#Vale inks #Nickel deal with #GM that could be worth $760M a year
Industry giant Vale has landed its first large-scale electric vehicle battery deal in North America, supplying nickel to power a slew of General Motors’ cars and trucks, the companies said on Thursday.
The deal for 25,000 tonnes per year of nickel works out to about $762 million per year using a September average metal spot price of about $30,500 per tonne, though both companies declined to state the agreement’s dollar value in a joint news release. They called it a long-term deal, but didn’t say how many years.
The nickel is to come from Vale’s proposed plant at Bécancour near Trois-Rivières, Que., a first-of-its-kind facility for Canada and North America, Vale said. It will wind up in electric vehicles such as the Chevrolet Silverado EV, the Cadillac LYRIQ and the GMC HUMMER EV pickup. The supply will outfit about 350,000 electric vehicles per year, the companies said. Nickel deliveries are planned to start in the second half of 2026.
Read more at: https://www.northernminer.com/news/vale-inks-nickel-deal-with-gm-that-could-be-worth-760-million-a-year/1003848685/