Nickel Miners News For The Month Of July 2024

seekingalpha07-31

Nickel spot prices were lower the last month.Nickel market news — BASF to cancel $2.6 billion nickel-cobalt refining project in Indonesia. Fastmarkets — The nickel market has taken a big step towards ...

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Fastmarkets — The nickel market has taken a big step towards ...</p>\n\n<a href=\"https://seekingalpha.com/article/4708465-nickel-miners-news-for-the-month-of-july-2024\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NICMF","symbol_name":"Nickel Industries Ltd","start_time":0,"source_url":"https://seekingalpha.com/article/4708465-nickel-miners-news-for-the-month-of-july-2024","article_id":"2455137206","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1376108436/image_1376108436.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2455137206","pubTimestamp":1722435084,"columns":[],"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Nickel spot prices were lower the last month.Nickel market news — BASF to cancel $2.6 billion nickel-cobalt refining project in Indonesia. 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Fastmarkets — The nickel market has taken a big step towards re-balancing.Nickel company news — BHP announces to temporarily suspend Western Australia Nickel operations. Australia's IGO flags job cuts as the nickel price slumps.Queensland Pacific Metals awarded an $8m Australian Federal Government grant and an $8m Queensland government grant. Canada Nickel's initial Deloro Project Indicated a Resource of 81mt grading 0.25% nickel and Inferred Resource of 357mt grading 0.25% nickel.Centaurus Metals Jaguar Nickel Sulphide Project FS results in a post-tax NPV8% of A$997m and IRR of 31% pa.   HT Ganzo Welcome to the nickel miners news for July. The past month saw nickel prices lower. Nickel price news  As of July 30, the nickel spot price was USD 7.05/lb, down from USD 7.67/lb last month. LME shows the price at USD 15,575/tonne. Nickel inventory at the London Metals Exchange [LME] was higher the past month at 104,388 tonnes (93,864 tonnes last month). Nickel spot price 5 year chart - Current price = USD 7.05/lb Mining.com Nickel demand v supply chart INSG forecasts a third consecutive year of nickel oversupply in 2024 (source) Reuters courtesy INSG S&P Global Market Intelligence forecast nickel oversupply to 2027, then a 'primary' nickel deficit starting in 2028 (as of June 2024) (source) S&P Global Benchmark Mineral Intelligence forecasts deficits for lithium, nickel & cobalt to increase from 2027 onwards (source) BMI Trend Investing vs. IEA demand forecast for EV metals (Trend Investing) (IEA) Trend Investing & the IEA 2021 IEA forecast growth in demand for selected minerals from clean energy technologies by scenario, 2040 relative to 2020 - Increases Of Lithium 13x to 42x, Graphite 8x to 25x, Cobalt 6x to 21x, Nickel 7x to 19x, Manganese 3x to 8x, Rare Earths 3x to 7x, and Copper 2x to 3x (source) IEA 2022 — IEA forecasts 60 new nickel mines needed by 2030 IEA BMI forecasts we need 330+ new EV metal mines from 2022 to 2035 to meet surging demand — 72 new 45,500tpa nickel mines needed by 2035 BMI Lithium & Nickel are the two “high importance to energy” critical materials in the medium term (2025-2035) (source — page 29) DoE Nickel Market News On June 26 Fastmarkets reported: BASF to cancel $2.6 billion nickel-cobalt refining project in Indonesia. German chemical producer BASF announced on Monday June 24 that it will exit a $2.6 billion investment in a nickel-cobalt refining project in Weda Bay, Indonesia due to significant changes in the nickel market since the inception of the project. On July 3 Fastmarkets reported: Fastmarkets battery raw materials market update...Nickel: The nickel market has been taking a big step towards rebalancing...Revised surplus estimates. The International Nickel Study Group revised its 2023 estimates, indicating a lesser market surplus than initially assessed...we now forecast a much smaller market surplus this year than previously expected. The nickel market has taken a big step towards rebalancing. On July 3 Engineering and Technology reported: Indonesia launches first EV battery plant to take advantage of rich nickel resources...South Korea’s Hyundai Motor Group and LG Energy Solution (LGES)...have launched Indonesia’s