Posted by AGORACOM-JC
at 10:12 AM on Monday, January 14th, 2019
SPONSOR: Tartisan Nickel (TN:CSE) The company’s Kenbridge Property
has a measured and indicated resource of 7.14 million tonnes at 0.62%
nickel, 0.33% copper. Tartisan also has interests in Peru, including a
20 percent equity stake in Eloro Resources and 2 percent NSR in their La
Victoria property. Click her for more information
TN:CSE
———————
Investors bet on nickel prices and nickel stocks to rally in 2019
Class 1 nickel demand forecast to increase 17 fold from 2017 to 2025 due to the EV boom
According to McKinsey research if annual electric vehicle (EV) production reaches 31 million vehicles by 2025 as expected then demand for high-purity class 1 nickel is likely to increase significantly from 33 Kt in 2017 to 570 Kt in 2025
Use of nickel has been traced as far back as 3,500 BC. In more recent
times nickel has been used in coins (a nickel), but is best known for
its use in stainless steel driven mostly by Chinese construction. With
the current negative sentiment due to the US-China trade war and some
mild slowdown in China, nickel prices have fallen to a low level, as
have the nickel miners. Provided we don’t head into a significant China
or global slowdown, any resolution in the trade war with China should
lead to some recovery in nickel prices and the nickel miner’s stock
prices.
Class 1 nickel demand forecast to increase 17 fold from 2017 to 2025 due to the EV boom
According to McKinsey research if annual electric vehicle (EV)
production reaches 31 million vehicles by 2025 as expected then demand
for high-purity class 1 nickel is likely to increase significantly from
33 Kt in 2017 to 570 Kt in 2025. Class 1 nickel is the “high purityâ€
nickel that is used in electric vehicle lithium ion batteries. The
stainless steel industry uses both class 1 and class 2 nickel (lower
purity) and is the main driver of overall nickel demand.
McKinsey also states that “a shortfall in class 1 nickel production
seems increasingly likely as current low nickel prices do not support
class 1 nickel capacity expansions and alternative strategies, as a
result, not only will nickel prices likely need to move towards
incentive pricing but the future pricing mechanism is likely to reflect
two distinct nickel products: class 1 and class 2. At the same time we
expect to see two distinct nickel price mechanisms emerge reflecting two
distinct commodities: class 2 nickel, primarily for use in stainless
steel production, trading at a lower price that reflects its abundant
supply; and class 1 nickel trading at LME prices – or above for high-end
nickel powders and pellets used to make nickel sulfates – reflecting
required incentive prices.â€
The key to understand here is that the nickel sulfide ore miners have
a distinct cost advantage when producing the nickel sulfate required
for EV batteries, and demand for class 1 (high purity) nickel is set to
skyrocket.
Posted by AGORACOM-JC
at 11:17 AM on Thursday, January 10th, 2019
Investment Highlights
Kenbridge property has a measured and indicated resource of 7.14 million tonnes at 0.62% nickel, 0.33% copper
17.5 (21.8 fully diluted) percent equity stake in Eloro Resources and 2 percent NSR in their La Victoria property
Kenbridge Ni Project (ON, Canada)
Advanced stage deposit remains open in three directions, is
equipped with a 623m deep shaft and has never been mined.
Preliminary Economic Assessment completed and updated returned robust project economics and operating costs including a NPV of C$253M and cash costs of US$3.47/lb of nickel net of copper credits.
Plans for Kenbridge include updating PEA,
advancing the project through to feasibility and exploring the open
mineralization at depth
FULL DISCLOSURE: Tartisan Nickel Corp. is an advertising client of AGORA Internet Relations Corp.
Posted by AGORACOM-JC
at 10:19 AM on Wednesday, December 19th, 2018
Investment Highlights
Kenbridge property has a measured and indicated resource of 7.14 million tonnes at 0.62% nickel, 0.33% copper
17.5 (21.8 fully diluted) percent equity stake in Eloro Resources and 2 percent NSR in their La Victoria property
Kenbridge Ni Project (ON, Canada)
Advanced stage deposit remains open in three directions, is
equipped with a 623m deep shaft and has never been mined.
Preliminary Economic Assessment completed and updated returned robust project economics and operating costs including a NPV of C$253M and cash costs of US$3.47/lb of nickel net of copper credits.
