Recording date: 7th December 2022
Since last talked, nickel has moved down $4,000 tonne and back up similar amount and back over $28,000 per tonne.
Have seen inventories finally show up at LME - up 3,000 tonnes - still a fraction of the analyst forecasts for this year - think they’re missing underlying growth and stocking for new capacity additions - none of them have growth forecasts for next few years which have occurred over the best
As often happens, sometimes get move in China prices or move in LME prices or both. In this case, LME move back higher has not been followed by China - big discounts in NPI/battery.
Think we’ll see those converge as we move into New Year - the EV momentum I expected will carry through and while discounts on NPI/matte still high still not seeing prices come off for ore so not getting squeezed yet and ore inventories are dropping.
Great discussion on understanding the nickel market in 2023.
Lots of company news this week:
CNC - higher grade results at Reid, new discovery at Sothman.
GO Metals was a NO GO - strange assay release - other holes release and not the good visual ones.
Murchison Minerals picked up prior 1990s Falconbridge discovery in Quebec - good intervals of 1-2% nickel (haven’t been able to figure out whether extending or just confirming between historic holes) and identified other regional targets.
EV Metals put out another 4 holes on their bulk tonnage target - getting the 0.2-0.25% grades with sulphur that you’re looking for.
Palladium One getting more high grade intervals at Tyko - next steps key to get continuity and scale up.
Poseidon Nickel delivered Black Swan BFS - high grade plus disseminated open pit.
Archer Exploration taking nickel assets (Grasset, other Sudbury) from Wallbridge.
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