Reuters reported that Tesla Inc. (NASDAQ:TSLA) is in talks with Giga Metals Corp. (TSXV:GIGA) to help advance its nickel/cobalt project
SmallCapPower | September 15, 2020: Giga Metals Corp. (TSXV:GIGA) shares soared 185% to $1.65 on Friday following a Reuters report that Tesla Inc. (NASDAQ:TSLA) is in talks with Giga to help advance its nickel/cobalt project, which would give the electric car maker access to low carbon nickel for its batteries.
“Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally-sensitive way,” CEO Elon Musk said in July.
Giga Metals previous revealed a low carbon nickel plan that includes turning waste from its mining operations into cement-type rock using carbon dioxide in the atmosphere, and using hydropower.
“The cost of developing our project, excluding bringing hydroelectric power to the site, will be less than $1 billion,” Giga Metals president Martin Vydra told Reuters.
Giga Metals’ Turnagain deposit, located in northern British Columbia, has a Measured & Indicated resource of 5.2 billion pounds of nickel and 312 million pounds of cobalt, along with an Inferred resource of 5.5 billion pounds of nickel and 327 million pounds of cobalt. And, this resource could expand further as the Company claims that less than 25% of the nickel prospective geology has been drilled to date.
Forecasts from Benchmark Mineral Intelligence suggest nickel demand for batteries will rise to 1.4 million tonnes in 2030, or 30% of total nickel demand, from about 139,000 tonnes and 6%, respectively, this year as sales of electric vehicles surge.
Shares of Giga Metals have climbed more than 368% during the past month to its current price of $1.50.
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