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Brazilian mining giant Vale announced that it has inked a long-term contract with Tesla to supply the electric car giant with nickel ore from Canada. The amount and the validity of this deal haven’t been disclosed.
Nickel is an important raw material for making lithium-ion batteries. Driven by strong demand from the automobile industry, the nickel price has surged by nearly 50% this year, reaching the US$30,000/ton level.
A report from Goldman Sachs showed that automobile manufacturers’ nickel demand was expected to increase to 1.4 million tons in 2030 from last year’s 176,000 tons.
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