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Maiden JORC Compliant Mineral Resource Estimate At San Finx Of 1.2Mt At 0.80% Combined WO3 + Sn Grade
Rafaella Resources Limited (ASX:RFR) (‘Rafaella’ or the ‘Company’) is pleased to announce that a maiden JORC compliant Mineral Resource Estimate (‘MRE’) has been completed at its 100% owned San Finx tin and tungsten mine (“San Finx”).
Investment Highlights
- Detailed 3D modelling of the vein system has successfully been completed for San Finx, including the less developed NE area of the deposit. Mined zones have been fully depleted for MRE purposes.
- Inferred Resources* of 1.2Mt with a combined grade of 0.80% (0.30% WO3 + 0.50% Sn) with total contained metal being 3,581t WO3 and 5,786t Sn split between:
- the Pozo Nuevo zone, with 0.62 Mt at 1.00% combined (0.35% WO3 + 0.65% Sn); and
- the Buenaventura zone with 0.56Mt at 0.56% combined (0.25% WO3 and 0.31% Sn).
- An Exploration Target** of 3.6Mt to 10.9Mt with a combined grade ranging between 0.70% to 1.17% (WO3+Sn) for total contained metal of between 25,463t and 127,485t (WO3+Sn) has been calculated demonstrating enormous upside potential in a mineralised zone that has historically produced clean, high- grade tin and tungsten concentrates, as recently as 2017.
- For exploration purposes, the surface mining trenches of the NE half of the San Finx deposit outlined the strike extension of the 3D vein model which have been extended down-dip to reasonable depths supported by exploration drilling and by reviewing the old workings.
Maiden Underground JORC (2012) Mineral Resource Estimate
Asturmine S.L. (Asturmine) has successfully completed a JORC (2012) compliant underground (“UG”) MRE for San Finx mine as of September 2022. Table 1 shows the details of the UG MRE.
A breakdown of the inferred mineral resources indicates that at Buenaventura they come from 5 primary veins and for the Pozo Nuevo zone they come from 7 veins.
Maiden Underground Exploration Target
Asturmine has delineated substantial Exploration Targets for the San Finx Mine, mostly located in the underexplored and less developed north-eastern half of the San Finx deposit. The exploration targets have been modelled in 3D, based on surface trenches from historic workings, on drill intersections of the 3 exploration drillholes available, and on CAD plan views from underground old workings. Up to 63 veins have been modelled in the northeast part of the San Finx deposit known as Castiñeiros Zone.
Click here for the full ASX Release
This article includes content from Rafaella Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
3 Top Weekly TSXV Stocks: Power Nickel Leads with 70 Percent Gain
The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 14.25 points last week to close at 595.95.
One of the biggest news items this past week was Panama's presidential election, held on Sunday (May 5). Jose Raul Mulino secured 34 percent of the vote against five other candidates to become the country’s president.
Mulino was a last-minute replacement after former President Ricardo Martinelli was barred from running due to a money laundering conviction. Mulino was minister of public security during Martinelli's presidency, which ended in 2014.
The incoming president will replace outgoing President Laurentino Cortizo, who has reached the term limit for the office. Under Cortizo, Canadian mining company First Quantum Minerals (TSX:FM,OTC Pink:FQVLF) was forced to shut down its Cobre Panama mine in November 2023. The order came after a review by Panama’s Supreme Court — it determined that a mining contract renewed earlier in 2023, which sparked protests due to its terms, was unconstitutional.
While viewed as pro-business, Mulino has indicated that he will not move forward with discussions unless First Quantum drops its US$20 billion arbitration against the country. He also vowed that any solution will not involve a contract.
For its part, First Quantum has said it will work with Panama's new administration to find a solution to reopen the mine, which accounts for more than 300,000 metric tons (MT) of copper annually and was responsible for providing more than 40,000 direct and indirect jobs in the country when it was operational.
Against that backdrop, which TSXV-listed mining stocks performed the best last week? Here are the top gainers.
1. Power Nickel (TSXV:PNPN)
Weekly gain: 70 percent; market cap: C$76.6 million; current share price: C$0.68
Power Nickel is a nickel exploration company that is currently focused on the development of its Nisk nickel-copper project in the Eeyou Istchee James Bay region of Québec, Canada. The project comprises 90 mineral claims covering an area of 4,589 hectares, and has seen significant exploration from 2021 to 2024.
