FILE - Smoke rises during protests in Noumea, New Caledonia, on May 15, 2024. Global nickel prices have soared since deadly violence erupted in the French Pacific territory of New Caledonia. The overseas territory, which has been under French rule for over 170 years, is a major global producer of the critical material that is needed to make electric vehicle batteries, solar panels, steel and other everyday items.
Kanaks are seeking independence for the archipelago of 270,000 people, while many descendants of colonizers and other non-indigenous people who have settled on the island want to remain part of France.on the island . It rushed in 1,000 troops to reinforce security forces that lost control of some parts of the capital, Nouméa.New Caledonia holds between 20-30% of the world’s nickel reserves.
“Some of the discussion around France wanting to maintain its control over New Caledonia is motivated by its hopes to secure the large nickel deposits there, perhaps with an eye to future electric vehicle production,” said Nicholas Ferns, a research fellow at Monash University in Australia. In 2021, EV maker Tesla invested in the Goro nickel mine when it was sold to a local consortium majority owned by local stakeholders.Concerns over disruptions of supplies from New Caledonia due to the unrest and sanctions on metals including nickel from Russia have pushed global prices above $20,000 per ton for the first time since September.
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