LME clearing house unveils reforms, to triple member capital requirements
The exchange also said that LME Clear would reduce the amount members have to contribute towards its default fund.
First Quantum Minerals Ltd. started production at what is set to turn into Africa’s biggest nickel mine, furthering Zambia’s aim of becoming a key supplier of battery metals for the electric vehicle revolution.
Output at the Enterprise mine in the country’s North-Western Province has commenced, with a new concentrator expected to be formally commissioned early next month, the Canadian company said Wednesday in a statement. First Quantum decided last year to invest an additional $100 million to complete the project.
The mine is expected to ramp up annual production to 32,000 tons of nickel over the next two years, according to First Quantum’s project manager Axel Köttgen. That would make Zambia the continent’s largest producer of the metal used in manufacturing batteries for EVs, the company said.
Countries from the US to China are rushing to secure supplies of critical battery minerals. Nickel is component of many EV batteries, and is particularly suited to high-performance vehicles.
Last year, First Quantum also approved a $1.25 billion project to expand its Kansanshi copper mine in Zambia after the government committed to a more predictable investment climate.
(By Taonga Mitimingi, with assistance from Mark Burton)
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