Power Nickel released an initial resource estimate for Nisk in November 2023, and it outlines an indicated resource of 5.43 million MT at a weighted average grade of 1.05 percent nickel equivalent. The inferred resource stands at 1.79 million MT grading 1.35 percent nickel equivalent. The company used a nickel equivalent cut-off grade of 0.2 percent for inside the open pit and 0.55 percent for the underground portion of the deposit.
Shares of Power Nickel have seen significant gains since the middle of April, when the firm announced significant initial assay results from its Lion copper-platinum-palladium target, located 5 kilometers north of the main deposit at Nisk.
More recently, the company announced on April 24 that it had concluded its earn-in agreement for Nisk with Critical Elements Lithium (TSXV:CRE,OTCQX:CRECF), giving it an 80 percent stake in the project. Power Nickel was granted the final 30 percent interest after Critical Elements accepted the technical report it completed during the first quarter.
Last Friday (May 10), Power Nickel released further assays that expanded Lion with a new polymetallic discovery. One 5 meter interval graded 1.76 grams per MT (g/t) gold, 102.9 g/t silver, 12.7 percent copper, 20.87 g/t palladium, 1.02 g/t platinum and 0.4 percent nickel.
2. Flying Nickel Mining (TSXV:FLYN)
Weekly gain: 52.63 percent; market cap: C$13.65 million; current share price: C$0.145
Flying Nickel Mining is a nickel and platinum-group metals (PGMs) developer working to advance its flagship Minago nickel-PGMs project to production. The site is located on the southern end of the Thompson Nickel Belt in Manitoba, Canada.
The company’s most recent news came on April 11, when it released an update to Minago's measured and indicated resource. The site hosts 43.44 million MT grading 0.2 g/t palladium, 0.09 g/t platinum and 0.72 percent nickel for a total of 689.53 million pounds of nickel, 279,330 ounces of palladium and 125,700 ounces of platinum.
This marked the first addition of PGMs to the resource estimate for Minago, as well as a 42 percent increase in contained nickel from in-pit resources. In the release, Flying Nickel also said it is expecting a decision this fall for the notice of alteration to its environment act license. The company filed the notice in July 2022.
3. Sandfire Resources America (TSXV:SFR)
Weekly gain: 46.15 percent; market cap: C$388.87 million; current share price: C$0.38
Sandfire Resources America is a copper development company focused on its Black Butte copper project located east of Helena, Montana, in the US. In 2021, a state district court revoked the company's mine operating permit for Black Butte, halting construction activities at the underground mine.
Sandfire describes the project as one of the highest-grade undeveloped copper deposits in the world; a resource estimate for the project's Johnny Lee deposit completed in 2020 outlines a measured and indicated resource of 10.9 million MT grading 2.9 percent copper for a total of 311,000 MT of contained copper.
Shares of Sandfire soared following the Montana Supreme Court's February 26 decision to reinstate the company's mine operating permit. The win is a crucial step for Sandfire to continue the construction of its mine.
The most recent news from Sandfire came on April 29, when it announced assay results from exploration at Black Butte. It highlighted an intercept of 7.4 percent copper over 9.54 meters, including 10.7 percent copper over 6.26 meters. The company said the additional drilling has the potential to increase the resource and extend Black Butte's mine life.
FAQs for TSXV stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, while the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of September 2023, there were 1,713 companies listed on the TSXV, 953 of which were mining companies. Comparatively, the TSX was home to 1,789 companies, with 190 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Data for this 5 Top Weekly TSXV Performers article was retrieved at 1:00 p.m. PST on May 3, 2024, using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
First Assays Confirm Thick Copper Zone and Significant By-Products at Horden Lake
Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide the first assay results from the first 2 of 34 diamond drill holes completed at its 100% owned Horden Lake Project in Quebec, Canada.
Highlights
- Drilling confirms broad zones of copper rich Cu-Ni-Au-PGM-Co mineralisation at Horden Lake, including 37.5m at 1.31% CuEq.
- Significant gold, silver, palladium, platinum and cobalt metals delineated, which were not assayed for in this part of the deposit during historical drill campaigns.