Plans for Kenbridge include updating PEA,
advancing the project through to feasibility and exploring the open
mineralization at depth
FULL DISCLOSURE: Tartisan Nickel Corp. is an advertising client of AGORA Internet Relations Corp.
Posted by AGORACOM-JC
at 4:02 PM on Friday, December 7th, 2018
SPONSOR: Tartisan Nickel (TN:CSE) The company’s Kenbridge Property has a measured and indicated resource of 7.14 million tonnes at 0.62% nickel, 0.33% copper. Tartisan also has interests in Peru, including a 20 percent equity stake in Eloro Resources and 2 percent NSR in their La Victoria property. Click her for more information
—————–
-Vale, the Brazilian mining giant built on supplying the world’s steel mills with iron ore, is now betting on the electric vehicle (EV) revolution to turn its nickel division around.
-“We believe in this revolution to come,†Chief Executive Fabio
Schvartsman told analysts at the company’s investor day presentation in
New York this week.
LONDON (Reuters) – Vale, the Brazilian mining giant built on
supplying the world’s steel mills with iron ore, is now betting on the
electric vehicle (EV) revolution to turn its nickel division around.
FILE PHOTO: The logo of Vale SA is pictured in Rio de Janeiro, Brazil, August 7, 2017. REUTERS/Ricardo Moraes/File Photo
“We believe in this revolution to come,†Chief Executive Fabio
Schvartsman told analysts at the company’s investor day presentation in
New York this week.
The use of nickel in lithium ion batteries will translate into at
least 500,000 tonnes of extra demand by 2025, according to Vale, which
is planning to play a leading role in meeting the additional need for
high-grade metal.
However, to do so, it will have to turn around its troubled New
Caledonian operations, a task described by Schvartsman as “maybe our
biggest challengeâ€.
It will also have to gamble that Chinese players led by the Tsingshan
steel group don’t make the technological breakthrough that would allow
them to convert nickel ore straight into battery-grade nickel.
That would undermine demand for the sort of high-purity material, so-called Class I nickel, that Vale specializes in producing.
STILL WAITING FOR GORO
Vale had been hoping to attract a partner for its Vale New Caledonia (VNC) operations but evidently without success.
It will now go it alone.
What was originally known as the Goro project has been strewn with
operational problems ever since it came on stream, two years late, in
2011.
In theory, it’s perfectly positioned to ride the EV revolution,
producing the right sort of nickel for processing into batteries with a
by-product stream of cobalt, another hot battery metal.
In practice, Vale has never fully mastered the high-pressure-acid-lead (HPAL) technology used to convert ore to nickel oxides.
The original plan envisaged a three-year ramp-up to nameplate
capacity of 58,000 tonnes of nickel in oxide and hydroxide. In 2017, its
sixth year of operation, it managed 40,000 tonnes.
Alas, even that good run hasn’t lasted into 2018.
Production of what Vale terms “finished nickel products from VNC
source material†fell 17 percent in the first nine months of the year to
24,200 tonnes and VNC reported an operating loss of $42 million in the
third quarter itself.
Vale management is undeterred.
It has, according to Eduardo Bartolomeo, head of the company’s base
metals division, commissioned a “very detailed study to know exactly why
we can’t achieve our nameplate capacity.â€
The study found that there is no “insurmountable†bottleneck in the
plant and Vale’s goal is now to invest $500 million to get the plant
operating at 50,000 tonnes per year of nickel products over a two- to
three-year time horizon.
It’s not the first time senior Vale management has vowed to fix Goro,
but the new-found incentive is the coming electric vehicle revolution.
The decision to double down on New Caledonia is “very simpleâ€,
according to Schvartsman. “We will need this operation in order to
supply the market because of the growth in the consumption for
batteries.â€
TSINGSHAN CHALLENGE
That is, unless Chinese steel giant Tsingshan can make good on its
ambitions to build an Indonesian plant that can convert nickel ore
straight into battery-quality material.
Since Tsingshan’s original announcement in September, the London
Metal Exchange (LME) nickel price has fallen from just under $13,000 per
tonne to a current $11,000.
Nickel’s shiny electric vehicle premium has been blown away by the
prospect of Indonesia’s abundant nickel ore production, currently
exclusively destined for the stainless steel sector, being diverted into
meeting battery demand.
