Canadian Nickel Jr. Giga Metals (CVE: Giga) exploded today as Reuters reported that the company and Tesla were in talks.
Reuters reports that Giga Metals and Tesla are discussing a major mine development, citing electric car makers for low-carbon nickel for its batteries, citing three anonymous sources familiar to the conventions.
Gigabit Metals rose 184% to $ 1.65 at 4pm ET this evening. Giga Metals and Tesla declined to comment on the talks.
“Giga Metals has been the subject of recent media articles about ongoing efforts to increase turnover deposits for commercialization,” President Martin Vaidra said in a news release. “All I can say is that there is no forthcoming content announcement and we will notify regulators and investors of any physical changes that may require disclosure in accordance with security regulations.”
Electric Vehicle Visionary, Elon Musk, during earnings in July He said he was asking mining companies to produce more nickel using environmentally friendly methods.
Tesla is moving to alternative battery chemistry: energy-dense nickel-cobalt-aluminum for its semi-product.
“Nickel-based particles have a high energy density, so long distances; these are required for things like semi, where you have to subtract every unit mass you add to the cargo,” Musk said during a revenue call.
The company described Giga Metal’s turnigain project in north-central British Columbia as “… one of the largest underdeveloped sulfide nickel deposits in terms of total nickel”.
In the initial financial assessment of the project, the company stated its access to hydropower.
“Justifying federal approvals for Bob Quinn for the BC Hydro for Northwest Transmission Line (NTL) and the Red Chris project east of Tatoga Lake has increased the accuracy of the power supply to the Turnigine project,” the PEA authors wrote.
Musk said the miners would offer a bigger deal from Tesla if they could mine nickel efficiently and “in an ecological way”.
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