first battery cell production plant with the capacity to produce up to 10 gigawatt hours [GWH] of battery cells every year. The joint venture is part of a commitment between the two companies made in 2020 that will see investment of up to $9.8bn in Indonesia to develop an electric vehicle [EV] supply chain. This new battery cell factory in West Java province will have enough annual capacity to produce batteries that can power more than 150,000 battery-based EVs. On July 5, Mining.com reported: Beyond 2024, nickel prices to increase steadily to 2028: Fitch. BMI – a unit of Fitch Solutions – is maintaining its nickel price forecast for 2024 at $18,000/tonne as excess supply continues to drag prices down...It projects a surplus of 253,000 tonnes in the global nickel market in 2024... Beyond 2024, Fitch expects nickel prices to increase steadily to 2028, rising to $21,500/tonne as the market surplus narrows on the back of surging demand for nickel along with the rise in the production of EV batteries...Fitch forecasts prices to reach $26,000/tonne in 2033 as the market surplus narrows significantly to 24,500 tonnes, putting upward pressure on prices. On July 15, Reuters reported: Investment in critical minerals in web of doubt, industry says. Many companies are reluctant to invest in critical minerals and energy transition projects due to uncertainty about consumer demand for EVs and government commitment to zero-carbon goals, industry players said. The long-term picture is intact of a world needing large quantities of materials such as lithium, cobalt and copper to enable the world to give up using fossil fuels. The timing of the next several years, however, is in question, they said at the World Materials Forum in Paris last week. On July 15, Canada.ca reported: Canada and B.C. invest in infrastructure upgrades to support critical minerals development in Northwest B.C. and create jobs across the Province...investment of $195 million to upgrade key highway infrastructure in B.C.’s northwest needed to support critical minerals development in the region, improve community access and safety, and create good mining jobs across the province. On July 16 Fastmarkets reported: “China’s June NCM battery output down for third consecutive month.” On July 22, Investing News Network reported: S&P Global: US outpaced by most other countries in mine development times...The document reveals that it takes nearly 29 years on average for a US mine to progress from discovery to production, compared to 27 years in Canada and 20 years in Australia. Only Zambia takes longer at an average of 34 years...Without domestic supply, the US remains vulnerable to supply chain disruptions and geopolitical tensions. With that in mind, the Biden administration has recognized the need to secure domestic sources of important commodities and has taken steps to address lengthy mine approval timelines. For example, the Infrastructure Investment and Jobs Act includes provisions that prioritize energy and critical minerals research, and also allocates funds for mineral extraction. Nickel Company News Producers Norilsk Nickel  On June 28, Nornickel announced: “Nornickel held the annual general meeting…” Vale SA (VALE) Vale Voisey's Bay Mine is a key Canadian and global source of nickel. Vale plans a refinery at Bécancour in Québec to supply GM with battery grade nickel sulfate with deliveries targeted to commence in H2 2026. On July 16, Vale SA announced: Production and sales report 2Q24...Nickel production totaled 27.9 kt, 24% lower y/y, mainly reflecting the planned maintenance strategy at the nickel processing plants. Glencore [HK:805] [LSE:GLEN] (OTCPK:GLCNF) On July 15, Glencore announced: Notice of 2024 Half-Year Results. Glencore plc will release its 2024 Half-Year Production Report on Tuesday, 30 July 2024. BHP Group [ASX:BHP] (BHP) BHP's Nickel West (includes the Mt Keith nickel mine in Australia) has a Measured and Indicated Resource of 4.1 Mt contained nickel with a Total Resource of contained nickel of 6.3Mt, with an average grade of 0.58% Ni in sulphide ore. Nickel West produced 80 kt of nickel in FY 2020. Stage 1 production of the Kwinana Nickel Refinery is aimed to be 100ktpa nickel sulphate. In July 2024, BHP temporarily suspended Western Australia Nickel operations due to low nickel prices. On July 11, BHP Group announced: Western Australia Nickel to temporarily suspend operations...the Nickel West operations and West Musgrave project (Western Australia Nickel) will be temporarily suspended from October 2024. BHP intends to review the decision to temporarily suspend Western Australia Nickel by February 2027. The decision to temporarily suspend Western Australia Nickel follows oversupply in the global nickel market. On July 17, BHP Group announced: Operational review for the year ended 30 June 2024...On 11 July we announced the temporary suspension of our Western Australia Nickel operations from October 2024 as a result of an oversupply in the global nickel market and protracted low nickel prices. Anglo American [LSX:AAL] (OTCQX:AAUKF) On June 27, Anglo American announced: “Report on Payments to Govts…” On July 18, Anglo American announced: “Anglo American production report Q2 2024…Nickel production was broadly flat, reflecting operational stability.” On July 25, Anglo American announced: Anglo American half year financial report 2024. Underlying EBITDA* of $5.0 billion: improved cost performance largely offset a 10% lower product basket price. Eramet [FRA:ERA] (OTCPK:ERMAY) On June 25, Eramet announced: “Eramet continues its economic contribution to its main operating territories and confirms the impact of its corporate commitments.” On July 4, Eramet announced: Information relating to the repurchase by Eramet of all of its outstanding €300,000,000 5.875 per cent. Bonds due 21 May 2025 (ISIN: FR0013461274) (the “Bonds”)... On July 25, Eramet announced: “Eramet: Solid operational performances in H1 2024 and a favourable outlook for manganese ore prices.” Highlights include:  “Good operational performance of the Group’s main mining activities in H1 2024 (vs. H1 2023):…+40% in nickel ore volumes produced in Indonesia; albeit with -20% in volumes sold, reflecting the absence of low-grade saprolite sales’ permit… Strong decline in nickel selling prices and lower manganese ore selling prices (index rebound not yet fully materialised in Q2)… Adjusted EBITDA at €247m…down 27% in H1 2024 (vs. H1 2023) factoring in a strongly negative price effect over the period (-€304m); positive intrinsic performance (+€216m). Net income, Group share negative at –€41m (including -€72m for SLN). Negative Free Cash-Flow owing to continued growth capex. Slight increase in net debt to €711m and adjusted leverage of 1x; maturity extended by 1 year. Financial performance in H2 expected to be significantly above that of H1, owing to favorable seasonality for mining activities and the price scenario. Calculated based on the Group’s volume target range and based on the indicative price consensus to date for the year, adjusted EBITDA would be positioned, for illustrative purposes, between €1.2bn and €1.3bn in 2024. 2024 capex plan revised downwards: between €550m and €600m financed by the Group.”  Sherritt International (OTCPK:SHERF)[TSX:S] On July 29, Sherritt International announced: “Sherritt reports Second Quarter 2024 results; Metals and Power deliver strong performance; Net direct cash cost significantly improved.” Highlights include:  “Sherritt’s share of finished nickel and cobalt sales was 3,791 tonnes and 390 tonnes, respectively. Nickel sales volumes exceeded production volumes on continued strong spot sales, which are expected to continue in the second half of the year, driving progress on reducing nickel inventory. Net direct cash cost (“NDCC”) (2)  was US$5.75/lb. Received $5.1 million of dividends in Canada from Energas during the quarter… 2024 guidance for production volumes, unit operating costs/NDCC (1) and spending on capital (1) remain unchanged. Net loss from continuing operations was $11.5 million, or $(0.03) per share, primarily due to lower average-realized prices (2) for nickel, cobalt and fertilizers, partly offset by higher nickel sales volumes… Adjusted EBITDA (2) was $13.0 million… Completed a 10% workforce reduction at its Corporate office in Q2 2024 in addition to the Canada-wide restructuring completed in Q1 2024. Annual cost savings from these cumulative employee and other cost reductions are expected to be $15.0 million per year…”  IGO Limited [ASX:IGO] (OTCPK:IIDDY)  IGO states on their website: “In June 2024, Cosmos was transitioned into care and maintenance. IGO intends to protect the optionality to restart Cosmos