Major players in the nickel industry in the USA are ramping up their efforts to secure domestic nickel supplies, despite a recent drop in nickel prices. With the demand for nickel increasing due to the growth of the electric vehicle market, companies like KoBold Metals, backed by billionaires Bill Gates, Jeff Bezos, Richard Branson, and Ray Dalio, are using artificial intelligence to hunt for nickel on multiple projects across the globe. On the other hand, automaker General Motors has signed a massive $19 billion deal with LG Chem to supply cathode materials by 2035.
In Alaska, Alaska Energy Metals Corporation is developing the Nikolai Prospect, which has shown significant potential in providing domestic nickel supply. Recent updates on the project have seen a substantial increase in the resource estimate, making it one of the largest domestic nickel deposits in the US. Similarly, Canada Nickel Company Inc. is proposing to build a $1 billion nickel processing plant in Ontario, Canada, which would be the largest in North America once completed.
In British Columbia, FPX Nickel Corp. filed a Preliminary Feasibility Study for its Baptiste Nickel Project, which has attracted the investment of Sumitomo Metal Mining Co. As for Nickel 28 Capital Corp., its joint-venture interest in the Ramu Nickel-Cobalt operation in Papua New Guinea has demonstrated consistent production figures, despite challenges like earthquake events.
With the growing demand for nickel in the EV market, these developments are crucial in securing a stable supply chain and meeting the needs of various manufacturing sectors in the USA. The focus on domestic nickel projects highlights the importance of strategic partnerships and investments to support the transition towards sustainable energy solutions.