Such an eventuality could also impact severely demand for the sort of premium nickel product currently produced by Vale.
No-one quite believes Tsingshan’s stated intention of building a
plant to produce 50,000 tonnes per year of contained nickel at a cost of
$700 million with first production next year. Particularly since it is
proposing to use the same HPAL technology that has challenged Vale and
other producers in recent years.
But based on Tsingshan’s track record of single-handedly propelling
Indonesia into the top ranks of stainless steel producers in super-quick
time, no-one’s quite sure either.
Vale’s Schvartsman conceded that “there is no question about the
ingenuity of the Chinese†and that over time “this technology will
become more competitive in their handsâ€.
But not next year, nor in all likelihood the year after.
To build a plant that size, using that technology with that amount of investment “is totally impossibleâ€, Schvartsman said.
Tsingshan’s September statement, according to Schvartsman, “is more
an issue of communication – there isn’t anything real behind it.â€
“Just talkâ€, agreed Bartolomeo, who noted it would take Tsingshan 18
months just to get a federal marine disposal license. “They have the
provisional license but the rules are very strictâ€.
NOW A BELIEVER
This time last year, when Vale was actively looking for an investment
partner in VNC, Schvartsman said it was a test of whether the market
really believed that “nickel is something that is important for the
future of EVs.â€
Would all the future promise “translate into someone who is eager to invest with us to have more nickel in the future�
The apparent negative response is in all likelihood far more to do
with Goro’s problematic past performance than nickel’s future prospects.
The metal seems on track to be an early winner in the materials
competition for lithium batteries, partly at the expense of cobalt on
price and supply stability grounds.
But the promise still lies largely in the future. Batteries only account for around 5 percent of total nickel demand.
Right now the price remains beholden to its traditional stainless
steel drivers. Stainless production ran hot through the first part of
this year but is cooling rapidly, an overlooked part of the recent price
sell-off.
Nickel inventories, meanwhile, remain elevated. Visible stocks on the
LME have been falling but there is a strong suspicion that part of the
decline has simply reflected statistically hidden stock building along
the supply chain.
Vale has around 60,000 tonnes of idled production capacity, taken off-line at the end of 2017 due to low prices.
That gives it plenty of optionality in lifting output as and when demand from the battery sector takes off.
Because one thing is for sure. Vale is now an official believer in the electric vehicle story.
To reap the full rewards, though, it needs to sort out once and for
all its problem child, Goro, and keep its fingers crossed that
Tsingshan’s announcement is, for now at least, “just talkâ€.
Tags: #mining, nickel Posted in All Recent Posts, Tartisan Nickel | Comments Off on Tartisan Nickel Corp. $TN.ca – Vale doubles down on #nickel ahead of #EV revolution: Andy Home $ROX.ca $FF.ca $EDG.ca $AGL.ca $ANZ.ca
Posted by AGORACOM-JC
at 5:58 PM on Wednesday, November 28th, 2018
SPONSOR: Tartisan Nickel (TN:CSE)Â Kenbridge Property has a measured and indicated resource of 7.14 million tonnes at 0.62% nickel, 0.33% copper. Tartisan also has interests in Peru, including a 20 percent equity stake in Eloro Resources and 2 percent NSR in their La Victoria property. Click her for more information
Guest(s): Mark Jarvis President, CEO & Director, Giga Metals
Although batteries still account for a relatively small portion of nickel demand, the electrification of cars is growing that source of demand significantly, this according to Mark Jarvis, president and CEO of Giga Metals.
“The steady march of electric vehicles is a fundamental shift in the supply-demand equation, especially for class 1 nickel,†Jarvis told Kitco News on the sidelines of the Swiss Mining Institute Conference in Geneva.
Posted by AGORACOM-JC
at 5:16 PM on Monday, November 12th, 2018
Investment Highlights
Kenbridge property has a measured and indicated resource of 7.14 million tonnes at 0.62% nickel, 0.33% copper
17.5 (21.8 fully diluted) percent equity stake in Eloro Resources and 2 percent NSR in their La Victoria property
Kenbridge Ni Project (ON, Canada)
Advanced stage deposit remains open in three directions, is equipped with a 623m deep shaft and has never been mined.
Preliminary Economic Assessment completed and updated returned robust project
economics and operating costs including a NPV of C$253M and cash costs of US$3.47/lb of nickel net of
copper credits.
