Tesla Inc has agreed to purchase nickel supplies from miner Talon Metals Corp as an expected surge in demand spurs automakers to secure access to battery metals and other parts for electric vehicles.
Tesla committed to purchase 75,000 tonnes of nickel concentrates produced from Talon’s Tamarack project, with the price linked to the London Metal Exchange’s cash-settlement price for nickel, Talon said in a statement on Monday.
Tamarack, a nickel, copper and cobalt joint venture between Talon and Rio Tinto Group, is located in Minnesota and is not yet in commercial production.
Photo: AFP
Tesla chief executive officer Elon Musk has repeatedly expressed concern about supplies of nickel due to challenges in sustainable sourcing, with demand set to skyrocket as the world increasingly moves toward electric vehicles.
The agreement with Talon comes less than six months after Tesla struck a nickel-supply deal with BHP Group.
The announcement also follows a flurry of activity among automakers securing supplies of nickel and other materials needed to produce batteries to power the green-energy transition.
BHP, the world’s biggest miner, on Monday said that it would buy a minority stake in a Tanzanian nickel project as it expands its footprint, while General Motors Co last month said that it would build a plant to make magnets using rare-earth materials supplied by MP Materials Corp.
US President Joe Biden’s administration has pledged to invest in US domestic manufacturing and move away from reliance on adversaries for critical inputs.
In October last year, Tesla said higher prices of nickel were having an impact on battery cells.
Talon said it would use “commercially reasonable efforts” to achieve commercial production by Jan. 1, 2026, at the Tamarack project, which might be extended by the agreement of the parties for up to 12 months.
“Rio Tinto is working to support Talon to bring the Tamarack mine into production, as we strengthen our battery materials portfolio,” Rio Tinto Minerals chief executive officer Sinead Kaufman said in a statement. “We look forward to seeing it supply Tesla with nickel that is essential for the production of their electric vehicles.”
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