- The first two drill holes fall within the pit constrained portion of the 28 Mt at 1.5% CuEq Indicated and Inferred Mineral Resource Estimate1,2, and display moderately thicker and better grades than the surrounding historical holes.
- Consistent news-flow ahead, including results from the remaining 6,833 m / 32 diamond drill holes and downhole EM surveys to be released progressively through the quarter, followed by mineral resource update and metallurgical testwork in H2.
Assay Highlights
HN-24-93
- 37.5m @ 1.31% CuEq2 (0.57% Cu, 0.22% Ni, 0.10g/t Au, 0.15g/t Pd) plus additional 0.05g/t Pt, 180ppm Co, 7.2g/t Ag from 51.15m
Including 15.0m @ 2.15% CuEq (0.98% Cu, 0.35% Ni, 0.2g/t Au, 0.18g/t Pd) plus additional 0.04g/t Pt, 261ppm Co, 13.4g/t Ag from 73.65m - 1.2m @ 4.44% CuEq (2.73% Cu, 0.35% Ni, 0.81g/t Au, 0.39g/t Pd) plus additional 0.11g/t Pt, 324ppm Co, 33.1g/t Ag from 87.45m
HN-24-92
- 4.8m @ 0.67% CuEq (0.2% Cu, 0.12% Ni, 0.05g/t Au, 0.18g/t Pd) plus additional 0.07g/t Pt, 96ppm Co, 2g/t Ag from 82m
- 6.75m @ 1.54% CuEq (0.63% Cu, 0.28% Ni, 0.07g/t Au, 0.20g/t Pd) plus additional 0.10g/t Pt, 179ppm Co, 7.2g/t Ag from 99m
Including 3.85m @ 2.14% CuEq (0.85% Cu, 0.40% Ni, 0.09g/t Au, 0.26g/t Pd) plus additional 0.12g/t Pt, 234ppm Co, 9.5g/t Ag from 101.2m
Managing Director, Mr Fairhall said:
“I am very pleased to be sharing the first of many assays from Pivotal’s maiden drilling campaign at Horden Lake. These results showcase the shallow wide zones of copper rich mineralisation that characterises Horden Lake. Importantly they validate the existence of significant gold, palladium, platinum, cobalt and silver which were never previously assayed in this part of the deposit, and will serve as potential upside to our mineral resource update later this year.
We look forward to sharing consistent news-flow in the coming months as we receive more assays and downhole geophysics interpretations, to complement our strategy to grow Horden Lake and demonstrate its high-quality development credentials.”
Overview
Horden Lake is a copper dominant Cu-Ni-Au-PGM-Co Project located 131km north-northwest of Matagami, in Quebec Canada. The Project hosts a 28mt at 1.5% CuEq indicated and inferred mineral resource estimate, as a result of over 52,464m of drilling already completed on the property. Pivotal has recently completed a 7,097m 34 hole diamond drilling campaign. The objectives of the drilling program were to infill missing by-product multi-element assay information, potentially expand the resource (which remains open at depth across its full extent), and collect a distribution of metallurgical sample for a complete test work program. Downhole EM surveys have also been completed to dimension future exploration potential and targetting.
Figure 1: Drill plan map of the Horden Lake Cu-Ni-Au-PGM Project
Drill Hole Discussion
Holes HN-24-92 and HN-24-93 were designed to target gaps in the resource blocks, infill and add additional missing metals assay information. Table 1 contains significant intercepts, and Figure 2 is a longitudinal section showing the spatial distribution of historical and new drill holes.
Click here for the full ASX Release
This article includes content from Pivotal Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Ramp Metals Announces Proposed Debt Settlements
Ramp Metals Inc. (TSXV:RAMP) ("Ramp Metals" or the "Company") announces that the Company intends to settle outstanding accounts payable in the aggregate amount of $131,476.90 (collectively, the "Debt") owing to certain creditors through the issuance of 730,424 common shares in the capital of Ramp (collectively, the "Settlement Shares") at a deemed price of $0.18 per Settlement Share (the "Transaction").
No new Control Person (as that term is defined in the policies of the TSX Venture Exchange (the "TSXV")) will be created pursuant to the Transaction; however, two non-arm's length parties are expected to receive a total of 62,500 Settlement Shares upon the settlement of $11,250 worth of the Debt. The issuance of those Settlement Shares constitutes a "related party transaction" as that term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101, and in particular, Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves those parties, exceeds 25% of the Company's market capitalization.
