Nickel

Vedanta plans to expand nickel sulphate production, to tap overseas demand

Unlike Japan and South Korea, India's electric vehicle market is still in its nascent stage

Vedanta urges govt to talk with Japan, S Korea to end nickel sulphate duty

Vedanta and some smaller firms turn nickel ores imported primarily from Australia, Indonesia and Turkey into nickel sulphate before shipping it to South Korea, Japan and other countries

Budget 2024: FinMin announces Critical Mineral Mission; what we know so far

Union Budget 2024: Finance Minister Nirmala Sitharaman announced the government will soon conduct the first round of offshore mineral auction round under the Critical Mineral Mission

Furnace explosion: Death toll hits 18 in Indonesian nickel plant incident

The death toll following the explosion of a smelting furnace at a Chinese-owned nickel plant on Indonesia's Sulawesi island rose to 18 on Tuesday, as police ordered the plant to stop operations until an investigation into the incident is completed. The accident, which occurred on Sunday, was the latest in a series of deadly incidents at nickel smelting plants in Indonesia that are part of China's ambitious transnational development program known as the Belt and Road Initiative. Nickel is a key component in global battery production for electric vehicles. Four Chinese and nine Indonesian workers died instantly on Sunday when the furnace exploded while they were repairing it, said Central Sulawesi police chief Agus Nugroho. Three more victims died a day later while being treated at a local hospital. Two more workers died on Tuesday at the hospital, bringing the total number of fatalities to 18, including eight workers from China, said Deddy Kurniawan, a spokesperson for PT Indonesia

Prateek Gupta loses bid to lift freezing order in Trafigura fraud case

Gupta has said in his defence that Trafigura staff devised the scheme at the centre of the case to substitute low-value metals such as scrap for high-grade nickel

Trafigura sets aside $127 mn provision for Brazil, US DOJ fine to end probe

Trafigura is alleged to have made profits from these contracts amounting so far to $143.7 million

Staff at Trafigura tried to hide nickel 'red flags', messages show

On one occasion, a Trafigura employee instructed one of Gupta's executives to "please maintain a minimum of credibility" regarding the journey times for cargoes of nickel

Gupta asks court to lift freezing order in Trafigura nickel fraud case

Trafigura filed a lawsuit against Gupta in February, alleging seven trading companies that Trafigura said are controlled by him carried out "systematic fraud" over nickel cargoes

Tea and nickel on agenda as Biden hosts Indonesian President Widodo

President Joe Biden will host Indonesian President Joko Widodo at the White House on Monday, one day before the US leader leaves for San Francisco to attend a summit of Asian leaders. The two presidents will share an afternoon tea and meet with top advisers, according to senior administration officials who insisted on anonymity to preview the schedule. They will also talk about ways to expand the trade of critical minerals like nickel, which can be used to produce electric vehicle batteries. Indonesia is the world's largest producer of nickel. White House press secretary Karine Jean-Pierre said they will explore opportunities to enhance cooperation on the clean energy transition, advance economic prosperity, bolster regional peace and stability, and reinforce our people-to-people ties. Biden's meeting with Widodo comes shortly before he sits down with Chinese President Xi Jinping on Wednesday during the Asia-Pacific Economic Cooperation summit. Indonesia is the world's third-large

Govt to start auction process for 100 critical mineral blocks in 4 months

India is racing to ensure critical minerals security to power its ambition to make the country a key battery and electric vehicles manufacturing hub and help attain a net zero goal

Businessman Prateek Gupta targeted by Trafigura bids to lift freeze

Gupta formally filed his court challenge Friday seeking to lift a $625 million asset freeze against him, his spokesman said without providing further details of his defense

JPMorgan has made deep cuts to metals' business after nickel crisis

While the review is ongoing, JPMorgan has already scaled back its base metals business substantially, according to people familiar with the matter

Minerals in Indian Ocean can turn India self-sufficient in nickel, cobalt

Vast mineral deposits in the Indian Ocean can make India self-sufficient in nickel and cobalt, a top official of the International Seabed Authority (ISA) said on Tuesday. Nickel and cobalt are critical ingredients in the lithium-ion batteries used in most electric vehicles, which are zero-emission automobiles. Praising the Indian government's efforts in this direction through its Deep Ocean Mission, Michael W Lodge, ISA's Secretary-General, also exuded confidence that India can become a global leader in deep sea mining. He was speaking to reporters on the sidelines of International Conference on Seabed Mining', held at the Gujarat National Law University in Gandhinagar. India was one of the very first pioneer investors in deep sea mining, starting from the 1980s. In recent years, there has been enormous progress. Under the Deep Ocean Mission, India's progress was phenomenal. India has the potential to become a global leader in deep sea mineral exploration and exploitation, said ...

Trafigura faces $577 million loss after uncovering nickel fraud in India

The missing nickel is a blow for the company that has grown rapidly in the past decade to become one of the world's largest trading houses

Crucial for India to secure its nickel needs, says Jindal Stainless MD

Firm's MD Abhyuday Jindal says next milestone after completing expansion would be to achieve 100% capacity utilisation, after which it may look at backward integration

Indonesia says Tesla struck $5-billion deal to buy nickel products

Southeast Asia's biggest economy has been trying to get Tesla to set up a production facility in the country, which has major nickel reserves

Metals' loss is infrastructure and capital goods companies' gain

Interest rate hikes, however, remain a pet peeve

Elliott Associates sues LME for $456 mn over nickel trading suspension

Fund manager Elliott Associates sued London Metal Exchange for $456 million following the suspension and cancellation of nickel trades on the platform owned by Hong Kong Exchanges and Clearing Ltd

Nickel hits lower circuit in early trade on London Metal Exchange

On March 8, nickel contracts on the London-based exchanges surged as much as 111 per cent to breach $100,000 per tonne

LME suspends nickel trade after prices soar past $100,000 a tonne

The trading shutdown after Western sanctions threatened supply from major producer Russia is the biggest crisis to hit the 145-year-old exchange in decades.