Plans for Kenbridge include updating PEA, advancing the project through to feasibility and exploring the open mineralization at depth
FULL DISCLOSURE: Tartisan Nickel Corp. is an advertising client of AGORA Internet Relations Corp.
Posted by AGORACOM-JC
at 2:17 PM on Thursday, September 13th, 2018
Nickel, which recently hit its lowest since December, could climb as high as $16 000 a tonne by the end of 2018 and $18 000 a year later, Macquarie Capital senior commodities consultant Jim Lennonsaid on the sidelines of the MetalBulletin 6th Asian Nickel Conference in Jakarta on Wednesday.
Nickel has been supported by stainless steel demand growth that exceeded 9% in the first half of 2018, Lennon said.
JAKARTA – Slower production increases in leading supplier Indonesia and continued growth in stainless steel demand are forecast to extend a supply shortage in the global nickel market, supporting price gains through 2019.
Nickel, which recently hit its lowest since December, could climb as high as $16 000 a tonne by the end of 2018 and $18 000 a year later, Macquarie Capital senior commodities consultant Jim Lennonsaid on the sidelines of the MetalBulletin 6th Asian Nickel Conference in Jakarta on Wednesday.
Nickel has been supported by stainless steel demand growth that exceeded 9% in the first half of 2018, Lennon said.
But concerns have emerged in recent months that global growth has peaked against the backdrop of an evolving trade war between the United States and China, dampening the outlook for the 2.2-million-tonne per year global nickel market, he said.
As a result, nickel prices had “overshot to the downside”, he said, noting that he expects China to relax its credit policies and introduce measures to stimulate growth that would underpin steel demand, while nickel output growth will remain slow for the rest of 2018.
Supply disruptions at Eramet‘s mines in New Caledonia and China‘s planned pollution controls in 40 cities, coupled with slow output growth in Indonesia, could also support a recovery in nickel prices this year, Lennon said.
“Inventories are coming down so prices should be moving higher.”
According to Norilsk Nickel principal nickel analyst Alexander Khodov, the global nickel market deficit could extend for three years from a shortfall of 120 000 t in 2018.
“Next year the deficit will probably slightly decrease as a result of a ramp-up in NPI (nickel pig iron) production here in Indonesia (and) a slight increase in NPI production in China, but the deficit will still be around 80 000,” Khodov told Reuters.
Wood Mackenzie metals analyst Linda Zhangalso forecast growth in nickel prices to $14 400 this year and $16 670 in 2019, with the market facing a deficit of 73 000 t this year and 63 000 tin 2019.
Nickel recovered from an 8-1/2 month low on Wednesday, but gains were capped by fresh sparring between Washington and Beijing over trade and by sinking steel prices in China.
Three-month nickel on the London Metal Exchange was bid up 1.2% in official midday rings to $12 375 a tonne, having hit its lowest since late December at $12 085.
Posted by AGORACOM-JC
at 2:02 PM on Monday, September 10th, 2018
Growth in nickel demand from the stainless steel and electrical vehicle (EV) sectors were the main topics of discussion at the Anglo American nickel seminar in Shanghai on Thursday September 6.
Increasing sales of EVs since 2012, in response to global subsidies for the production of EVs with a longer driving range, has resulted in accelerated nickel-containing battery output.
Increasing sales of EVs since 2012, in response to global subsidies for the production of EVs with a longer driving range, has resulted in accelerated nickel-containing battery output.
“While nickel prices have been low in the past several years, it has been a fantastic time for end users and the growing use of nickel,†nickel analyst Barry Jackson of Anglo American said.
The three-month nickel price on the London Metals Exchange stood at $12,360-12,400 per tonne on Friday, vastly down from the all-time peak at $48,695-48,700 per tonne on April 2007, but up year on year from $11,640-11,650 per tonne.
There has been substantial growth in new nickel applications, such as EV, and existing nickel application in stainless steel, with the share of nickel contained in stainless steel and usage of nickel in batteries rising since 2007.
“The two very positive trends for nickel consumption in batteries will be the growing share of Ni-containing lithium-ion batteries and growing share of nickel in the batteries,†Jackson added.
Batteries for stationary storage is a growing area for nickel consumption. Meanwhile, home energy storage holds another potential end use for nickel.