The board of directors and management of the Company believe that the Transaction is in the best interests of the Company because it will allow the Company to preserve its cash to fund future operations.
The Settlement Shares will be subject to a statutory four-month and one-day hold period from the date of issuance. The Transaction remains subject to the approval of the TSXV.
About Ramp Metals Inc.
Ramp Metals is a battery and base metal exploration company with two flagship properties located in northern Saskatchewan and one property in Nye County, Nevada. The management team is passionate about green field exploration and new technologies. The vision of Ramp Metals is to make the next big discovery required to fuel the green technology movement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward- looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the Transaction.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the ability of Ramp to complete the Transaction; requirements for additional capital; future prices of minerals; changes in general economic conditions; changes in the financial markets and in the demand and market price for commodities; other risks of the mining industry; the inability to obtain any necessary governmental and regulatory approvals; changes in laws, regulations and policies affecting mining operations; hedging practices; and currency fluctuations.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information, please contact:
Ramp Metals Inc.
Jordan Black Chief Executive Officer jordaneblack@rampmetals.com
Click here to connect with Ramp Metals Inc. (TSXV:RAMP) to receive an Investor Presentation
March 2024 Quarterly Report
Updated Mineral Resource Estimate for the Hotinvaara Prospect establishes the Pulju Project as a globally significant nickel sulphide district; Base of Till drilling program commences at the recently granted Holtinvaara Exploration Licence.
Nordic Nickel Limited’s (“Nordic Nickel” or “the Company”) (ASX: NNL) flagship 100%-owned Pulju Nickel Project is located in the Central Lapland Greenstone Belt (CLGB), 50km north of Kittilä in Finland, with access to world-class infrastructure, grid power, a national highway, international airport and, importantly, Europe’s only two nickel smelters.
HIGHLIGHTS
- Updated Mineral Resource Estimate (MRE) completed for the Hotinvaara Prospect:
- MRE increased to 418Mt @ 0.21% Ni, 0.01% Co and 53ppm Cu for 862,800t of contained Ni, 40,000t of contained Co and 22,100t of contained Cu;
- Indicated Resource now 42Mt @ 0.22% Ni, for 92,700t of contained Ni;
- Inferred Resource of 376Mt @ 0.21% Ni, for 770,100t of contained Ni.
- A substantial portion of the updated MRE, over 459kt of contained Ni, is located within 250m of surface.
- The Company’s 28 holes drilled during 2023 have more than tripled the in-situ contained nickel estimate and the updated MRE now exceeds the upper end of the Company’s previously published Exploration Target1.
- Detailed metallurgical test work program on Hotinvaara ore is continuing.
- Base of Till (BOT) drilling campaign commenced on the recently granted Holtinvaara Exploration Licence (EL) area, designed to test nickel and copper sulphide targets on one of the three major prospective magnetic anomalies in the area within an interpreted extension of the mineralised ultramafics seen at Hotinvaara.
- New Investor Hub launched to enhance shareholder engagement.
- Cash of $1.96m as of 31 March 2024.
The known nickel mineralisation in the CLGB is typically associated with ultramafic cumulate and komatiitic rocks with high-grade, massive sulphide lenses and veins enveloped by very large, lower grade disseminated nickel sulphide near-surface. The disseminated nickel at Pulju is widespread and indicates the presence of a vast nickel-rich system.
During the March 2024 Quarter, Nordic Nickel reported an updated Mineral Resource Estimate for Hotinvaara comprising 418 million tonnes grading 0.21% Ni, 0.01% Co and 53ppm Cu for 862,800 tonnes of contained Ni, 40,000t of contained Co and 22,100t of contained Cu2.
Pulju is located 195km from Boliden’s Kevitsa Ni-Cu-Au-PGE mine and 9.5Mtpa processing plant in Sodankylä, Finland. Kevitsa provides feed for the 35ktpa Harjavalta smelter, which is located approximately 950km to the south and processes concentrate from Kevitsa’s low-grade disseminated nickel sulphide ore (Mineral Resource Estimate Ni grade ~0.21%). Europe’s only other smelter is Terrafame’s 37ktpa Sotkamo smelter, located 560km south-east of Pulju.
