Tesla Inc. has signed an undisclosed deal with Brazilian mining company Vale S.A. for the supply of nickel to the electric car maker, Bloomberg News is reporting, citing sources.
The price of nickel, which is essential to making batteries for electric vehicles, had been rising steadily even before the conflict in Ukraine drove it up even further and triggered chaos at the London Metal Exchange in early March.
Prices of other metals used in cars, including aluminum, palladium and lithium, have also soared recently.
Tesla, the world’s largest EV manufacturer, signed the multi-year supply deal with Vale for nickel from Canada, Bloomberg reported. Sudbury, of course, is a major source of nickel for Vale. Vale’s Sudbury operations include five mines, a mill, a smelter, a refinery and nearly 4,000 employees it is also one of the largest integrated mining complexes in the world.
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