Global Nickel Mining Market Size Forecasted to Reach $100 Billion By 2034 as Demand for Electric Vehicles Rises

FN Media Group News Commentary - The mining industry's increasing focus on sustainability and responsible practices is influencing nickel mining. Companies are adopting environmentally friendly processes to meet regulatory standards and consumer expectations. According to a recent report from Precedence Research said: "The global nickel mining market size is calculated at USD 56.42 billion in 2025 and is forecasted to reach around USD 100.29 billion by 2034, accelerating at a CAGR of 6.56% from 2025 to 2034. The Asia Pacific market size surpassed USD 30.81 billion in 2024 and is expanding at a CAGR of 6.65% during the forecast period. The market sizing and forecasts are revenue-based (USD MillionBillion), with 2024 as the base year. The global nickel mining market size accounted for USD 53.12 billion in 2024 and is predicted to increase from USD 56.42 billion in 2025 to approximately USD 100.29 billion by 2034, expanding at a CAGR of 6.56% from 2025 to 2034." It continued: "North America is set for swift expansion in the nickel mining market owing to a heightened need for nickel in electric vehicle (EV) manufacturing and renewable energy applications. The region's commitment to clean energy initiatives and carbon reduction fuels the demand for nickel, essential in EV battery production. Supported by favorable government policies, investments in sustainable mining methods, and advancements in mining technologies, North America stands as a pivotal player in the growing nickel mining sector on the global stage. The rapid expansion of the electric vehicle (EV) market stands as a pivotal catalyst, driving a surge in nickel demand. Nickel's indispensable role in electric vehicle batteries positions it as a cornerstone element in this burgeoning market. Projections from the International Energy Agency (IEA) indicate a noteworthy 41% increase in global electric car sales, surpassing 3 million units in 2020, underscoring the heightened nickel consumption associated with the EV boom."   Active Companies mentioned in the article includes: First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN), TMC the metals company Inc. (NASDAQ: TMC), Tesla, Inc. (NASDAQ: TSLA), FPX Nickel Corp. (OTCQB: FPOCF) (TSX-V: FPX), Power Metallic Mines Inc. (OTCBB: PNPNF) (TSX-V: PNPN).

Precedence Research continued: "Ongoing advancements in mining technologies have improved efficiency and extraction rates in nickel mining. These technologies contribute to increased productivity and cost-effectiveness. For instance, the utilization of automation and advanced drilling techniques has enhanced extraction processes, positively impacting production volumes. Large-scale infrastructure projects worldwide drive demand for nickel in applications such as bridges, railways, and buildings. The Global Infrastructure Hub estimates that the global infrastructure investment need will reach $94 trillion by 2040, creating a sustained demand for nickel in construction materials. Supportive government policies and investments in mining infrastructure further stimulate growth. Governments recognizing the strategic importance of nickel in industrial development may implement favorable policies."

First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN) REPORTS PRELIMINARY DTR METALLURGICAL RESULTS: RPM ZONE YIELDS 1.37% NICKEL MAGNETIC CONCENTRATE OVER 383.1 METRES - First Atlantic Nickel Corp. (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce positive preliminary Davis Tube Recovery (DTR) metallurgical test results from drill hole AN-24-02 at the RPM Zone at its 100%-owned Atlantic Nickel Project in central Newfoundland. The testing produced a magnetic concentrate averaging 1.37% nickel and 1.73% chromium across 133 samples over the entire 383.1-meter length of the hole. These encouraging results confirm the potential for cost-effective magnetic separation as a viable processing method for the awaruite nickel mineralization previously reported at the RPM Zone.

The Company previously announced (March 4, 2025) that drill hole AN-24-02 returned assays averaging 0.24% nickel and 0.32% chromium over its entire 383.1-meter length, with coarse-grained awaruite visibly disseminated throughout the drill core. The DTR testing has now demonstrated that this nickel can be effectively concentrated through magnetic separation, a key step toward establishing a potential smelter-free development pathway for the project.

DTR Test Highlights:

• High-Grade Magnetic Concentrate : Average magnetic concentrate grade of 1.37% nickel and 1.73% chromium across 133 samples over 383.1 meters, with concentrate up to 2.33% nickel and 8.17% chromium.
• Significant Volume Reduction : Mass-pull average of 9.5% over 383.1 meters, reducing total volume by 91.5% and creating an ideal feedstock for further processing
• Strong Recovery Rates : Calculated recoveries averaging 52.4% (up to 63%) over the entire drill hole length.
• DTR Nickel Values : Average DTR nickel of 0.13% (up to 0.16%) over 383.1 meters
• Cobalt Recovery : Cobalt was also recovered in the magnetic concentrate, adding potential for a valuable by-product.
• Chromium Potential : Significant chromium values in the magnetic concentrate merit further evaluation as a potential by-product.
• Phase 2 Drilling Program : Phase 2 drilling is set to begin soon, utilizing new road access and a higher-power NQ/HQ drill rig to target deeper mineralization and expand the 500m × 400m mineralized area at RPM. The program is fully funded by a recently closed strategic, non-dilutive $3M raise.
  

