• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry
Record Surge in Global Coal Capacity Led by China

Record Surge in Global Coal Capacity Led by China

China’s massive annual additions of…

China Exports Gasoline Using Blockchain In Unprecedented Move

China Exports Gasoline Using Blockchain In Unprecedented Move

China’s Sinochem Energy Technology Co has…

Tesla-Backed Mine Faces Trouble In The South Pacific

Nickel prices jumped Tuesday on the news of production setbacks at the troubled Goro nickel mine, which has one of the world's largest deposits and is partially owned by Trafigura Group and backed by Tesla Motors, reported Bloomberg.

Goro is located in the South Pacific island French territory of New Caledonia. The mine has been forced to curtail production following a leak from its tailings dam -- an earth-fill embankment dam used to store byproducts after separating the ore from mining waste. 

A spokesperson from owner Prony Resources said the Goro Mine reported a "limited release of salt-laden liquid" following torrential rains in August. Corrective measures required by local authorities reveal nickel output would be reduced in the fourth quarter. 

The nickel market has seen wild price swings in the last two sessions following reports of an explosion at a nickel factory in Indonesia on Monday, which sent prices skyrocketing 15%, though prices retreated after the owner of the operation denied reports. 

Prices on the London Metal Exchange jumped as high as 7.5% to $31k per ton on Tuesday, hitting the highest level since May. 

Nickel prices trading on the LME have seen increased volatility. In March, the LME halted trading for a week after prices soared 250% in two sessions

Brazilian miner Vale SA previously owned Goro. It was sold last year to Prony -- a group comprising Trafigura, Agio Global, and the New Caledonian government.

The good news is that "minimum quantities required by our customer contracts will be met, and we expect to be at full capacity again shortly," Prony said. 


Global supply tightness for the battery-critical making metal comes as electric-vehicle demand soars. This will undoubtedly keep the costs of EVs out of reach for the average person. 

By Zerohedge.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News