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Developing the next major nickel project in Brazil
Slide 1

"A shift of just 10% of the global car fleet to EVs would create demand for 400,000 tonnes of nickel, in a 2 million tonne market. Glencore sees nickel shortage as EV demand burgeons."          Ivan Glasenberg, Glencore CEO*

89 million cars sold globally last year

  • Approximately one percent were electric/hybrid vehicles (1.1 million cars)
  • Translating to 70,000 tonnes of nickel demand
  • Electric vehicle sales increase anticipated to bring new net demand for nickel on top of increasing traditional nickel demand

Changing battery composition

Nickel is the most significant metal in lithium-ion battery cathodes used in Electric Vehicles.
Three battery types in the EV market:

  • nickel-manganese-cobalt (NMC)
  • nickel-cobalt-aluminium-oxide (NCA)
  • lithium-cobalt-oxide (LCO)

NCA and NMC batteries are most commonly used by companies such as Tesla and Chevrolet as these batteries are considered to provide a longer cycle life, more stability, and good energy density. In time, nickel will make up 80% of the mass in both NCA & NMC batteries.

**UBS prediction on the evolution of NMC battery composition:

NMC prediction

Electric Vehicle
Our cells should be called Nickel-Graphite, because primarily the cathode is nickel and the anode side is graphite with silicon oxide… [there’s] a little bit of lithium in there, but it’s like the salt on the salad,” Elon Musk, Tesla, 2016 ***

Future Demand****

Limonite and Electric Vehicles*****

* 2017 Glencore AGM Presentation Tackling Global Challenges
** Source: UBS report
*** Elon Musk: Tesla Investor Q&A, June 2016
**** Wood Mackenzie, Glencore, North America Nickel
***** Vale Presentation: Benchmark Minerals Cathodes Conference: October 2017
NickelElectric Vehicles