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While the stats are compelling, Giacov-
azzi said it wasn’t the complex analyst re-
ports sifted through that gave him comfort
on the global EV thematic. However, that is starting to change as
“It is during my Saturday morning coffee “ offtakers recognise the fact that Class
when I flick through motoring sections in
the weekend newspapers. Every major car 1 nickel will be structurally undersupplied in a
manufacturer is transforming their product few years. That sends an important signal to
line up to include EVs which will increase
pressure to phase out internal combustion explorers, who put more money into the ground
engines,” he said. and make discoveries like Julimar, Andover and
“Countries like Norway, Belgium, In-
dia, the Netherlands, Canada, Sweden, Carr Boyd. We think the major sulphide producing
Denmark, UK, France, Spain and the US countries like Australia and Canada will return to
state of California have all have set dates
in the next two decades when partial or the top of the nickel supply food chain.
complete bans on combustion engine-
powered passenger cars will take effect.
And, to support this, EV penetration rates
have to go up.” ducer and our very high-quality product nal to explorers, who put more money into
Such a scenario bodes well for the hasn’t been fully exploited by the stainless- the ground and make discoveries like Juli-
throng of Australian nickel players, accord- steel market,” he said. mar, Andover and Carr Boyd. We think the
ing to Giacovazzi. “However, that is starting to change as major sulphide producing countries like
“The Australian nickel sector has strug- offtakers recognise the fact that Class 1 Australia and Canada will return to the top
gled under low prices and payabilities for nickel will be structurally undersupplied in of the nickel supply food chain.”
many years, particularly the sulphide pro- a few years. That sends an important sig-
ducers. Australia is a Class 1 nickel pro- – Mark Andrews

As Mincor continues to rejuvenate the Kambalda Poseidon Nickel recently raising $10 million to accelerate
nickel scene, Wyloo increased its stake in the high-grade exploration opportunities at Black Swan
company to 15% in August

The foundations are in place for Trafigura Pte Ltd It is therefore timely that a non-binding letter of interest has been
to potentially supply nickel and cobalt products to signed by Trafigura to potentially “supply certain quantities of
Blackstone Minerals Ltd. nickel and cobalt products to Blackstone”.
Blackstone is on a path to delivering downstream products for As Blackstone continues to engage with parties interested in
the lithium-ion battery industry from its Ta Khoa nickel project in its downstream products, while talks with multiple potential JV
Vietnam. partners regarding various offtake financing and or other funding
options, relevant studies and permitting processes are under way.
Last year, a scoping study on a downstream refinery to process
up to 200,000 tpa of concentrate was based solely on material Meanwhile, alongside the completion of a DFS, a pilot and
from Blackstone’s Ta Khoa mining operations. demonstration plant will be commissioned in-country to advance
downstream process flowsheets focussed on producing NCM
Blackstone’s intention is to upscale its downstream refining precursor products.
business through the staged construction of additional refining
capacity and materials sourced from third parties is part of the See more in Paydirt’s Battery Minerals feature in March
strategy to beef up output.

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