Three species of black coral have been discovered on the seabed of the northern Pacific Ocean, an area where several countries have contracts to explore for metals including cobalt and nickel.
A report commissioned by the Minerals Council of Australia states this growth stands on the same drivers that allowed seaborne thermal coal volumes to double between 2006 and 2019.
Nickel bulls may have to defer their great EV expectations for a while yet and focus on what is happening in the currently far more significant stainless steel sector.