Number of New Mines Needed

New high-grade nickel discoveries that can produce nickel at low cost and with a small footprint have all but dried up

  • Globally, the Tamarack Project is one of only three 21st century high-grade nickel sulphide discoveries with resources on infrastructure

At the same time, high-grade underground nickel mines are being depleted

Future nickel expansion is therefore expected to come from laterites in Indonesia and the Philippines

  • One of the most successful laterite projects required $2.1B in CAPEX and took 5 years from construction to reach maximum capacity of 35,400 tonnes of nickel per annum
  • This implies that 36 new mega-projects have to be completed and reach capacity at an estimated $75B of new investment by 2029