Click here for the full ASX Release
This article includes content from Nordic Nickel, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities/Appendix 5B Cash Flow Report
Blackstone Minerals Limited (ASX: BSX) (“Blackstone” or the “Company”), Yulho Co. Ltd (“Yulho”) and EN Plus Co. Ltd (“EN Plus”) (together, “the Parties”), have signed a non-binding Memorandum of Understanding (“MOU”) to explore one or more strategic Joint Ventures (“JV”).
HIGHLIGHTS
- In January 2024, Blackstone entered into a Memorandum of Understanding with Yulho Co. Ltd and EN Plus Co. Ltd to explore one or more strategic joint ventures,
- In February, His Excellency, Mr Andrew Goledzinowski, Australian Ambassador to Vietnam visited Son La Province in northern Vietnam, where Blackstone’s vertically integrated mining and refining projects are located. The Ambassador met with Son La Provincial Peoples Committee and toured the Company’s projects, the visit highlights the key role the Ta Khoa project plays in the global transition to net zero,
- Blackstone provided an update on its funding strategy and corporate activities in February, the primary focus being on project permitting, finalising the Ta Khoa Refinery definitive feasibility study and the joint venture partner search,
- In March, Blackstone provided an update to its refinery byproduct offtake strategy, signing a non- binding Memorandum of Understanding with three Vietnamese companies to sell Ta Khoa Refinery byproducts, being manganese sulphate (or epsomite) and sodium sulphate.
CORPORATE
- End of quarter cash position of $4.18m,
- Post quarter end received $0.9m from the sale of 25 million shares in Codrus Minerals Ltd,
- $2m received from the sale of shareholding in NiCo Resources Ltd,
- Listed investments of $1.6m at the end of the quarter,
- Completion of the retail component of the Non-Renounceable Entitlement Offer launched on 5th December 2023, raising an additional $323k before costs,
- Research and Development rebate of $4.25m received during the quarter, and the repayment of the $2.8m advance received in July 2023 to Asymmetric Innovation Finance.
Blackstone, Yulho and EN Plus Sign Memorandum of Understanding to Develop a Global Nickel Business
The MOU aims to establish a collaboration across the businesses including EN Plus and Yulho who are in JV on the Ntaka Hill nickel sulphide project in Tanzania, and the Dinagat Island nickel laterite project in the Philippines.
Figure 1: Scott Williamson, Managing Director, Mr Yongin Choi, EN Plus CEO and Dr. Hyunkuk JE, Yulho Vice President
The Parties will investigate the feasibility of establishing a strategic partnership, focusing on the following project specifics:
1. Yulho, via the creation of a joint venture in Tanzania, will engage in nickel mining, primarily to supply concentrate to Blackstone's facilities in Vietnam.
2. Blackstone's Vietnamese refining facility will be tasked with producing NCM811 precursor.
Yulho Overview
Yulho is a company that specialises in providing comprehensive IT infrastructure solutions encompassing servers, storage, networking, virtualization, and cloud computing. It was acquired by EN Plus in December 2023. Yulho will be the holding company for EN Plus’s mining and battery materials businesses which currently include the Ntaka Hill nickel sulphide project in Tanzania, and the Dinagat Island nickel laterite project in the Philippines.
Click here for the full ASX Release
This article includes content from Blackstone Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top 9 Nickel-producing Countries (Updated 2024)
Stainless steel accounts for the vast majority of nickel demand, but electric vehicle (EV) batteries represent a growing application for the base metal as the shift toward a greener future gains steam.
But while nickel's long-term outlook appears bright, it may face headwinds in the short term. After a tough 2023, experts are projecting a surplus this year as weak usage coincides with strong output from top producer Indonesia.
What other dynamics are affecting nickel supply? If you're interested in getting exposure to the market, you should be aware of the factors at play. To get you started, here's a look at the top nickel-producing countries.
Figures are based on the latest US Geological Survey data. Read on to learn more.
1. Indonesia
Mine production: 1.8 million MT
Claiming first place for production by a long shot, Indonesia is a prime example of a country wanting to get in on the exploding market for nickel. Its output of the base metal has grown tremendously from 2017’s number of 345,000 metric tons (MT) to a whopping 1.8 million MT in 2023. Indonesia also hosts 55 million MT of nickel reserves.
