Tesla-Backed Nickel Miner Cuts Output After Waste Dam Leak – by Mathieu Dion and Jack Farchy (Bloomberg News – November 4, 2022)


(Bloomberg) — The troubled Goro nickel mine — one of the world’s largest deposits, which is part-owned by Trafigura Group and backed by Tesla Inc. — has been forced to reduce production to address a leak from its tailings dam.

Goro, which is located in the South Pacific territory of New Caledonia, reported a “limited release of salt-laden liquid” after heavy rains in August, a spokesperson for owner Prony Resources said by email. Corrective measures required by local authorities mean that nickel output will be reduced in the fourth quarter, the company said.

The cuts at Goro are the latest example of global nickel mines disappointing at a time when the outlook for demand is soaring for use in electric-vehicle batteries. Production is booming in top supplier Indonesia, but there have been a slew of cuts or misses elsewhere, including by Eramet SA, which recently lowered its annual production target in New Caledonia, while Solway Investment Group shuttered a ferronickel plant in Ukraine due to power outages after Russian air strikes.

For the rest of this article: https://www.bnnbloomberg.ca/tesla-backed-nickel-miner-cuts-output-after-waste-dam-leak-1.1846349