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.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Canada accounted for six per cent of global nickel production in 2020, which is a far cry from its former No. 1 position in the mid-1960s, when it accounted for 80 per cent. The nature of that transformation is encapsulated by what’s happened in Sudbury, Ont., the historical capital of Canada’s nickel sector and home to 160,000 people located a four-hour drive north of Toronto., according to the United States Geological Survey.Article content, about 38.8 per cent of the country’s total, but Quebec produced almost as much — 55,000 tonnes. Newfoundland and Labrador produced 33,000 tonnes while Manitoba, another historical nickel leader, produced 14,000 tonnes.
Automakers from Tesla Inc. to Volkswagen AG have begun investing in mining companies, sensing a potential shortfall in critical minerals such as nickel as they ramp up EV production. They also see a chance to lower the GHG profile of their vehicles by investing in projects close to their end markets.Article content
Investment in Canada’s nickel sector, as well as other critical minerals needed for EVs, also received a shot in the arm from the Inflation Reduction Act in the United States, which ties billions of dollars in tax credits for EVs to requirements that their batteries be sourced from North American materials — a potential key advantage for Canadian nickel producers.Article content
Western producers had ignored those deposits because of challenges refining the ore into usable products, but in recent decades, China’s economic growth brought in waves of investment, particularly in Indonesia, and helped solve some of these issues.Article content
The superstack has no emissions like the picture shows. This is deceiving.