The nation is actively building out its EV battery industry, and Indonesia's close proximity to China, the world’s current leader in EV manufacturing, makes for an ideal setup. In May 2021, the country welcomed the commissioning of its first plant to process nickel for use in EV batteries. Dozens more such projects are reportedly in the pipeline, according to East Asia Forum. "In just three years, Indonesia has signed more than a dozen deals worth more than $15 billion for battery materials and EV production with global manufacturers," Euronews reported.
Major auto maker Ford (NYSE:F) announced in December 2023 that it is taking a direct stake in the proposed Pomalaa battery nickel plant, which is slated to begin production in 2026.
2. Philippines
Mine production: 400,000 MT
The Philippines has been one of the top nickel-producing countries for quite some time, as well as a nickel ore exporter. Another country with close proximity to China, the Philippines currently has more than 30 nickel mines, including Rio Tuba, operated by Nickel Asia, one of the nation’s top nickel ore producers. After taking a small hit between 2017 and 2018, when nickel production fell from 366,000 MT to 340,000 MT, the Philippines increased its nickel output to 420,000 MT in 2019. The upward trend was seemingly short-lived as the country continues to deal with record rainfall that has flooded mining operations. In 2022, the archipelagic country saw its nickel output slip to 345,000 MT.
2023 was a big year for recovery as the country's nickel mines managed to increase their output to 400,000 MT. That resurgence could continue as two of the Philippines' biggest nickel producers, Nickel Asia and Global Ferronickel, are planning to invest about a combined US$2 billion to build new nickel-processing plants, as per Bloomberg.
3. New Caledonia
Mine production: 230,000 MT
The economy of this French territory just off the coast of Australia depends heavily on the price of nickel. Although its production has decreased in recent years, dropping from 220,000 MT in 2019 to 190,000 MT in 2022, output picked up steam in 2023 to land at 230,000 MT, giving New Caledonia the third spot over Russia.
More recently, New Caledonia’s nickel industry has been plagued by rising energy costs and sociopolitical unrest. This February, major miner Glencore (LSE:GLEN,OTC Pink:GLCNF) made the decision to shutter its Koniambo nickel mine and put it up for sale. The company cited high operating costs and a weak nickel market.
Given these circumstances, the French government has offered a 200 million euro bailout package for New Caledonia’s nickel industry. But the move hasn't gone as planned, with trader Trafigura deciding not to contribute to the bailout of Prony Resources Nouvelle-Calednie and the Goro mine, in which it has a 19 percent stake.
As of mid-April, the situation remained in limbo.
4. Russia
Mine production: 220,000 MT
Even though it holds the fourth spot on this list of the world's top nickel producers, Russia has seen its nickel output drop in the past few years. In 2018, the nation’s nickel output totaled 272,000 MT, but it came in at 220,000 MT in 2023.
Russia’s Norilsk Nickel (OTC Pink:NILSY,MCX:GMKN) is one of the world’s largest nickel and palladium producers. Nornickel owns nickel reserves on the Taymyr Peninsula in Siberia and the Kola Peninsula in Northwest Russia.The company saw its production decline by 5 percent in 2023, and is expecting further declines in 2024, reported Retuers. "In 2024, we expect that risks related to an adverse geopolitical situation will continue to impact our operations," said Senior Vice President and Operational Director Sergey Stepanov. "Furthermore, this year we are planning capital repairs of the flash smelting furnace #2 at Nadezhda Metallurgical Plant."
5. Canada
Mine production: 180,000 MT
Canada’s nickel production declined from 180,000 MT in 2019 to 143,000 MT in 2022. However, its nickel producers turned it around in 2023 to yet again post 180,000 MT in output of the metal. The country’s Sudbury Basin is the second largest supplier of nickel ore in the world, and Vale’s (NYSE:VALE) Sudbury operation is located there.
Another key nickel producer in Canada is Glencore, which owns the Raglan mine in Québec, as well as the Sudbury Integrated Nickel Operations in Ontario. The major miner's Sudbury site includes the Nickel Rim South mine, the Fraser mine, the Strathcona mill and the Sudbury smelter.
In February, Canada Nickel Company (TSXV:CNC,OTCQX:CNIKF) said it is planning to develop a US$1 billion nickel processing plant in Ontario, which once complete would be North America’s largest.
