*Nickel output needs to ‘triple’ – fast. These ASX stocks have set up shop in ‘elephant country’
Experts say we need to massively boost nickel supplies. So it’s no surprise ASX companies – including two newcomers – are heading to ‘elephant country’.
Emma Davies5 min readApril 18, 2023 - 10:52AM*When it comes to nickel, Tanzania is known as ‘elephant country’.Experts say we need to massively boost nickel supplies. So it’s no surprise ASX companies – including two newcomers – are heading to ‘elephant country’.
The nickel market saw massive gains last year, rising around 50 per cent to its highest year-end price in 15 years at more than $US30,000/t.
Prices have dropped a wee bit since then ($US23,974/t on Monday) but demand is still booming, because the metal – traditionally used in the stainless steel production process – is a key component of the cathode of NCM-chemistry lithium ion batteries.
It basically makes EV batteries more energy dense, which translates to a longer driving range.
Wood Mackenzie estimates that in order to reach Paris Agreement targets of zero carbon by 2050 nickel output needs to rise three-fold.
The perfect storm ?
idka
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