Toronto-listed Silver Elephant has high hopes and aspirations for its new Minago project, in Manitoba, which could supply the “insatiable” demand for Class 1 nickel from the electric vehicle (EV) industry.
The company announced on Friday that it had entered into a binding agreement to acquire the project, located in the Thompson nickel belt (TNB), from Victory Nickel for $11.68-million, consisting of $6.68-million in credit against secured debt owed to Silver Elephant and $5-million in shares.
“The Minago acquisition immediately propels Silver Elephant to the forefront of the nickel sulphite mining space to supply much needed Class 1 nickel for long-range, high-intensity, fast charging NMC 811 (80% nickel, 10% manganese, 10% cobalt) cathode standard in lithium batteries to fuel mass EV adoption,” Silver Elephant’s VP exploration and Canadian operations, Dan Oosterman, said in a statement.
Citing research by Ken Hoffman of Mckinsey and Co, the company notes that EV penetration will reach 22% to 30% by 2030, and that about two-billion pounds of Class 1 nickel will be required to manufacture 30-million EVs a year.
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