Silver Elephant acquires nickel project in Thompson belt – by Mariaan Webb (MiningWeekly.com – January 25, 2021)

https://www.miningweekly.com/

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.

For the rest of this article: https://www.miningweekly.com/article/silver-elephant-acquires-nickel-project-in-thompson-belt-2021-01-25

 

Comments are closed.