- Nickel demand is expected to grow at a continually accelerating rate over the coming years and decades
- By 2040, use in batteries will command 41% of total nickel usage, up from just 7% in 2021
- Nickel is considered one of the most strategically vulnerable critical metals in North America or the west
- Like Canada’s Critical Minerals Infrastructure Fund (“CMIF”), the west has been making increasing efforts to encourage critical metal exploration and extraction
- Fathom is developing two highly prospective projects in Canada’s Trans-Hudson Corridor in Saskatchewan
- Fathom has received a new drill permit that allows for up to 60 drill holes, a 25-person camp, and more, as the company advances its Gochager Lake Project
The global nickel market is experiencing a red-hot surge, driven by the electric vehicle revolution and questions about a potential supply shortage. Stainless steel remains the top use for nickel, but usage for batteries is forecast to jump for 7% of total use in 2021 to 41% by 2040. This trend is prompting major mining companies to make strategic investments, with Canada emerging as a potential new battleground for nickel production, especially as the race for critical metal independence continues to heat up.
Vale Pours Billions into Nickel Expansion
As an example, the Brazilian mining giant Vale recently announced a whopping $3.3 billion investment plan to boost its copper and nickel production capacity in Brazil and Canada. Vale’s global Base Metals business, headquartered in Toronto, Canada, is one of the world’s largest producers of…
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