Onca Puma produces about 25,000 tonnes of nickel a year or about 1% of annual global consumption. On its own Onca Puma going off line will not make much difference but add the disruption in Indonesia and both are providing valuable support to the nickel price during an unsettled period.
The Chinese have this chump over a barrel. No matter how he spins this its going to come out like he’s backing down to increase his chances of being re-elected.
LME live warrants down by 3,126 tonnes to 112,350 tonnes.
“Scientists amazed as Canadian permafrost thaws 70 years early”
Depressing to say the least.
Nickel mining on the Indonesian island of Sulawesi has also caused environmental degradation in an area already weakened ecologically by demand for timber and oil palm, potentially putting habitat pressure on species like the critically endangered crested macaque (Macaca nigra). There are plans to increase nickel production through new mines, aimed at ramping up battery production in anticipation of EV demand, while proposed expansion of nickel mining in Indonesia has prompted violent protests as well as allegations of government corruption.