in the future.” Plus Forrestania to enter care & maintenance before the end of CY24. The Nova Mine is their flagship and low cost nickel mine. IGO also has large lithium assets. On July 30, Reuters reported: “Australia's IGO flags job cuts as nickel price slumps.” On July 30, IGO Limited announced: “June 2024 Quarterly Activities Report. Robust end to FY24 with strong cash generation.” On July 30, IGO Limited announced: “June 2024 Quarterly results…Forrestania to enter care & maintenance before the end of CY24.” See below financial results. IGO Limited June Quarter (4Q FY24) Financial Results (source) IGO Limited Sumitomo Metal Mining Co. (OTCPK:SMMYY) On July 1, Sumitomo Metal Mining announced: Sumitomo Metal Mining announces the closing of PTVI divestment transaction. Sumitomo Metal Mining Co., Ltd. (TSE: 5713, SMM) and Vale Canada Limited (VCL) completed the transaction, on June 28, 2024, to sell a part of their stake in PT Vale Indonesia Tbk. (PTVI) to PT Mineral Industri Indonesia (Persero) (MIND ID), and to transfer to MIND ID the rights to subscribe to new shares allocated through a rights issuance by PTVI. The transaction is based on the agreement executed on February 26, 2024. As a result of the transaction, MIND ID's stake in PTVI has increased from 20.0% to approximately 34.0%, VCL's stake has decreased from 44.4% to approximately 33.9%, and SMM's stake has decreased from 15.0% to approximately 11.5%. The transfer value for SMM is approximately JPY 8.5 billion. This transaction is expected to have a minor impact on SMM’s financial performance. Nickel 28 Capital Corp. [TSXV:NKL] [GR:3JC] On July 10, Nickel 28 announced: “Proposed normal course issuer bid and adoption of shareholder capital return policy…to repurchase its common shares.” Nickel Industries Limited [ASX:NIC] (OTCPK:NICMF) On July 4 Nickel Industries Limited announced: “Company update.” Highlights include:  “June quarter trading update — EBITDA from operations expected to be in the range of US$75M-US$80M, impacted by significantly higher than average rainfall. Increased equity interest in the ENC project to 44%, with commissioning of the cathode and sulphate plants to be accelerated. FIRB approval for United Tractors to increase equity interest beyond 20%, allowing the implementation of an on-market share buyback. Release of the 2023 Sustainability Report.”  On July 10, Nickel Industries Limited announced: Update - Notification of buy-back - NIC. NIC announced on 30 Jan 2024 that it intended to buy back up to USD100M of its shares under an on-market buy back, subject to PT Danusa Tambang Nusantara (DTN) receiving FIRB approval for its ownership interest to exceed 20 per cent, as a result of the number of NIC shares on issue reducing under the buyback. DTN has now received FIRB approval. Any buyback can now commence once NIC is out of the blackout period under the NIC Securities Trading Policy, anticipated to be 1 Aug 24. Other nickel producers Tsingshan Holding Group Co Ltd (private, Chinese owned stainless steel producer with large nickel mines in Indonesia), First Quantum Minerals [TSX:FM] (OTCPK:FQVLF), Franco/Nevada [TSX:FNV], MMG [HK:1208], South32 [ASX:S32], Lundin Mining [TSX:LUN], Nickel Asia Corporation [PSE:NIKL], Platinum Group Metals’ [TSX:PTM] (PLG). Nickel juniors Poseidon Nickel [ASX:POS] (OTCPK:PSDNF) On July 30, Poseidon Nickel announced: Update on gold exploration programs...Exploration next steps: Undertake a major soil sampling program at each project that are complementary to progressing multiple greenfields targets (Ni-Li-Au). The proposed programs are comprehensive and a first of their kind over the project portfolio where a full suite of assays will be systematically recorded Talon Metals [TSX:TLO] (OTCPK:TLOFF) Tamarack — (JV with Rio Tinto)  Tamarack is a high grade nickel-copper-cobalt project located in Minnesota, USA, with considerable exploration upside. Talon Metals owns a 51% project share, with potential to further earn-in to a 60% share by 2026. On June 27, Talon Metals announced: “Talon metals announces results of AGM.” On July 5, Talon Metals announced: More nickel in the USA: Talon Metals announces royalty agreement with ...Triple Flag Precious Metals Corp. (“Triple Flag”), Triple Flag USA Royalties Ltd. (“Triple Flag US”), in consideration of the payment of US$8.0 million (approximately