Nickel – Page 31 – Republic of Mining

Wild Nickel Market May Get Relief From Indonesia’s Higher Output – by Eko Listiyorini (Bloomberg News – March 9, 2022)

March 10, 2022

https://www.bnnbloomberg.ca/

(Bloomberg) — Indonesia, the world’s top nickel producer, will raise production capacity of the metal after prices soared past $100,000 a ton, while the coal market is unlikely to get similar relief.

The country is set to add 393,000 tons to 400,000 tons of nickel in metal output capacity this year, bringing the total to as much as 1.4 million tons, according to Coordinating Minister for Investment and Maritime Affairs Luhut Panjaitan. Next year, Indonesia will add another 500,000 tons of annual production capacity, he added.

Column: Nickel, the devil’s metal with a history of bad behaviour – by Andy Home (Reuters – March 10, 2022)

March 10, 2022

https://www.reuters.com/

The global nickel market is in a pricing black-out. The London Metal Exchange (LME) three-month nickel price sits in suspended animation at $48,048 per tonne, Monday’s closing price and the last trade with even a semblance of legitimacy.

Tuesday’s mayhem and the resulting decision by the LME to suspend all trading has frozen what is the core reference price for the global supply chain stretching from miners to stainless steel mills and electric vehicle battery makers.

Vale’s big nickel gamble paying off, experts say – by Staff (Sudbury Star – March 9, 2022)

March 9, 2022

https://www.thesudburystar.com/

London Metal Exchange, meanwhile, takes emergency measures to halt trading in nickel on Tuesday

An unprecedented surge in nickel prices fueled by the war in Ukraine is turning a once-sputtering portfolio of mines into prized assets, Bloomberg News said Tuesday.

In the 2000s commodities supercycle, Brazilian iron ore giant Vale SA made a $17 billion bet on a metal used mainly to make stainless steel, the agency noted. The purchase of Canadian nickel miner Inco Ltd., announced in 2006, was part of then-CEO Roger Agnelli’s goal of turning Vale into a diversified global heavyweight at a time of seemingly insatiable Chinese demand for raw materials.

After 16 Years, Vale’s Big Nickel Bet Is Looking Like a Winner – by Mariana Durao and James Attwood (Bloomberg News – March 8, 2022)

March 9, 2022March 9, 2022

https://www.bnnbloomberg.ca/

(Bloomberg) — An unprecedented surge in nickel prices fueled by the war in Ukraine is turning a once-sputtering portfolio of mines into prized assets.

In the heady days of the 2000s commodities supercycle, Brazilian iron ore giant Vale SA made a $17 billion bet on a metal used mainly to make stainless steel. The purchase of Canadian nickel miner Inco Ltd., announced in 2006, was part of then-CEO Roger Agnelli’s goal of turning Vale into a diversified global heavyweight at a time of seemingly insatiable Chinese demand for raw materials.

Nickel prices leap to a record over global supply fears and short sales – Niall McGee (Globe and Mail – March 8, 2022)

March 9, 2022March 9, 2022

https://www.theglobeandmail.com/

The London Metal Exchange (LME) suspended nickel trading on Tuesday, after the price of the base metal skyrocketed to a record amid escalating uncertainty around major supplier Russia, and after an intense short squeeze.

Nickel rose to a record US$101,365 per tonne, more than doubling in a matter of hours. The previous all-time high was US$51,800 per tonne reached in 2007, at the tail end of a near-decade long economic boom.

‘Like a car rolling down a hill’: Canada’s junior nickel miners loving price spike – by Gabriel Friedman (Financial Post – March 8, 2022)

March 8, 2022

https://financialpost.com/

Record nickel prices could jumpstart a half-dozen mining projects in Canada. Prices have been climbing steadily for months, as investors bet supply for the metal, a key ingredient in batteries, would fall short of growing demand for electric vehicles. Then, on March 8, the price surged to US$100,000 per tonne on the London Metal Exchange (LME) from about US$20,000 per tonne before trading was halted.

The LME attributed the surge to concerns about Russia’s invasion of Ukraine, which accounts for 11.2 per cent of world nickel production, according to Statistics Canada. Analysts and industry executives also pointed to rumours that a large investor had staked out a short position on the metal, and were applying a squeeze.

A stunning day for nickel prices – by Staff (Sudbury Star – March 8, 2022)

March 8, 2022

https://www.thesudburystar.com/

The metal used in stainless steel and lithium-ion batteries rose as
much as 90 per cent to $55,000 a metric ton, the highest in the
35-year history of the contract. That topped a previous record
of $51,800 reached in 2007.

It was a wild day for nickel prices on Monday – reaching $US20 a pound briefly before retreating to $17.32 – still an increase of a little more than $4 a pound compared to Friday.

Russia’s invasion is the main reason behind the dramatic increase in price. Russia supplies around 10 per cent of the world’s nickel, and investors fear that Western sanctions against Russia could disrupt air and sea shipments of commodities produced and exported by Russia, Reuters reported Monday.

Nickel price spike during Russia-Ukraine conflict could drive up EV costs – by Camille Erickson (S & P Global – March 3, 2022)

March 4, 2022

https://www.spglobal.com/

Nickel prices jumped after Russia, a top global nickel producer, invaded Ukraine on Feb. 24, threatening to drive up electric vehicle battery costs that were already under pressure from rising raw material prices.

