LME nickel hits four-year low as 2025 opens with eyes on China
Prices for nickel, used in stainless steel and batteries, dropped towards $15,000 a ton on the London Metal Exchange.
Vale has agreed to go underground at its Voisey’s Bay site in the Canadian province of Newfoundland and Labrador, extending the lifespan of the nickel mine to reach 2035.
In return for going underground, Vale will be allowed to ship extra ore out of the country for three years.
The CBC reports that no public money is part of the deal and that no existing royalty agreements will be changed. The plan is expected to create just under 1,000 during the initial construction phase and some 400 new jobs thereafter. The site employs 475 workers presently.
To read more coverage from the CBC, click here.