C$10.9 million) (the “Triple Flag US Transaction”)...The proceeds received from the Triple Flag US Transaction are intended to be used to continue to advance both the Tamarack Nickel Project in Minnesota, USA and the Michigan Nickel-Copper Project in the Upper Peninsula of the State of Michigan, USA, as well as for general working capital purposes. On July 18, Talon Metals announced: “Talon & Circular announce partnership for tracking responsibly sourced domestic nickel.” Garibaldi Resources [TSXV:GGI] [GR:RQM] [LN:OUX6] (OTCPK:GGIFF) No news for the month. Queensland Pacific Metals [ASX:QPM]  On July 11, Queensland Pacific Metals announced: “$8m international partnerships in Critical Minerals Grant Award.” Highlights include:  “QPM has been awarded an $8m grant from the Australian Federal Government under the International Partnerships in Critical Minerals program. Discussions with commercial partners and the Queensland Government to secure the funding required to support the grant and complete commercial validation of the TECH Project are ongoing.”  On July 15, Queensland Pacific Metals announced: “$8m Queensland State Government funding.” Highlights include:  “Queensland Government will make available up to $8m in the form of a grant to prepare the Townsville Energy Chemicals Hub (“TECH Project”) for investment readiness. The Queensland Government grant is in addition to the recently announced $8m grant received from the Australian Federal Government under the International Partnerships in Critical Minerals program. Upon execution of the respective grant agreements, QPM will commence to ramp up activities for the TECH Project to advance it to the stage where it is ready for a Final Investment Decision. The combination of the two grants represents significant and non-dilutive funding for the TECH Project. In light of this, the QPM Board has resolved to formally commence evaluation of a demerger of the TECH Project from the QPM Energy business (“Demerger”). The Board believes that QPM has two high quality projects that are currently undervalued in the existing corporate structure. A Demerger would allow both QPM Energy and the TECH Project to grow more efficiently and maximise value for shareholders.”  Premium Nickel Resources Corporation [TSXV:PNRL](OTCQX:PNRLF) On July 8, Premium Nickel Resources Corporation announced: Premium Nickel Resources Ltd. announces Director DSU Grant. Premium Nickel Resources Ltd. (TSXV: PNRL) (OTCQX:PNRLF) (\"PNRL\" or the \"Company\") announces that it has granted an aggregate of 350,202 deferred share units (\"DSUs\") to its non-management directors at a deemed price of $0.81 per DSU. Canada Nickel Company [TSXV:CNC](OTCQX:CNIKF) On July 8, Canada Nickel announced: “Canada Nickel announces creation of 'ExploreCo' Subsidiary with Spin-out of Eastern Exploration Properties and Consolidation of Crawford Regional Land Package.” Highlights include:  “Consolidation of the Canada Nickel-Noble joint venture in Mann Township and other Canada Nickel exploration projects East of Timmins into a single private company owned 80% by Canada Nickel and 20% by Noble Mineral Exploration. Consolidation of all Crawford and adjacent township mining and surface rights to facilitate and simplify acquisition of the required surface rights required to begin construction of the Crawford Nickel Sulphide Project.  On July 9, Canada Nickel announced: “Canada Nickel closes previously announced US$15 million loan facility with Auramet International, Inc.” On July 18, Canada Nickel announced: “Canada Nickel Company announces initial Deloro Nickel Sulphide Project Resource.” Highlights include:  “First of seven new nickel resources expected to be published by the end of the first quarter of 2025 demonstrating the potential scale of the Timmins Nickel District. Initial Deloro indicated Resource of 81 million tonnes grading 0.25% nickel containing 202kt of nickel, plus a further Inferred Resource of 357 million tonnes grading 0.25% nickel containing 885kt of nickel. Seven exploration rigs currently drilling across the Timmins Nickel District.”  