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BHP’s pain in mothballing Australian nickel mines is Canada Nickel’s gain, says CEO Mark Selby
Bad news for global miner BHP is great news for Canada Nickel and its ambitious plan to roll out a series of nickel projects in the Timmins area over the next decade, including a new one-million tonne resource south of the city.
“One hundred per cent,” said Canada Nickel CEO Mark Selby in a recent interview with CRUX Investor in reacting to the blue sky opportunity he sees for his company on the news that BHP is shutting down its Western Australian nickel projects until 2027, blaming plummeting metal prices and world oversupply of nickel.
It’s horrible news on the world nickel supply front, but for a Canadian mine builder like Selby, it’s “the absolute best news for us.” Global nickel buyers will have fewer choices on where to buy responsibly-sourced nickel, he said.
So-called ‘blood nickel’ producing countries like China and Russia are, geopolitically, out of the picture and nickel operations in Indonesia have a less-than-stellar reputation for environmental and worker safeguards, said Selby.
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