As global demand for transition metals intensifies, two mining companies set their eyes on Brazil.
Vale SA
In an effort to meet growing demand for transition metals like nickel, copper, and lithium, the new Brazilian mining company Vale hopes to conclude a deal for a new base metals investment by the first half of 2023. As stated in The Globe and Mail, the company “plans to sell up a 10-percent stake in its underperforming base metals unit” whose operations include the extraction of nickel and copper in Brazil, Indonesia, and Canada.
The deal is part of a broader move by Vale to secure its place as a key player in the expanding EV industry “by selling Canadian-mined nickel to North American and European manufactures,” build the first battery-grade nickel refinery in Canada, and strike partnerships with auto and battery companies like Tesla, Northvolt AB, and GM.
The company will have an estimated capex of $20 billion and is likely to be headquartered in Canada.
Sigma Lithium
Canada-listed mining company Sigma Lithium is currently building a lithium mine in Brazil, where it aims to produce high-quality battery metals, have them ready for shipment as early as April 2023, and “almost triple outputs…