On July 29, Canada Nickel announced: “Canada Nickel provides update on Crawford Project optimization and commencement of pilot plant operation.” Highlights include:  “Testwork demonstrates opportunity for improvements in recovery from the Crawford East Zone: Locked cycle test delivered a 60% nickel sulphide concentrate – believed to be world’s highest nickel grade sulphide concentrate produced – and a total nickel recovery of 47% exceeding the feasibility study model by 9%. Ten new open circuit variability tests demonstrated nickel recoveries averaging 28% higher than the feasibility study model. Pilot plant program initiated at SGS Lakefield.”  Ardea Resources [ASX:ARL] (OTCPK:ARRRF) In total, Ardea has 6.1Mt of contained nickel and 386,000t of contained cobalt at their KNP Project near Kalgoorlie in Western Australia. Ardea is also exploring for gold and nickel sulphide on their >5,100 km2 of 100% controlled tenements in the Eastern Goldfields region of Western Australia. On July 8, Ardea Resources announced: “Kalgoorlie Nickel Project - Goongarrie Hub DFS underway.” On July 30, Ardea Resources announced: Quarterly operations report...The Company is well capitalised with $14.8M cash-at-bank as at 30 June 2024, and has no debt. Additionally, wholly owned subsidiary Kalgoorlie Nickel Pty Ltd (KNPL) has a funding support arrangement of $11.1M through Sumitomo Metal Mining Co., Ltd (SMM) to facilitate the early start to DFS programs. With available funds of $25.9M, the Company is soundly positioned... Centaurus Metals Limited [ASX:CTM] (OTCQX:CTTZF) Centaurus Metals is an Australian-based minerals exploration company focused on the near-term development of the Jaguar Nickel Sulphide Project, in Northern Brazil. On July 2, Centaurus Metals Limited announced: “Jaguar Nickel Sulphide Project – Feasibility Study. Positive feasibility study demonstrates strong economics and clear pathway to develop a sustainable, long-life and low-cost nickel sulphide project in northern Brazil.” Highlights include:  “Forecast production averaging 18,700tpa of nickel over an initial 18-year open pit mine life for Post Tax operating cash flow of US$2.11 billion. Maiden Jaguar JORC Ore Reserve of 63Mt @ 0.73% Ni for 459,200 tonnes of contained nickel. First quartile life-of-mine C1 cash cost and AISC of US$2.30/lb and US$3.57/lb Ni respectively. Low capital intensity, with pre-production capex of US$371 million (incl. pre-strip and contingency). Post Tax NPV8 of A$997 million and IRR of 31% pa.”  On July 26, Centaurus Metals Limited announced: June 2024 quarterly activities report. Jaguar Feasibility Study demonstrates strong economics and clear pathway to develop a sustainable, long-life and low-cost nickel sulphide project; Drilling commences to test high-priority targets at Boi Novo Copper-Gold Project; Metallurgical testwork confirms potential to produce high-purity direct reduction pellet feed at Jambreiro...Cash at 30 June 2024 of $24.7 million. Alliance Nickel [ASX:AXN] (formerly GME Resources) On July 23, Alliance Nickel announced: “Alliance agrees $4 million unsecured loan facility to complete DFS.” Highlights include:  “Long-term supportive shareholder Zeta Resources provides Alliance Nickel unsecured A$4m loan facility on competitive terms. Loan will provide a funding bridge while positive offtake and investment discussions continue with a potential strategic partner. Funds to help complete NiWest Project Definitive Feasibility Study, metallurgical testwork and working capital.”  On July 29, Alliance Nickel announced: June 2024 quarterly activities report...NiWest Project Definitive Feasibility Study well advanced, expected to be finalised H2 2024...Post-quarter end, long-term supportive shareholder Zeta Resources provided a $4 million unsecured loan facility on competitive terms to complete the NiWest Project Definitive Feasibility Study...During the quarter the LME nickel price rallied as high as US$21,750/tonne due to civil unrest in nickel-producing New Caledonia and has since hovered around the US $16,000/tonne mark. Widgie Nickel [ASX:WIN] On July 23, Widgie Nickel announced: “Munda agreement with Auric Mining Ltd yields $1.2m+ for WIN (Updated).” Sama Resources [TSXV: SME] [GR;8RS] (OTCPK:SAMMF) The Samapleu-Grata Nickel-Copper Project is a 60/40 joint venture between Ivanhoe Electric and Sama Resources. On July 5, Sama Resources announced: Sama announces engagement of Market Maker...DS Market will trade the securities of the Company on the TSXV for the purpose of maintaining an orderly market...DS Market is an equity trading advisor to issuers looking