Nickel Market Faces Unprecedented Oversupply and Price Declines in 2024 The nickel industry is bracing for a challenging 2024, with experts predicting a substantial oversupply in the market. Budi Frensidy, a capital market observer from the University of Indonesia, forecasts the largest nickel surplus in history, leading to a continued decline in prices. This comes...
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The Australian nickel industry is facing significant challenges, with falling prices leading to job losses and impacting companies like Panoramic Resources. The industry’s struggles have been exacerbated by the booming nickel sector in Indonesia and a slower-than-anticipated uptake of electric vehicles. Mining groups, including the Chamber of Minerals and Energy WA, are urging the Federal...
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Closure of WA Nickel Mine Panoramic Resources has announced the suspension of operations at its Savannah nickel project in Western Australia. The decision, made by administrators from FTI Consulting, comes in the wake of a decline in nickel prices. This closure will result in the loss of approximately 140 jobs at the mine. Most of...
READ MOREIvanhoe Mines’ impressive copper production in the Congo was paralleled by Nickel 28 Capital’s robust output in Papua New Guinea, signaling strong market resilience. Meanwhile, Conexus Resources Group’s inauguration of a major aluminium rod facility in Bahrain marked a significant stride in the Middle East’s manufacturing landscape. Spain, however, grappled with environmental challenges in its...
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Enhanced Earnings in 4Q23 and Future Outlook Korea Zinc is expected to show improved earnings in the fourth quarter of 2023, driven by an increase in sales volume and prices. The company’s 4Q23 sales are projected to be around W2.45tn, marking a 6.9% quarter-on-quarter growth, with an operating profit of W186bn. This growth is attributed...
READ MOREIndustry Overview and Targets As 2024 approaches, several nickel producers in Indonesia are gearing up with specific business plans, including capital expenditure allocations, production goals, and smelter project completions. PT Vale Indonesia PT Vale Indonesia has set a production target of 70,000 tons of nickel matte for the upcoming year, mirroring this year’s production estimate....
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Explosion at PT IMIP A severe work accident occurred at the PT Indonesia Morowali Industrial Park (IMIP) in Central Sulawesi on Sunday morning, December 24, 2023. The incident, involving an explosion, took place at a nickel processing factory or smelter owned by PT Indonesia Tsingshan Stainless Steel (ITSS), a tenant operating within the IMIP area....
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Nickel prices experienced a downturn on Thursday, influenced by a combination of subdued consumption and increasing production and stockpiles in exchange warehouses. Global Nickel Market Trends Three-month nickel contracts on the London Metal Exchange (LME) saw a reduction of 1.3% to $16,635 per metric ton, as of 0441 GMT. Concurrently, the most-traded January nickel contract...
READ MORESignificant Increase in Investment for Minerals Vale, the global iron ore giant, plans a substantial investment of $6.5 billion in 2024, a notable increase from its 2023 investment of $6 billion. BNAmericas reports that of the total 2024 investment, $2.5-3 billion will be specifically allocated to minerals crucial for energy transition technologies, such as copper...
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Alligator Makes Strategic Investment in EnviroCopper Ltd for ISR Copper Projects in South Australia Key Investment Highlights Advantages of ISR Technology Collaboration and Advisory Committee Bindura Nickel Corporation Reports 43% Revenue Drop Amid Global Nickel Price Decline Revenue Decline in 2023 Bindura Nickel Corporation (BNC), listed on the Victoria Falls Stock Exchange, experienced a significant...
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Significant Revenue Decline in 2023 Bindura Nickel Corporation (BNC), listed on the Victoria Falls Stock Exchange, reported a substantial 43 percent drop in revenue in the half-year ending 30 September 2023. The revenue fell from US$32.5 million in the previous year to US$18.5 million, primarily due to decreased nickel sales volume and global price reductions....
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Surge in LME Nickel Stocks In November, the London Metal Exchange (LME) recorded a 35% increase in Russian nickel stocks, reaching 11.1 thousand tonnes. This surge is part of a broader trend, with overall nickel stocks climbing by 14.2% to 43 thousand tonnes. Notably, Chinese and Australian nickel inventories are also on the rise, indicating...
