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Where will the nickel come for EV revolution?

“Class 1” nickel and sulphides are not the

only feedstocks Estimated and projected sourcing of nickel uints to make nickel sulphate
Note: includes nickel sulphate for non-battery applications
➔ Crude nickel sulphate (from Cu/PGM refining) 550

➔ Recycled scrap and revert/end of life battery scrap 450

➔ Mixed nickel-cobalt hydroxides and sulphides
(MHP/NHC and MSP) – intermediates from HPAL. 350

➔ Mixed nickel-cobalt sulphides from the bioleaching of '000t Ni 250
sulphide ores(Terrafame)

➔ Integrated from mining nickel ore to refining of nickel 150
sulphate – from laterite/sulphide ores.
50
➔ Class 1 nickel metal and powders (both sulphide and
laterite ores) – mainly coarse nickel powders and -50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F 2021F 2022F 2023F 2024F 2025F

briquettes. Other nickel shapes (cathodes) mostly too
expensive to process. Intergrated MHP/NiS intermediates Class 1 metal/powders and oxides Crude nickel sulphate/secondary

➔ Nickel oxides (small volumes from Japan and
previously from New Caledonia). Source: Industry estimates, Macquarie Commodities Strategy, October 2020

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