to enhance liquidity in their public traded securities. Murchison Minerals [TSXV:MUR] (OTCPK:MURMF) No news for the month. Power Nickel [TSXV:PNPN] (CMETF) No significant news for the month. The Metals Company (TMC) No news for the month. Other juniors Artemis Resources [ASV:ARV], Australian Mines [ASX:AUZ], Azure Minerals [ASX:AZS] (OTCPK:AZRMF), Blackstone Minerals [ASX:BSX], Cassini Resources [ASX: CZI], Class 1 Nickel and Technologies Ltd. [CSE:NICO] (OTCQB:NICLF), Electra Battery Materials [TSXV:ELBM] (ELBMF), Electric Royalties [TSXV:ELEC], EV Nickel [TSXV:EVNI] (OTCPK:EVNIF), Flying Nickel Mining Corp. [TSXV:FLYN], FPX Nickel [TSXV:FPX], Grid Metals Corp [TSXV:GRDM], Go Metals [CSE:GOCO] (OTCPK:GOCOF), Huntsman Exploration [TSXV:HMAN] (OTCPK:BBBMF), Inomin Mines [TSXV:MINE], Jervois Global Limited [ASX:JRV] (OTCQB:JRVMF), New Age Metals [TXV:NAM], Nickel Creek Platinum [TSX:NCP] (OTCQB:NCPCF), Nordic Nickel Limited [ASX:NNL], Pancontinental Resources Corporation [TSXV:PUC], Polymet Mining [TSX:POM], Renforth Resources [CSE:RFR] (OTCQB:RFHRF), Rox Resources [ASX:RXL], S2 Resources (ASX:S2R), Stillwater Critical Minerals [TSXV:PGE] (OTCQB:PGEZF), Sunrise Energy Metals [ASX:SRL] (OTCQX:SREMF), Surge Battery Metals Inc. [TSXV:NILI] [FRA:DJ5C] (OTCQX:NILIF), Talisman Mining Ltd. [ASX:TLM], Tartisan Nickel Corp. [CSE:TN] (OTCQB:TTSRF), Transition Metals [TSXV:XTM], URU Metals Ltd. [LSE:URU] [GR:NVRA], Wall Bridge Mining [TSX:WM], and Zeb Nickel Corp. [TSXV:ZBNI] (OTCQB:ZBNIF). Note: Some of the above companies are covered in the Cobalt monthly news. Nickel miners ETF Below is the Sprott Nickel Miners ETF. You can view the top holdings here. Sprott Nickel Miners ETF (NIKL) - One year price chart - Price = US$12.12   Seeking Alpha   Conclusion Nickel spot prices were lower the last month. Highlights for the month were:  BASF to cancel $2.6 billion nickel-cobalt refining project in Indonesia due to significant changes in the nickel market. Fastmarkets - We now forecast a much smaller market surplus this year than previously expected. The nickel market has taken a big step towards rebalancing.  Indonesia launches first EV battery plant to take advantage of rich nickel resources. Fitch Solutions [BMI] - Beyond 2024, nickel prices to increase steadily to 2028. Investment in critical minerals in web of doubt, industry says. China’s June NCM battery output down for third consecutive month. S&P Global: US outpaced by most other countries in mine development times. Vale's nickel production totaled 27.9 kt in Q2, 24% lower y/y, mainly reflecting the planned maintenance strategy at the nickel processing plants. BHP announces to temporarily suspend Western Australia Nickel operations. Anglo American Q2 nickel production was broadly flat.  Eramet H1, 2024 - +40% in nickel ore volumes produced in Indonesia. Financial performance in H2, expected to be significantly above that of H1 Sherritt reports a Q2 Net loss from continuing operations of $11.5m, or $(0.03) per share, primarily due to lower average-realized prices for nickel, cobalt and fertilizers. Australia's IGO flags job cuts as nickel price slumps. Sumitomo Metal Mining announces the closing of PTVI divestment transaction for part of PT Vale Indonesia. SMM's stake has decreased from 15.0% to approximately 11.5%. Nickel Industries Limited EBITDA from operations expected to be in the range of US$75M-US$80M, impacted by significantly higher than average rainfall. Update on $100m buyback intention. Talon Metals announces royalty agreement with triple flag for us$8 million. Queensland Pacific Metals has been awarded an $8m Australian Federal Government grant and an $8m Queensland government grant. Canada Nickel - Initial Deloro Project Indicated Resource of 81mt grading 0.25% nickel containing 202kt of nickel, plus a further Inferred Resource of 357mt grading 0.25% nickel containing 885kt of nickel. Crawford Project, commencement of pilot plant operation. Centaurus Metals Jaguar Nickel Sulphide Project FS results in a post-tax NPV8% of A$997m and IRR of 31% pa. Pre-production CapEx of US$371m. Initial 18-year open pit mine life, averaging 18,700tpa of nickel. First quartile life-of-mine C1 cash cost of US$2.30/lb.  As usual, all comments are welcome.  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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