READ MOREProject Development and Financial Backing Pacific Nickel Mines has announced significant progress on its Kolosori Nickel Project, located on Isabel Island in the Solomon Islands. The project, focused on Direct Shipping Ore (DSO), has secured a US$22 million project-specific debt facility from. Operational Milestones and Shipping Arrangements Key developments include the arrival of four barges...
READ MORERise in Mineral Production Value The Department of Environment and Natural Resources (DENR) in the Philippines has announced a significant increase in the value of metallic mineral production in the first three quarters of 2023. According to the Mines and Geosciences Bureau (MGB) of the DENR, the total value reached P189.08 billion (approximately $3.40 billion),...
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New Plant for Advanced Battery Materials Wildcat Discovery Technologies has announced plans to build a plant in the United States dedicated to producing a range of nickel-free and cobalt-free cathode materials. This move marks a strategic development for Wildcat, which has been active in battery materials research and engineering since 2006. Projected Timeline and Plant...
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Significant Oversupply in Nickel Market Recent years have seen a substantial increase in investments in Indonesia’s refining capacity, leading to a notable oversupply in the nickel market. This situation is primarily attributed to heightened production in Indonesia. Declining Nickel Prices Nickel prices have experienced a dramatic 50% drop since January, marking it as the worst-performing...
READ MORESignificant Acquisition in Spanish Mining The Canadian multinational Denarius Metal Corporation has acquired a 50% stake in Río Narcea Recursos (RNR) for 25 million euros. RNR is set to commence operations in 2024 at the Aguablanca deposit in Monesterio (Badajoz), Spain’s only nickel mine and one of the few in Europe. Details of the Aguablanca...
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Projected Output for 2023 Indonesia, holding the title of the world’s top nickel ore and product producer, is expected to generate between 1.65 and 1.75 million metric tons of nickel products in 2023, as stated by a government official. Significant Growth in Nickel Production The country’s primary nickel production surged by 32% to 1.16 million...
READ MOREFactors Influencing Production Stability Vale Indonesia (INCO) anticipates its nickel matte production to remain consistent at 70,000 tons for the next year, mirroring this year’s estimated production. Bernardus Irmanto, the Chief Financial Officer of Vale Indonesia, attributes this steady production level to two primary factors. Firstly, an increase in the maintenance schedule for mining equipment...
READ MOREInvitations to Industry Leaders Nickel Industries is actively inviting major electric vehicle (EV) and battery manufacturers, including Tesla and Panasonic, to visit its Indonesian operations. The Australian company is in the process of expanding its nickel production capabilities to cater to the EV industry. Focus on High Purity Nickel Production The company is developing a...
READ MOREThe global nickel market presents a complex scenario: production is on the rise, consumption is growing, yet an overall surplus of nickel is forecasted. This situation presents a paradox, suggesting both an abundance and scarcity of nickel in the market. Stainless Steel’s Influence on Nickel Market Dynamics The International Nickel Study Group’s projections indicate a...
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Nickel Traceability Initiative Indonesia is set to introduce a nickel tracing system to aid in securing a critical minerals deal with the United States. Starting next quarter, each ton of nickel ore sales will be monitored using the SIMBARA portal. This move is part of Indonesia’s effort to align its nickel production with global mining...
READ MOREConstruction and Capacity of the New Facility Korea Zinc is set to enhance its production capabilities with the construction of an innovative “All-in-One Nickel Smelter” in Ulsan’s Onsan Industrial Complex. The groundbreaking ceremony, held on November 15, marked the start of a project that is poised to significantly boost Korea Zinc’s nickel production. The new...
READ MOREEramet’s Independent Lithium Ventures Eramet, a prominent mining group, recently announced during an investor day that it has no plans for a partnership with Imerys in lithium. CEO Christel Bories emphasized Eramet’s commitment to its independent projects, particularly in lithium production expansion. Strategic Investments in Argentina and Indonesia The company disclosed an ambitious investment plan,...
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