The Case for Kun-Manie
The Prospect for Nickel - A (EV) Demand Driven Market
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Pollution concerns and environmental benefits are fuelling a dramatic rise in
mass Electric Vehicle (EV) adoption globally
Lithium, Cobalt and Graphite prices have spiked on their role in EV but the
role of Nickel in EV battery Cathodes has so far not been discussed
All current and in development EV batteries will have significant quantities of
Nickel making up to between 20-52% of the battery raw material
The next generation of batteries expected to use more nickel due to its energy
density
"We think that electric vehicles could offer a
renaissance for the nickel market... EV battery
manufacture could drive a massive +10-40% of
incremental nickel demand by 2025e" - UBS
July 2017
"Nickel prices to benefit the most from electric
vehicles" BAML Oct 2017
The main beneficiaries of mass EV adoptions in
the base metals space are nickel and copper" -
Goldman Sachs Oct 2017
Nickel demand with vehicles using only NMC (1:1:1)
batteries
Nickel demand with vehicles using only NMC (8:1:1)
batteries
2,000
2,000
1,800
'000 tonnes
1,800 000 tonnes
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
World ex-China China
800
800
600
600
■World ex-China China
400
400
200
200
0
0
2015
2016 2017E 2018E 2019E 2020E 2025E 2030E
2015 2016 2017E 2018E 2019E 2020E 2025E 2030E
Source: BofA Merrill Lynch Global Research
Source: BofA Merrill Lynch Global Research
Amur
Minerals
"Given OEM testing and certification processes
we believe that there will be no alternative to
NMC at least within the next 10 years" - UBS
July 2017
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