First Quantum Minerals Ltd. started production at what is set to turn into Africa’s biggest nickel mine, furthering Zambia’s aim of becoming a key supplier of battery metals for the electric vehicle revolution.

China’s Zhejiang Huayou Cobalt said on Tuesday it will invest in a $200 million nickel sulfate project in Indonesia, expanding its production of the key battery raw material.

Pacific Nickel Mines (ASX: PNM) has submitted a notice for the final US$19 million of a US$22 million loan from mining giant Glencore to help develop its Kolosori Nickel Project in the Solomon Islands.

The London Metal Exchange (LME) said on Thursday it had approved nickel produced by Quzhou Huayou Cobalt New Material, a subsidiary of China’s Zhejiang Huayou Cobalt, as a list brand and expects more brand applications in coming months.

The global nickel market had a surplus of 11,900 metric tons in May, compared with a surplus of 13,900 tons in the same month last year, data from the International Nickel Study Group (INSG) showed on Tuesday.

Glencore has struck a deal to buy the outstanding shares of PolyMet Mining, gaining full control of a mine development company that holds a 50% stake in a copper and nickel joint venture with Teck Resources.

Nickel sulphide explorer Nordic Nickel (ASX:NNL) has defined further wide zones of nickel sulphide mineralisation at the Hotinvaara prospect within its flagship Pulju Nickel Project in northern Finland.

Bofa cuts nickel price forecast to $22,063/t in 2023 ($23,222/t preciously); 2024 forecast unchanged at $21,250/t.