![]() Our indications are that Chinese demand for MHP will continue to improve through the balance of 2023, despite the significant growth in Indonesian supply, which should result in improved product pricing.” The stabilization in input commodity costs, including sulphur and fuel oil, have partially offset the impact of the decline in byproduct credits. In addition, a decline in byproduct credits, primarily due to significantly reduced cobalt prices compared to 2022, contributed to elevated cash costs. “Softness in demand for NiSO4 and CoSO4 in China provided an opportunity for Ramu to carry out maintenance activities, which were scheduled for later in the year however, the project was still able to produce at near capacity in the quarter, a testament to Ramu’s credibility as a consistent producer of MHP. “The second quarter of 2023 saw slightly reduced production at Ramu, which impacted cash costs however, we anticipate costs will return to historical levels by the end of the calendar year,” stated Nickel 28’s executive chairman, Anthony Milewski. H1 2023 cash cost, net of byproduct credits, of $3.49/pound of nickel, representing an increase of 57% from the same period the prior year. The average H1 2023 Fast Markets cobalt price was US$16.03/per pound, compared with an average Fast Markets cobalt price of US$36.93/pound for H1 2022.Īctual cash cost, net of byproduct credits, of $3.92/pound of nickel produced as MHP, representing a 29% increase from the same period last year. The average first half 2023 LME nickel price was US$10.99/pound, compared with an average LME nickel price of US$12.50/per pound for H1 2022.įast Markets average cobalt price of US$15.07/pound in Q2 2023, a decline of 61% from the same period last year. LME average nickel price of US$10.16/pound in the second quarter of 2023, a decline of 23% from the same period last year. ![]() Sales of 9,078 tonnes of contained nickel and 822 tonnes of contained cobalt in MHP during the second calendar quarter. Q2 2023 Ramu highlights: Production of 7,784 tonnes of contained nickel and 717 tonnes of contained cobalt in mixed hydroxide precipitate (MHP) during the second calendar quarter, continuing to place Ramu as one of the top producers of MHP globally. Nickel 28 currently holds an 8.56% joint venture interest in Ramu, which is operated by Metallurgical Corp. reported operational results for the production quarter ended June 30, 2023, for the company’s largest asset, the Ramu nickel-cobalt integrated operation in Papua New Guinea. did maintain production of-in the past.ĭid we throw cobalt away in the war for oil? Listen to that podcast, and leave your comments below.Nickel 28 Capital Corp. And sodium-ion cells-likely farther off-offer the potential to avoid lithium, which is another resource the U.S. Tesla has also been looking at ways to up the content of more plentiful manganese in its cells-potentially stretching its strained supply of cobalt farther. Nickel-manganese-cobalt (NMC) and nickel-cobalt-aluminum (NCA) are the two most common chemistries for lithium-ion EV battery cells. Ironically, given China’s control on the cobalt market, this is the cell chemistry that Chinese automakers have opted to popularize and mass-produce in their home market, while the West has become increasingly dependent on resources under the control of Chinese resource suppliers. That’s part of the reason why Tesla-and soon, Rivian-have turned to lithium-iron phosphate (LFP) battery cells that don’t rely on cobalt or nickel but sacrifice driving range. Tesla Battery Day vertical integration overview ![]()
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