Global nickel cartel off the table as Canada’s trade minister rebuffs Indonesia’s approach – by Naimul Karim (Financial Post – November 28, 2022)

Prime Minister Justin Trudeau’s government is keen to strengthen Canada’s relationship with Indonesia, but not so much so that it’s willing to join the nickel cartel that the emerging Asian power is trying to get off the ground.

“It’s an idea that Indonesia has proposed to us, but we are not looking at that particular model in the way that they have proposed,” Trade Minister Mary Ng said after she and three fellow cabinet ministers released the government’s first ever Indo-Pacific Strategy in Vancouver on Nov. 27.

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New fund a ‘massive signal’ Ontario’s open for business: CEO – by Maija Hoggett (Timmins Today – November 24, 2022)

A company advancing a large nickel-cobalt project in Timmins is already planning its applications for a new provincial fund. Today, Minister of Mines and Timmins MPP George Pirie was at Northern College to launch the Critical Minerals Innovation Fund.

The two-year, $5-million initiative is “to support research, development and commercialization of technologies, processes and solutions for critical minerals,” said Pirie.

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Norway House community members voice concerns on potential northern Manitoba nickel mine – by Ethan Butterfield (CBC News Manitoba – November 22, 2022)

Members of Norway House Cree Nation raised concerns about information sharing, environmental impacts and community employment at a consultation for a potential nickel mine in the area.

Last Thursday, Flying Nickel Mining Corporation and the Government of Manitoba hosted a public consultation around the Minago Nickel Project — a possible development following a memorandum of understanding that was signed by the First Nation’s chief and Flying Nickel in February. The mine could be under construction starting in 2024.

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The Drift: Sudbury mine developer seeks to extract untapped critical minerals – by Ian Ross (Northern Ontario Business – November 23, 2022)

Magna Mining completes acquisition of former Inco mine with growth plans afoot in the Sudbury camp

Sudbury is historically known for nickel. But there remain hundreds of millions of tonnes of overlooked and valuable mineral commodities left behind by mining activity over the decades.

An upstart mining company with ambitions to be Sudbury’s next producer is seizing on an opportunity to bring a former INCO mine back into production, possibly by the end of next year.

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‘It makes no sense for Canada’: Industry rebuffs idea of joining an OPEC-like alliance for nickel – by Gabriel Friedman and Naimul Karim (Financial Post – November 21, 2022)

Canada’s nickel producers are hoping to differentiate their products as cleaner and purer

Mining industry veteran Mark Selby has for years been telling anyone who would listen that the production of nickel — a metal key to batteries and the energy transition — was getting so concentrated in just a few countries that a cartel-like organization to control supply was inevitable.

A slide in the PowerPoint deck he’s shown at investment conferences since 2019 predicted an “ONEC” — the Organization for Nickel Exporting Countries — consisting of Indonesia, the Philippines and Russia, the top three nickel producers.

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Plans for OPEC of Nickel Finds Doubters in Australia, Canada – by James Fernyhough (Bloomberg News – November 17, 2022)

(Bloomberg) — An Indonesian proposal to create an OPEC-like group of nickel suppliers has raised eyebrows among Australian miners.

Indonesian Investment Minister Bahlil Lahadalia floated the idea of an alliance that he said would help to unite government policies on the in-demand battery metal — and push the development of the downstream industry — at the Group of 20 Summit in Bali this week. The plan has been discussed with both Canada and Australia.

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News Release: Vale and GM Sign Long-Term Nickel Supply Agreement in Canada Critical to North American EV Supply Chain (November 17, 2022)

TORONTO and DETROIT, Nov. 17, 2022 /PRNewswire/ — Vale Canada Limited, a subsidiary of Vale S.A., and General Motors Co. (NYSE: GM), announced today they have signed a term sheet for the long-term supply of battery grade nickel sulfate from Vale’s proposed plant at Bécancour, Québec, Canada. This agreement secures for GM a supply of nickel sulfate from a U.S. free-trade partner to support its fast-growing EV production needs in North America.

Under terms of the agreement, Vale will supply battery grade nickel sulfate, equivalent to 25,000 metric tons per year of contained nickel, for use in GM’s Ultium battery cathodes, which will power a broad portfolio of electric vehicles including the Chevrolet Silverado EV, Blazer EV and Equinox EV, the Cadillac LYRIQ, the GMC Sierra EV, and the GMC HUMMER EV Pickup and SUV. The amount of contained nickel is sufficient to supply approximately 350,000 EVs annually. Deliveries are targeted to commence in the second half of 2026.