Other speakers at the seminar also pointed to urbanization and modernization in infrastructure as positive growth markets for nickel use.
“With the urbanization in China and other countries, water distribution infrastructure will embrace a booming era, and that also means more nickel usage,†Philip Song, chief representative manager in China of the Nickel Institute, said at the conference.
Posted by AGORACOM-JC
at 11:13 AM on Tuesday, September 4th, 2018
Tartisan has a detailed three-pronged exploration strategy for the Kenbridge Deposit.
First, analysis of the structural and deformational setting of the Kenbridge Project through surface mapping and geophysics as Tartisan’s data analysis from the Canadian Arrow Mines Limited acquisition shows a number of very interesting mineralized zones that do not appear to have been fully explored
Second, MineMap Pty Ltd of Perth, Australia has been evaluating the resource base of the Kenbridge deposit from both open pit and underground perspectives.
Toronto, Ontario – Tartisan Nickel Corp. (CSE: TN, FSE: A2DPCM) (“Tartisanâ€, or the “Companyâ€) is pleased to announce that strategic exploration on the Kenbridge Nickel-Copper-Cobalt Project, Kenora, Ontario has commenced.
As previously press released, Tartisan has a detailed three-pronged exploration strategy for the Kenbridge Deposit. First, analysis of the structural and deformational setting of the Kenbridge Project through surface mapping and geophysics as Tartisan’s data analysis from the Canadian Arrow Mines Limited acquisition shows a number of very interesting mineralized zones that do not appear to have been fully explored.
Second, MineMap Pty Ltd of Perth, Australia has been evaluating the resource base of the Kenbridge deposit from both open pit and underground perspectives. Key to the relevance of this effort is that the principal resource consultant for MineMap is a past Falconbridge employee and has a detailed prior knowledge of the Kenbridge Deposit. This resource calculation, with the insights into potential future mine planning that a resource distribution can provide, is a key factor in updating the NI 43-101 Technical Report on the Kenbridge Nickel-Copper Deposit.
Third, as previously announced, Tartisan has contracted Abitibi Geophysics Inc. Thunder Bay, Ontario office to provide the geophysical surveys that will define the geophysical character of the Kenbridge Deposit from the mineralized outcrops at surface to the high-grade drill-intersected mineralization at the base of the 632m shaft and below within the Kenbridge deformation zone. Abitibi will use this data to survey the rest of the northeast-trending deformation zone as well as on subsidiary related structural settings seen on the Kenbridge property.
Tartisan Nickel Corp CEO Mark Appleby said, “Since the original magnetic survey by Falconbridge Nickel in 1955, approximately 10 detailed geophysical surveys have been conducted over the Kenbridge Deposit and Property, but none were deep-seeking geophysical studies. Since our purchase of the Canadian Arrow assets in February 2018, we have undertaken a careful review of the asset. Our geophysical programs should put our whole geophysical database into a real discovery context so that when we go to drill the Kenbridge Property, we will have the best possible target definition.â€
Tartisan will continue the strategic exploration program by evaluating surface exploration works, evaluate core stored on site and facilitate the surface geophysical survey. Ryder & Associates of Bradford, Ontario and Steel & Associates of Brampton, Ontario are continuing to assist in advancing the Kenbridge asset and they have been an integral part of the Company’s review and analysis since the Canadian Arrow Mines Limited purchase.
As a note, the Kenbridge Deposit occurs within a vertically dipping, lenticular gabbro and gabbro breccia with surface dimensions of 250m by 60m and sits within a significant northeast-trending deformation zone, as shown by deformation textures and shearing in the deposit host rocks. Other structural deformation zone orientations have been mapped on the Kenbridge Project including north, east, and northwest-trending. East-trending deformation zones appear to be host the ultramafic rock units implicit in nickel mineralization at Denmark Lake and Overflow Lake, located to the southeast of the Kenbridge Nickel-Copper-Cobalt Deposit.
As previously described in the Company’s CSE Monthly Progress Reports, and the Company’s Financial Disclosure Documents, Tartisan was served with a statement of claim on June 12, 2018 by a supplier under contract to the Company. The Company has filed a statement of defence and counter claim in the amount of $1,050,000 against the supplier. The Company intends to vigorously defend this case and advance the counter claim.
