Nickel 28 expects an increased nickel production moving forward in order to fulfill the growing demand for electric vehicles (EV).
The Toronto headquartered miner stated that many analysts are projecting 18.7million on US roads by 2030 and those will account for 7pc of the total domestic market share, while the current share of EV sales in the country is 2pc. Close to 9.6 million charging ports are required to support the growth of EV sales at this level.
Under the recent $2tn infrastructure bill, the US plans to invest $174bn in the development of the domestic EV industry and targets to build close to 500,000 charging stations across the US by 2030.
Recently Nickel 28 announced that its Ramu project saw increased production of contained nickel to 8,805mt in Q1 2021 compared to 8,635 in Q1 2020. The company plans to leverage the project’s potential to tie in with the USA’s EV expansion plans. Nickel 28 has estimated Ramu to produce between 32,000mt and 34,000mt of contained nickel this year.