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Monday, March 1, 2021 - 12:58:41 PM
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Mining News Pro - Elon Musk has had it with nickel.
Musk has previously pleaded with miners to produce more nickel. Supplies will be tight for the next three years, and there could be a significant deficit as early as 2023 as demand picks up, according to BloombergNEF analyst Allan Ray Restauro.
Nickel is a key component in lithium-ion batteries, used in electric vehicles. It packs more energy into batteries and allows producers to reduce use of cobalt, which is more expensive and has a less transparent supply chain.
The metal has rallied 16% this year on the London Metal Exchange amid a broad-based rally in commodities, with investors betting on strong demand growth as economies reopen.
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