High metal prices and green tech a boon for Ontario mining, says industry
CBC
High metal prices and a push to move away from fossil fuels for transportation have benefited both junior and larger mining companies in northeastern Ontario.
Paul Fowler, senior vice-president of junior miner Magna Mining, said the high price of nickel makes it viable for the company to reopen the Shakespeare mine near Espanola, Ont.
He said the company did a feasibility study at the mine in January, in which it estimated the nickel deposit's value at $8.50 US per pound, and again at a nickel price of $12 per pound.
"The value of our project… increased by over 100 per cent in dollar terms or $250 million as the nickel price increased from $8.50 to $12," Fowler said.
"So the impact on our project is huge. It makes the economics excellent and we fully expect to be proceeding with it as soon as we can."
As of Thursday the price of nickel was around $14.80 US per pound.
Fowler said the high price was due in part to growing demand for nickel for lithium ion batteries, which power everything from electric vehicles to cell phones, and Russia's invasion of Ukraine and the global sanctions that followed.
He said Russia accounts for around 10 per cent of global nickel production and up to 20 per cent of Class 1 nickel production, which is of a higher purity, and used for electric vehicle batteries.
Peter Xavier, vice-president of mining giant Glencore's Sudbury Integrated Nickel Operations, said a higher nickel price helps make the business case when the company has to go deeper underground to mine the metal.
The company's upcoming Onaping Depth Project, expected to start production in 2025, will be one of the world's deepest mines at a depth of 2,600 metres.
Xavier said growing global demand for metals like nickel, lithium and platinum have also benefited the company and its Sudbury operations.
"For us in the industry, you know, we always knew that we were critically important," he said. "And we produce the things we produce for a reason; because the world needs it and there's a certain purpose behind that."
Xavier said companies like Glencore are in regular contact with auto manufacturers to help meet their needs as they build more electric vehicles.
Gold producers have also benefited from higher prices more recently.
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