"These metallurgical results are extremely significant for our Atlantic Nickel Project," said Adrian Smith, CEO of First Atlantic Nickel. "Not only have we confirmed extensive nickel mineralization at the RPM Zone, but we've now demonstrated that a substantial portion of this nickel can be recovered using simple, environmentally friendly magnetic separation techniques. The ability to achieve a 91.5% volume reduction while producing a concentrate grading 1.37% nickel represents a major step toward our goal of developing a North American source of nickel that doesn't require traditional smelting." CONTINUED… Read this and more news for First Atlantic Nickel at: https://www.fanickel.com/archive

In other market news of interest:

Tesla, Inc. (NASDAQ: TSLA) has recently released its financial results for the fourth quarter and full year ended December 31, 2024 by posting an update on its Investor Relations website. Please visit https://ir.tesla.com to view the update.

"In the fourth quarter, we produced approximately 459,000 vehicles, delivered over 495,000 vehicles and deployed 11.0 GWh of energy storage products – a record for both deliveries and deployments. Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve these results."

FPX Nickel Corp. (OTCQB: FPOCF) (TSX-V: FPX) recently announced results from an Awaruite Refinery Scoping Study (the "Study") which demonstrates a compelling business case for the development of a standalone refinery (the "Refinery") to refine awaruite concentrate into battery-grade nickel sulphate for the electric vehicle ("EV") industry, along with producing valuable cobalt, copper, and ammonium sulphate by-products.

The Study has been prepared by Wood Canada Limited and all amounts are in US Dollars unless otherwise indicated. The Study relates to a standalone industrial project and anticipates the production of awaruite ore from projects that are not limited to mineral projects of the Company; without limiting the foregoing, the Study is separate and standalone from the Baptiste Nickel Project, which demonstrated the technical and commercial advantage of mining and concentrating awaruite ore to a high-grade awaruite concentrate.

Power Metallic Mines Inc. (OTCBB: PNPNF) (TSX-V: PNPN) recently announced the return of the 5 holes of the fall campaign. These holes were testing multiple targets in the Lion zone area.   Hole PN-24-095a tested the interpreted plunge of the Lion zone below previous drill holes. Power Nickel previously released photos of mineralized core from hole PN-24-095a (news release January 21, 2025), and assays have now confirmed that extension of the high-grade zone.

Drill holes PN-24-082 to PN-24-085 inclusive, were designed to intersect the target horizon 100-200m west of known mineralization at depths below the ground and airborne EM signals), therefore they were testing unknown locations along the target horizon. Although the holes passed through the target horizon they only returned weakly geochemically anomalous Pt and Pd (up to 0.14g/t combined). These holes were specifically located to provide platforms for borehole EM (BHEM) surveys, which will be carried out this month. The BHEM should give a 'look' radius of 150-200 meters around the hole for any off-hole conductors indicative of mineralization.

TMC the metals company Inc. (NASDAQ: TMC) , an explorer of the world's largest undeveloped resource of critical battery metals, recently announced that it had successfully produced a high-grade nickel-copper-cobalt alloy and manganese silicate during a smelting campaign, run as part of the 18-month feasibility program designed to process a 2,000-tonne sample of deep-seafloor polymetallic nodules at its partner PAMCO's Rotary Kiln Electric-Arc Furnace (RKEF) operating facility in Hachinohe, Japan.

Following the recovery of 3,000 tonnes of nodules during 2022 test mining by TMC's subsidiary Nauru Ocean Resources Inc (NORI) from its exploration contract area D in the Clarion Clipperton Zone (CCZ), 2,000 tonnes were delivered to PAMCO's RKEF plant to go through a feasibility program consisting of calcining and smelting campaigns. Following the commercial-scale production of calcine in September 2024, over a 14-day continuous smelting campaign in January and February 2025, PAMCO operators fed approximately 450 tonnes of calcine material into a 3,000 kVA DC electric-arc furnace and produced high-grade nickel-copper-cobalt alloy and manganese silicate [see video]. By utilizing existing processing capacity with minimal modifications to existing equipment, TMC can avoid the high costs and risks associated with building new processing plants, while demonstrating the feasibility of integrating processing of CCZ nodules into established metallurgical operations.

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