Canada's nickel industry stands to benefit from the US Inflation Reduction Act which promotes the sourcing of critical minerals for EV batteries from countries with which the US has free trade agreements or bilateral agreements.
6. Australia
Mine production: 160,000 MT
Australia, another top nickel-producing country, saw its production increase slightly from 155,000 MT in 2022 to 160,000 MT in 2023. One top miner in the country is BHP (NYSE:BHP,ASX:BHP,LSE:BHP) with its Nickel West division.
Australia's largest nickel mines also include First Quantum Minerals' (TSX:FM,OTC Pink:FQVLF) Ravensthorpe, and Glencore's Murrin Murrin. Low prices have wreaked havoc on nickel mining in the country, leading to reduced or sidelined operations at six different nickel facilities in the country starting in December 2023, including Ravensthorpe. The situation was enough to prompt the Australian government to add nickel to its critical minerals list.
Like Canada, Australia is considered a potential benefactor of the US Inflation Reduction Act's emphasis on sourcing battery materials from nations with free trade agreements or bilateral agreements with the US.
7. China
Mine production: 110,000 MT
China’s nickel production has remained relatively consistent in recent years. In addition to being a top nickel-producing country, China is the world’s leading producer of nickel pig iron, a low-grade ferronickel used in stainless steel. Jinchuan Group, a subsidiary of Jinchuan Group International Resources (HKEX:2362), is a large nickel producer in China.
China's key role in stainless steel production means that it also influences nickel price dynamics. This was a key factor in 2023 as Indonesia's surplus weighed on the market, as China is a major importer of the country's nickel.
According to a US Geological Survey report, by early 2023, "the surplus had cascaded into an excess of nickel sulfate causing numerous companies in China to convert nickel sulfate to Class I metal, which was expected to add more than 150,000 tons of Class I metal capacity by yearend 2024."
8. Brazil
Mine production: 89,000 MT
In recent years, Brazil’s nickel production has trended upward from 74,400 MT in 2019 to 89,000 MT in 2023. Brazil’s nickel project pipeline has a planned CAPEX of US$1.06 billion through 2025.
Vale, a major producer based in Brazil, sold the Jaguar nickel project in the Carajás mineral province to Centaurus Metals (ASX:CTM,OTCQX:CTTZF) in April 2020. The project hosts a resource of 40.4 million MT at 0.78 percent nickel, totaling 315,000 MT of contained nickel. Jaguar was one of three mining projects selected by the Brazilian government to receive support in obtaining environmental licenses.
9. United States
Mine production: 17,000 MT
Lastly, US nickel production has increased from 2019’s mark of 14,000 MT to 17,000 MT in 2023. The Eagle mine is the only primary nickel-mining property in the US. The asset, located on the Yellow Dog Plains in the Upper Peninsula of Michigan, is a small, high-grade nickel-copper mine owned by Lundin Mining (TSX:LUN,OTC Pink:LUNMF).
Nickel is included on the US' critical minerals list, and in September 2023, under the Defense Production Act, the US Department of Defense awarded US$20.6 million to Talon Metals (TSX:TLO,OTC Pink:TLOFF) for further exploration and mineral resource definition at its Tamarack nickel-copper-cobalt project in Minnesota.
FAQs for nickel production
How is nickel mined and processed?
How nickel is mined and processed depends upon many factors, such as the size, grade, morphology and depth of the nickel deposit that's under consideration. While lateritic nickel deposits are generally mined from open pits via strip mining, sulfide nickel deposits are often mined using underground extraction methods.
After mining, nickel ore is processed into higher-grade concentrates through crushing and separating nickel-bearing material from other minerals using various physical and chemical processing methods. Next, the concentrates are smelted in a furnace before the final stage of refinement using pyrometallurgical and hydrometallurgical processes.
How bad is nickel mining for the environment?
Nickel mining involves serious environmental concerns, including air and water pollution, habitat destruction, community displacement, wildlife migration pattern disturbances, greenhouse gas emissions and carbon-intensive energy use. Nickel-mining companies looking to supply the EV market are feeling the pressure to lessen the environmental footprint of their operations.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Canada Nickel Company is a client of the Investing News Network. This article is not paid-for content.
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