The London Metal Exchange three-month nickel price increased on the news of Russia’s incursion, reaching an 11-year high of $25,575 per tonne in trading on Feb. 24, while LME stocks tumbled in the run-up period, dipping throughout February to 82,314 tonnes as of Feb. 22, according to S&P Global Commodity Insights data.

OPINION:Local View: Canceling Twin Metals’ leases doesn’t jibe with Biden’s climate goals – by Mark Compton (Duluth News Tribune – March 3, 2022)

March 4, 2022

https://www.duluthnewstribune.com/

Mark Compton is executive director of the American Exploration & Mining Association (miningamerica.org), a 127-year-old, 1,300-plus-member national association based in Spokane Valley, Washington.

For years now, the United States has led the way in combating climate change. The administration of President Joe Biden has pushed for the widespread adoption of green technologies as a key part of that effort. If we fail to reach our goals as a nation, however, history may show the administration was its own biggest enemy.

The federal government’s recent decision to reverse its position and cancel Twin Metals Minnesota’s long-held mineral leases, in addition to proposing a 20-year mineral withdrawal in Northeastern Minnesota, demonstrates a stunning lack of understanding regarding the supply chains for green-energy technologies needed to fight climate change.

Nickel market eyes fate of Siberian metal as sanctions bite – by Annie Lee(Bloomberg News – March 2, 2022)

March 4, 2022

https://www.bnnbloomberg.ca/

The biggest risk in battery materials from Russia’s increasing economic isolation centers on supplies of top-notch Arctic nickel controlled by the country’s richest man.

Russia is a major producer of the metal that will be needed in huge quantities as the world’s auto fleet goes battery-powered. That means the electric-vehicle industry has much at stake as global businesses rejig ties in the wake of the invasion of Ukraine. Mining giant BHP Group on Monday warned of nickel supply shocks.

Russia’s invasion of Ukraine to impact global aluminum supply; nickel prices surge – by Staff (S&P Global – February 24, 2022)

February 25, 2022

https://www.spglobal.com/

Russia’s invasion of Ukraine is expected to have a significant impact on global aluminum supply and prices, while the news sent nickel prices on the Shanghai Futures Exchange to a historic high Feb. 24.

The most-active nickel contract traded on the Shanghai Futures Exchange hit a historic high Feb. 24 as markets remain concerned about available inventories and export flow into China.

US government mandate to support nickel and zinc production (Mining Journal – February 23, 2022)

February 25, 2022

https://www.mining-journal.com/

The latest list, released by the United States Geological Survey, contained 15 more commodities than the first list of critical minerals, which was created in 2018. The list has been officially updated after draft proposals were issued in November.

The list is designed to act as a trigger for government initiatives to improve domestic production, and diversity of supply, of key mineral. In practice this could unlock government support for junior minors and refining businesses in the US.

Nickel Closest Thing to a True ‘War Metal’ – by Stan Sudol (Sudbury Northern Life – February 23, 2007)

February 24, 2022

Please note that this column is from 2007 – Stan Sudol

The metallic “Achilles heel” for any military and navel production has always been nickel

Sudbury was definitely going to be “nuked” by the Russians. At least that was our conclusion back in 1976 when I worked at CVRD Inco’s Clarabell Mill for a year.

During one graveyard shift, a group of us were talking about Cold War politics and atomic bombs. We all agreed that if there ever was a nuclear war between the Americans and Russians then there must have been one Soviet “nuke” with our community’s name stenciled on it. We all laughed a little nervously, but there was also some pride in knowing Sudbury was important enough to get blown-up in the first round of missiles.

Access to strategic materials has always affected the destinies of nations. The Romans conquered Britain in AD 43 to control valuable tin deposits in Cornwall. Combining tin with copper produces bronze, a more valuable and militarily important alloy. Ancient Chinese metallurgical expertise with iron and steel allowed the Middle Kingdom to become a dominate military and economic force during the prosperous Han dynasty.

Return of Totten Mine comes at a good time – by Jim Moodie (Sudbury Star – February 22, 2022)

February 23, 2022

https://www.thesudburystar.com/

Price of nickel is soaring

Resumption of operations at Totten Mine comes at an opportune moment, with highly coveted nickel trading at more than US$11/pound. “We need all five (Vale) mines producing efficiently,” said Nick Larochelle, president of United Steelworkers Local 6500.

“The price of nickel right now is in a sweet spot. If it goes much higher, smaller producers will come online and that will add more nickel to the market, so we’re looking to keep our mines efficient and keep the price in that neighbourhood.”

First Nations community, mining company sign on for “greenest” nickel mine – by Dave Baxter (Winnipeg Free Press – February 21, 2022)

February 22, 2022

https://winnipegsun.com/

A new agreement has been reached between a First Nations community and a nickel mining company that will soon see the “greenest” nickel mine in the world be built in Manitoba.

On Thursday, the Norway House Cree Nation (NHCN) and the Flying Nickel Mining Corporation announced in a media release they have signed a Memorandum of Understanding (MOU) that will now see the two parties move forward on a project they said will see the lowest environmental impact nickel mine in the world be built on NHCN land.