Tartisan Nickel Corp is a Canadian mineral exploration and development company which owns 100% of the Kenbridge Nickel-Copper-Cobalt Project in Ontario holding compliant resources of 97.8 million lbs of nickel and 47 million pounds of copper. In addition, the Company owns a 100% stake in the Don Pancho Zinc-Lead-Silver Project in Peru just 9 km from Trevali’s Santander mine and owns a 100% stake in the Ichuna Copper-Silver Project, also in Peru, contiguous to Buenaventura’s San Gabriel property. Tartisan also owns a significant equity stake (6 MM shares and 3 MM full warrants at 40c) in Eloro Resources Ltd, which is exploring the low-sulphidation epithermal La Victoria Gold/Silver Project in Ancash, Peru.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN, FSE: A2DPCM). Currently, there are 99,663,550 shares outstanding (113,866,934 fully diluted).
For further information, please contact Mark Appleby, President & CEO and a Director of the Company, at 416-804-0280 ([email protected]). Additional information about Tartisan can be found at the Company’s website at www.tartisannickel.com or on SEDAR at www.sedar.com.
Jim Steel MBA, P.Geo. is the Qualified Person under NI 43-101 and has read and approved the technical content of this News Release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Tags: #smallcapstocks, $TSXV, CSE, nickel Posted in All Recent Posts, Tartisan Nickel | Comments Off on Tartisan $TN.ca Initiates Work Program at the Kenbridge Deposit, Kenora, Ontario and Prepares Update to NI 43-101 $ROX.ca $FF.ca $EDG.ca $AGL.ca $ANZ.ca
Posted by AGORACOM-JC
at 11:09 AM on Thursday, August 16th, 2018
H1 core earnings up 77 percent to $3.1 billion
Sold 101,000 tonnes of nickel in first half
Investors, battery makers bet on electric car boom (Adds battery industry demand, cobalt sales)
By Polina Ivanova
MOSCOW, Aug 13 (Reuters) – Expectations of a boom in demand for electric vehicles are leading investors and battery makers to stockpile nickel and helping to fuel a spike in global prices of the metal, Russian mining company Norilsk Nickel said on Monday.
Nornickel, the world’s second-largest nickel producer, said demand for the metal from the battery sector leapt 38 percent in the first half of this year versus the same period last year.
Along with demand from the stainless steel sector, this helped boost prices to $15,750 per tonne in June, their highest in over four years, the company said, with the battery sector accounting for 5 percent of total global nickel demand.
Nornickel said the expected pick-up in demand for electric vehicles was also a factor behind a drop in industry inventories, as investors and battery makers built up stocks.
Nickel inventories at the London and Shanghai exchanges fell to 274.000 tonnes from 411,000 tonnes between January and July, it said.
Nornickel sold 101,000 tonnes of nickel in the first half of the year. It also mines cobalt, also used in electric vehicle batteries, and revenue from that metal rose 52 percent in the first half of this year, the company added.
On a phone call with investors and producers, Nornickel said it expected the battery sector to become the industry’s second-largest market in the next few years, behind stainless steel.
“Consumption by the battery sector for electric vehicles may be lagging behind stainless steel, but it is growing at a furious pace,†said Anton Berlin, head of Nornickel’s marketing department.
The firm reported a 77 percent jump in first-half core earnings, with strong global prices offsetting the impact of U.S. sanctions on aluminium giant Rusal, which holds a 27.8 percent stake in Nornickel.
At $3.1 billion, Nornickel’s first-half earnings before interest, tax, depreciation and amortisation (EBITDA) beat analysts’ expectations.
“We enjoyed (a) favourable global commodity markets environment in the first half of 2018,†Nornickel president and co-owner Vladimir Potanin said in a statement.
“As a result, average realised prices for all our key metals (except for platinum) rallied in the range of 20-40 percent.â€
Shares in the nickel producer were up 1.9 percent on the day, recovering from a fall on Friday after news that Russia President Vladimir Putin would consider a proposal to raise further revenue for the state budget from metals and mining companies.
Nornickel, which vies with Brazil’s Vale SA to be the world’s biggest nickel producer, said it expected the nickel deficit on global markets to widen from 15,000 tonnes to 124,000 tonnes. (Reporting by Polina Ivanova; Editing by David Goodman and Mark Potter)
