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EV’s driving Nickel demand into 2023

18 January 2023 12:34

Electric vehicles have become a key part of many governments’ ambitions to reach a global goal of net zero carbon emissions by the year 2023, with EV sales growing year to year and expected to hit over 4.7 million US sales in 2030.

The excitement surrounding electric vehicles powered through last year and had a knock-on effect on the commodities necessary for their creation, including nickel, with the battery metal critical to boosting energy density and range per charge of EV batteries.

And nickel’s momentum is expected to continue well into 2023 and beyond, with the International Energy Agency estimating the EV and battery storage industries are set to overtake stainless steel as the top consumer of nickel by 2040, expecting demand to rise by 60-70 per cent.

And with nickel expected to trade above US$33,800 in 12 months’ time, savvy investors should keep their eyes on the exciting nickel projects unfolding this year.

Infinity Mining (ASX: IMI)

In Western Australia’s legendary Pilbara, Infinity Mining is hoping to uncover the next big nickel find, targeting the battery metal at its Panorama project which turned heads when rock-chip sampling at the project’s Brisbane prospect returned grades up to 7636 parts per million nickel.

Raiden Resources (ASX: RDN)

Also staking a claim in the Pilbara is Raiden, a nickel stock to watch in 2023 as its flagship Mt Sholl project unfolds, which holds up to 10.5 kilometres of strike length and has been returning high-grade nickel sulphides from broad zones of mineralisation.

Chalice Mining (ASX: CHN)

Chalice Mining will stock to watch in 2023, with exploration heating up at its flagship Julimar project, where it has a defined tier-1 mineral resource estimate for the Gonneville deposit Equivalent to ~2.0Mt NiEq contained and the possibility of growth, with the company extending high-grade sulphide zones up to 650 metres beyond the current resource.

Kavango Resources (LSE: KAV)

On the other side of the world in Africa, Kavanago Resources is hoping to ride the nickel wave with its Kalahari Suture Zone, which presents a similar setting to the Norilsk mining centre in Siberia – accounting for 90 per cent of Russia’s entire nickel production.

Blackstone Mineral (ASX: BSX)

In Vietnam, Blackstone Mineral is hard at work developing its Ta Khoa project, which includes a modern nickel mine built to Australia’s high standards alongside a nickel Refinery set to kick off production of Lithium-ion battery components in 2025, with drilling returning nickel grades up to 4.3 per cent, giving credence to the company’s estimated 10.3-year lifespan for the project.

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