Global nickel production is about 5 billion pounds a year, divided equally between grade 1 high-purity nickel from sulphide deposits and grade 2 nickel from laterite deposits.
By 2030, the penetration rate of electric vehicles will reach 22% to 30%, and the annual production of 30 million electric vehicles will require about 2 billion pounds of grade 1 nickel, Mc Kinsey researchers Ken Hoffman reported.
But silver elephant, a toronto-listed company, says nickel production is falling due to the scarcity of sulphide minerals, and "the future level 1 nickel supply will not meet the explosive growth of electric vehicles.
The company announced last week that it had reached a binding agreement to buy from Victory Nickel in the Thompson nickel belt (TNB) from Victory Nickel for $11.68 million.
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