010130; ~$9B revenue) is the world's largest single-site zinc, lead, and silver smelter operator and the world's largest non-Chinese indium refiner. Indium is recovered as a byproduct at its Onsan smelter in Ulsan, South Korea — the only facility in Korea with an indium processing line. Korea Zinc produces ~150 tonnes of indium annually at 99.999% purity (vacuum-packed 5-kg bars), meeting roughly 11% of global demand outside China. About 90% of Korea Zinc's indium output is exported to the US, Japan, and Taiwan — making it the primary indium supplier for US and Taiwanese display/semiconductor manufacturers seeking non-Chinese supply. The Onsan smelter also produces gallium and antimony; Korea Zinc has invested heavily to diversify into critical minerals as a strategic counterweight to Chinese dominance.

Belgian specialty materials company (Euronext: UMI, HQ Brussels); battery materials division produces nickel hydroxide for NiMH batteries and NMC (nickel-manganese-cobalt) precursor for Li-ion EV batteries. Umicore was founded in 1906 as Union Minière du Haut Katanga — the mining company that extracted copper and uranium from Belgian Congo (now DRC). The same company that owned the Congo uranium mine whose output was used in the Manhattan Project (Little Boy and Fat Man bombs) now makes battery cathode materials for Toyota Prius and European EVs. Umicore sold its mining operations in 1991 and pivoted to materials technology; today it is one of the world's largest precious metals recyclers and a key producer of battery cathode materials.

CNGR Advanced Material Co., Ltd. (Changsha, Hunan; SZSE: 300919) is a diversified battery materials producer that includes synthetic graphite anode material among its product lines, though CNGR is better known as a leading nickel-cobalt precursor and ternary cathode material producer. Its anode materials division contributes ~5-7% of global synthetic graphite anode supply. Customers include CATL, LGES, Samsung SDI. CNGR has also built significant overseas operations in Indonesia (nickel feedstock) and Finland (cathode precursor for European supply chains).

British privately held petrochemicals company (HQ Rolle, Switzerland; operations HQ London); major European KOH producer via chlor-alkali at Runcorn, UK (one of Europe's largest chlor-alkali complexes), Köln Germany, and other sites. INEOS is also the primary European source of chlorine for PVC production and the largest private employer in Scotland (North Sea). INEOS founder Sir Jim Ratcliffe acquired British cycling team INEOS Grenadiers and Manchester United Football Club — the same company that makes the KOH in European alkaline batteries also owns one of the world's most prominent cycling teams.

US chlor-alkali and VCM producer (NYSE: OLN, HQ Stamford CT; ~$6B revenue); the largest US chlorine producer and a major feedstock supplier to the PVC resin industry. Olin does not directly produce PVC resin but produces the chlorine and vinyl chloride monomer (VCM) that PVC resin manufacturers (Westlake, Shintech, OxyChem) depend on. Olin's chlor-alkali operations in Freeport TX (the largest chlorine plant in the US), McIntosh AL, Niagara Falls NY, and other sites collectively make Olin the critical upstream enabler of the US PVC supply chain. Olin also owns Winchester ammunition — meaning the same company that produces the chlorine input for PVC pipe also manufactures rifle and shotgun ammunition, a striking dual-use combination under one NYSE ticker. Olin's chlorine pricing directly sets the economics for US PVC resin production.

Japanese specialty chemicals company (HQ Fukui City, Fukui Prefecture); major producer of nickel hydroxide and nickel-based chemicals for NiMH battery cathodes. Tanaka Chemical (not to be confused with Tanaka Precious Metals/Tanaka Kikinzoku) supplies spherical nickel hydroxide to Japanese battery manufacturers including FDK (Fujitsu battery brand) and GS Yuasa. Fukui Prefecture is an industrial chemical cluster in Japan — the same region produces optical fibers, specialty resins, and electronic chemicals.

Major Japanese chemical company with one of the world's largest battery-grade EMD capacities. Produces EMD at its Hyuga plant in Japan and through subsidiary Tosoh Hellas in Greece (~40% of group's EMD output). Expanded Japan EMD capacity in June 2023.

Australian rare earth mining and processing company (ASX: LYC, HQ Kuala Lumpur/Perth); world's largest rare earth producer outside China. Mines at Mount Weld, Western Australia (one of the world's highest-grade rare earth deposits) and processes at LAMP (Lynas Advanced Materials Plant) in Kuantan, Malaysia. Produces separated rare earth oxides including lanthanum oxide, LREE carbonate, neodymium-praseodymium oxide. Lanthanum from Lynas is a byproduct of Nd/Pr production — lanthanum has limited premium uses and Lynas has at times struggled to find buyers for its lanthanum output. Lynas is also building a heavy rare earth processing facility in Kalgoorlie, Australia and an NdPr separation facility in Seadrift, Texas (DoD-funded) to establish non-China rare earth processing.

Swiss-UK commodity trading and mining company (LSE: GLEN, HQ Baar, Zug Switzerland; ~$250B revenue); world's largest zinc producer by combined mining and trading operations. Glencore's zinc mining assets include: Mount Isa (Queensland Australia — one of the world's largest underground zinc-lead-silver mines), Lady Loretta (Queensland), Antamina (Peru — joint venture), and multiple other mines. Glencore also markets zinc concentrate from third-party miners through its commodity trading arm. Glencore's business model — combining mine ownership with commodity trading intelligence — gives it unique market positioning: it both produces zinc and trades the global zinc supply, enabling it to influence prices and allocations in ways that pure miners or pure traders cannot. Glencore is also the world's largest coal exporter and a major cobalt producer (Katanga, DRC) — the same Swiss trading house that mines zinc for galvanizing irrigation pipes also mines the cobalt in EV batteries and the coal that generates electricity for steel mills that process galvanized steel.

Chinese manganese products company (SHEX: 600891) headquartered in Guizhou Province; major EMD producer and manganese ore miner. Owns 250,000 tonne/year manganese carbonate mining capacity. Q1 2024 EMD production: ~3,791 tonnes. Vertically integrated from Guizhou manganese ore mining through EMD production for alkaline battery cathode supply. Part of China's dominant position in global EMD (China collectively ~60%+ of global supply).

Japanese non-ferrous metals company (TSE: 5707, HQ Tokyo); major zinc smelter and zinc powder producer for Japanese battery manufacturers including Panasonic Battery (Matsushita). Toho Zinc's battery zinc powder division supplies the alloyed powder required for Japanese-produced alkaline cells. Also produces lead, indium, and other non-ferrous metals — including indium which itself is used as an additive in battery zinc powder to suppress gassing.

Japanese specialty metals company (HQ Osaka; subsidiary of Sumitomo Metal Mining / SMM group); manufactures hydrogen-absorbing alloys (HAA) and rare earth alloys for NiMH rechargeable batteries and other applications. Santoku is the primary Japanese converter of rare earth mischmetal into the specific AB5-type hydrogen-storage alloy used in NiMH battery negative electrodes — taking La/Ce/Nd carbonate or oxide and producing the engineered alloy powder that actually goes into battery cells made by Panasonic Energy, FDK (Fujitsu), and others. Most people associate Toyota Prius NiMH batteries with Panasonic Battery; few realize a key material node in that supply chain is Santoku Corporation in Osaka, owned by Sumitomo Metal Mining. Santoku also supplies NiMH alloys for cordless phones, power tools, and portable electronics.