Diggers and Dealers: BHP tips EVs will send nickel demand up to 300% higher in the next 30 years – by Josh Chiat (Stockhead.com.au – August 2022)


EVs are here to stay, and the world’s biggest miner says it’s going to spur a run for nickel demand well beyond anything seen before.

Following on from IEA figures last week, which show we could need a ludicrous 60 new nickel mines by 2030 to achieve announced carbon reduction pledges, BHP’s Nickel West boss Jessica Farrell told delegates at the Diggers and Dealers Mining Forum in Kalgoorlie demand for nickel to 2050 would increase 200-300% on the previous three decades.

Mind-boggling. No wonder BHP has decided to reinvigorate the division which almost closed down a few years ago when stainless steel demand fell off a cliff and tanked prices.

At ~US$22,500/t, nickel is currently fetching a pretty penny, with BHP selling upwards of 85% of its product into the battery market, including MoUs with current and future EV makers Tesla, Toyota and Ford. In just eight years, 3 in 5 car sales will be electric.

“Electrification of autos is gathering pace and we expect that by 2030, around 60% of all car sales will be electric,” Farrell said. “Further… we expect that by 2040, 90% of car sales will be electric. The dominant battery chemistry powering this global fleet is expected to rely on nickel.

For the rest of this article: https://stockhead.com.au/resources/diggers-and-dealers-bhp-tips-evs-will-send-nickel-demand-up-to-300-higher-in-the-next-30-years/