The rest of the world is speeding up production of nickel and nickel refiners to take advantage of the Battery Electric Vehicle market
Nickel mining executive Johnna Muinonen told mining leaders in Sudbury Monday that Canada has fallen behind in nickel production compared with other countries in the world and she said there are some concerns in the Canadian nickel mining industry that need to be addressed before other countries in the take advantage of the growing demand for the metal.
Most of her address was focused on the growing importance of nickel and other critical minerals for the manufacture and supply of batteries for battery electric vehicles for the automotive market as well as electric vehicles for industry. "So the average in Ontario for electric vehicle registrations is about 5.7 per cent — globally, it's five per cent. But in Sudbury, we're actually closer to 10 . And I know I've personally driven EVs now for four years, and I know when I drive around Sudbury, I used to never see one. And now I see one almost every day, one of them out there," Muinonen said.
She said one of the good things that has happened recently is a newly passed law in the United States — the U.S. Inflation Reduction Act — which is expected to provide billions of dollars in tax incentives for clean energy, which includes incentive for electric vehicles. This will impact vehicles made in the United States as well as by any U.S. free trade partners, which means Canada.
"I don't think we're going to see these deposits get developed by just a mining company coming in and building it. I think it's going to be relationships up down the supply chain, with each of the people taking a bit of sharing a bit of the risk," Muinonen added."We've become so risk averse. We try to manage all these risks by doing studies and doing more and more, gather more information. I'm not sure at the end of the day, it actually reduces our risk at all.
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