Environmentally sound production increasingly important factor in sourcing the critical mineral
Low nickel prices partly attributed to a flood of the metal coming onto the market from Indonesia aren’t deterring nickel miners in northeastern Ontario from moving forward in the coming year.
The price of nickel per pound was hovering around $7.42 US on January 1, 2024 compared to just under $14 a year prior. Paul Fowler is vice president of Magna Mining which owns the Shakespeare mine near Espanola and the Crean Hill mine near Whitefish.
He says supply and demand aren’t the only driving factors behind metal prices anymore as more nuanced considerations come into play.
He says although nickel prices are coming off historic highs, more than $100,000 a ton about a year and a half ago, it is still profitable for Magna to move ahead in the Sudbury area with plans for initial production and test mining at Crean Hill this year and to re-start production at Shakespeare in two to three years.
For the rest of this article: https://www.cbc.ca/news/canada/sudbury/nickel-prices-mining-northeastern-ontario-indonesia-environmental-1.7072788