Sat. Mar 2nd, 2024

The drop in the price of nickel does not worry the mines of the North

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Nickel is mined as raw ore, as shown in this large chunk of rock, and refined into nickel pucks.


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Nickel prices on the world market have fallen significantly over the past 12 months, but that is not deterring companies with deposits in Northeastern Ontario from moving to x27;before with their exploration or exploitation projects this year.

The price of nickel per pound hovered around 7, US$42 as of January 1, 2024, up from just under $14 a year ago.

The situation is attributed in part to the influx of metals from Indonesia on the market.

Paul Fowler is vice-president of Magna Mining, owner of the Shakespeare mine near Espanola and the Crean Hill mine near Whitefish.

He says supply and demand are no longer the only drivers of metal prices, as other considerations come into play.

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What is different today, he says, is is that quality and source of supply are becoming more and more important.

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Most of the infrastructure of the former Crean Hill mine, in the Whitefish region, in Greater Sudbury, have been withdrawn. Initial production and test mining could take place in 2024.

It states that the majority of nickel production mined in Indonesia uses coal and is Chinese-owned.

For political and environmental reasons, this Nickel may never enter electric vehicle production lines in North America and other parts of the Western world.

The source of a product will be important as the world begins to realize the impact of different types of commodity production and greenhouse gas emissions, Fowler said. p>

Not all products are equal in terms of where they are located and how they are produced.

A quote from Paul Fowler, Vice President of Magna Mining

Mr. Fowler says nickel prices have always fluctuated and mines in Sudbury and northeastern Ontario are well-positioned to withstand market fluctuations.

Sudbury nickel deposits often have significant by-products in the form of associated production of copper, platinum and palladium, effectively reducing the cost of producing nickel, which is the metal primary, Mr. Fowler said.

The federal government recently announced a fund called the Critical Minerals Infrastructure Fund, a 1.5 billion dollars open to applications from companies seeking grants to cover the transportation and electricity costs of their critical mining projects.

Low nickel prices at this stage could be encouraging for investors.

Mining company Agnico Eagle recently said it would launch in the nickel sector with Canada Nickel, which is developing the Crawford nickel sulphide deposit in the Timmins region.

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Agnico Eagle says the Ontario government's plan to accelerate the development of new critical mineral mines will also benefit companies that mine gold and other precious metals.

The Toronto-based gold mining company announced on December 29 that it had acquired 19,600,000 flow-through share units from Canada Nickel Company at a price of $1.77 l& #x27;unit, amounting to $34.7 million.

In a press release, Agnico Eagle says it is studying critical minerals sector for several years and that the investment in Canada Nickel represents an early commitment to this growing sector close to its own operations in Ontario and Quebec.

Canada Nickel CEO Mark Selby said in a statement that this investment will help unlock the potential of the Timmins nickel district in an environmentally responsible manner.

With information from CBC's Kate Rutherford

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