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September 14, 2020

Tesla reportedly in talks to buy low-carbon nickel from Giga Metals

Canadian firm Giga Metals and American company Tesla, the world’s most valuable car company by market cap, are reportedly discussing the development of a large mine.

Canadian firm Giga Metals, and American company Tesla, the world’s most valuable car company by market cap, are reportedly discussing the development of a large mine.

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The move would give the electric carmaker access to low-carbon nickel for its batteries, Reuters reported citing three anonymous sources who are familiar with the matter.

Nickel is a key ingredient in the batteries that are used to power electric vehicles (EVs).

Besides its goal to reduce pollution from driving, Tesla is also working towards reducing its own carbon footprint.

Meanwhile, the low carbon nickel plans of Giga Metals involve turning waste from its own operations into “cement type” rock using CO2 in the atmosphere and using hydropower.

Giga Metals President Martin Vydra declined to comment about any talks with Tesla.

The news agency quoted Vydra as stating: “Giga is actively engaged, and has been for some time, with automakers regarding our ability to produce carbon neutral nickel.

“The cost of developing our project, excluding bringing hydroelectric power to the site, will be less than $1bn.”

Giga Metals-owned Turnagain mine in British Columbia has measured and indicated resources of 2.36 million tonnes (Mt) of nickel and 141,000t of cobalt.

The Canadian company holds 100% ownership of the Turnagain project.

Turnagain is reportedly among the largest undeveloped sulphide nickel projects in the world, with metallurgical test work showing significant deposits of high-quality nickel that can be used in lithium-ion batteries, with the site also holding cobalt, another critical element in battery production.

Last week, Tesla became a member of the Fair Cobalt Alliance (FCA) to improve the artisanal mining sector in the Democratic Republic of the Congo (DRC).

Last month, Giga Metals responded to Tesla CEO Elon Musk’s call for sustainably sourced nickel, claiming that Canadian projects – and Giga’s own Turnagain project – are ideal sources of environmentally-responsible nickel for the electric vehicle producer.

In June, Tesla and commodities trader and miner Glencore signed a deal, pursuant to which Tesla will buy cobalt from Glencore. The cobalt will be supplied from the DRC, where the commodities miner has been operating a copper mine in the Katanga region since 2008.

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Free Report
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Mining companies make accelerated moves towards net zero carbon emissions

Over the last two to three years, considerable progress has been made by mining companies in terms of setting emission reduction targets and net zero goals and, more recently, outlining their decarbonization pathways. While the target year for net zero for most has remained at 2050, mining companies are becoming increasingly ambitious with their targets for short-term scope 1 and 2 emissions reductions targets. To give a full view of this area of the mining industry, GlobalData is offering you a free whitepaper, which offers a detailed analysis around the following topics:
  • Compares the operational decarbonization progress to date for leading mining companies
  • Benchmarks the targets for reducing scope 1 and 2 emissions, and net zero carbon emissions
  • Benchmarks the current share of renewables in leading miners’ electricity consumption
Read this report to best position your company in line with these environmental targets.
by GlobalData
Enter your details here to receive your free Report.

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