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U.S. military in talks with Canadian miners for key minerals as rivalry with China grows – by Naimul Karim (Financial Post – November 16, 2022)

One of the projects on the Americans’ radar is northern Ontario’s Ring of Fire

The United States military is talking to Canadian miners about potentially funding some critical minerals projects in Canada, the latest evidence of President Joe Biden’s administration’s commitment to cutting its reliance on China for the metals needed to build defence equipment and expand the electric vehicle (EV) market.

One of those projects is in the Ring of Fire region in northern Ontario, which Premier Doug Ford’s government believes has “multi-generational potential” to produce minerals such as nickel and copper that are currently in high demand as countries look to accelerate the shift away from fossil fuels.

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Indonesia proposes to Canada setting up OPEC-like group for nickel – by Staff (Reuters – November 16, 2022)

JAKARTA, Nov 16 (Reuters) – Indonesia has proposed in talks with Canada establishing an OPEC-like organisation for nickel producing countries, the Southeast Asian nation’s investment ministry said in a statement on Wednesday.

Indonesia and Canada are the first and sixth biggest nickel producers in the world, respectively. The proposal was made when Indonesian Investment Minister Bahlil Lahadalia met Canada’s International Trade Minister Mary Ng on Tuesday on the sideline of the G20 summit in Bali.

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U.S. government considering funding for Ontario’s Ring of Fire – by Naill McGee (Globe and Mail – November 15, 2022)

Ring of Fire Metals is in talks with the United States government about possibly getting funding for its critical minerals project in northern Ontario.

“We’ve had initial discussions with the U.S. Department of Defence (DOD) regarding the important role that Northern Ontario’s Ring of Fire region will play in producing the critical minerals needed by Canada and the U.S.” the company said in a statement to The Globe and Mail.

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Column: LME stays Russian metal ban with views starkly split – by Andy Home (Reuters – November 15, 2022)

LONDON, Nov 15 (Reuters) – The London Metal Exchange (LME) has announced it will continue accepting Russian metal as good delivery against its industrial metal contracts, for now at least.

It made the decision knowing “it is likely that additional tonnages of Russian metal will – in time, if not immediately – be warranted in the LME physical network.” That brings with it the risk of LME pricing moving from a global to a Russian benchmark, creating a disconnect between paper and physical markets.

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Magna plans drilling at Denison nickel-copper project after ‘considerable’ resource estimate – by Colin McClelland (Northern Miner – November 8, 2022)

Global mining news

Magna Mining (TSXV: NICU) says its first resource for its Denison nickel, copper and platinum group metals project in Ontario’s Sudbury basin shows “significant potential.”

Magna is exploring the restart of a past-producing underground mine and the development of an open-pit operation to the site, also known as Crean Hill. As well, Magna owns the advanced-stage Shakespeare, a similar project in the same region. Denison’s indicated resource for both underground and open pit totals more than 31 million tonnes, Magna said.

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Archer Exploration raises $10M for nickel hunt in Canada – by Staff (Canadian Mining Journal – November 8, 2022)

Archer Exploration (CSE: RCHR) has announced its fully subscribed $10 million private placement offering, previously announced in October.

The offering will consist of 4.5 million in non flow-through units of Archer at a price of $0.66; about 4.2 million flow-through units at a price of $0.75 unit; and 2.9 million charity flow-through units at a price of $1.38 each. Aggregate gross proceeds of the offering are expected to be at least $10.1 million.

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Mining company Glencore plans for new furnace in Sudbury, Ont. (CBC News Sudbury – November 3, 2022)

The current furnace was built in 1978 and one of the oldest of its kind in the world

Mining giant Glencore plans to have a new furnace at its Sudbury operations by 2026. The project is expected to cost more than $100 million.

The company’s current electric furnace was built in 1978, which makes it one of the longest-running furnaces of its kind in the world, according to Peter Xavier, vice-president of Glencore’s Sudbury Integrated Nickel Operations.

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Timmins nickel explorer sees big tonnage potential at Shaw Dome Project – by Staff (Northern Ontario Business – November 1, 2022)

EV Nickel envisions “clean nickel” mining and processing operation to supply the electric vehicle makers

A little bit of Mark Selby and Canada Nickel appears to be rubbing off on an exploration startup company in the Timmins mining camp. EV Nickel hopes to replicate the marketing success of Canada Nickel’s Crawford Project by proving up a low-grade, large-tonnage nickel resource at its Shaw Dome Project, 25 kilometres southeast of the city.

The Toronto company recently released some promising early assay results from last summer’s drilling program that show a new zone of nickel mineralization at the CarLang area of its enormous 30,000-hectare exploration property.

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