Metals and Mining – Base Metals and Minerals

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Metals and Mining – Base Metals and Minerals
Mid-Tier and Emerging
Nickel Producer Overview
The nickel market remains in a structural supply shortage, with demand growth
essentially capped by available supply. Global inventories sit at critically low levels. The
bulk of new large-scale sources of supply continue to be delayed and face massive cost
overruns. The inevitable shift to more technologically challenging and capital intensive
laterite ores is likely to delay new supply even further.
Recent industry consolidation has left four companies controlling roughly 60% of the
global nickel market. This has created an opportunity for a new generation of
producers. Canaccord Adams has profiled North America’s pre-eminent mid-tier and
emerging nickel producers in this overview.