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Nickel Ore - Rough-textured stone with a metallic gray and dark brown surface, typical of lateritic or sulfide nickel ores. The subtle shimmer across its rough texture suggests the presence of nickel-bearing minerals such as pentlandite or garnierite.

Ore Type and Chemical Suitability

 

  • Laterite vs. Sulfide Distinction: Laterite ores (found near the surface) are differentiated from deeper sulfide ores based on mineralogy, which dictates entirely separate and costly extraction technologies.

 

  • Economic Grade Threshold: The economic viability of a nickel project is often defined by a high-grade threshold, with profitable operations typically requiring a minimum nickel grade above 1.5% Ni for laterite deposits.

 

  • Cobalt Co-Recovery: The presence of co-recoverable cobalt within laterite deposits significantly improves the overall project economics, particularly for High-Pressure Acid Leaching (HPAL) operations.

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  • Magnesium Oxide (MgO) Impurity: High concentrations of magnesium oxide (MgO), characteristic of saprolitic ores, severely increase reagent consumption and slagging challenges in pyrometallurgical reduction processes.

 

Processing Technology and Metallurgy

 

  • HPAL Process Suitability (Limonite): The nickel-bearing goethite content in limonitic laterite makes it the ideal, required feedstock for the complex High-Pressure Acid Leaching (HPAL) method.

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  • Flotation Amenability (Sulfide): Sulfide ores (e.g., pentlandite) are technically advantageous because they are readily concentrated into high-grade products using standard, energy-efficient flotation techniques.

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  • Ferronickel Route (Saprolite): Saprolite laterite is the preferred feedstock for the energy-intensive ferronickel smelting route due to its higher silica and lower iron content, which aids in fluxing.

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  • Final Product Purity (>99.8%): Production of precursor materials for high-performance EV batteries demands an ultra-high nickel purity, necessitating advanced separation and refining steps often exceeding 99.8%.

 

Physical and Logistical Factors

 

  • In-Situ Moisture Content: The inherently high in-situ moisture content (often 25% to 35%) of laterite ore dictates significant pre-processing requirements, including substantial drying costs before shipment or processing.

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  • Mineral Intermediate Production: ​​​​​​​The technical supply chain is defined by the production of key intermediate materials, such as Mixed Hydroxide Precipitate (MHP) or nickel matte, before final metal refining.

 

Based on the current geopolitical landscape and recent policy announcements, the US sanctions framework significantly impacts global commodity sales in 2025:

 

  • The US Treasury's Office of Foreign Assets Control (OFAC) has intensified restrictions on Russia's energy sector, specifically targeting major oil producers and the affiliated maritime logistics networks to suppress commodity revenue streams.

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  • Compliance risk for commodity traders remains elevated due to the increased scrutiny of the shadow fleet and the potential for secondary sanctions on international actors facilitating the illicit transport of sanctioned crude oil and petroleum products.

Incoterms 2020 defines the essential responsibilities, costs, and risks for buyers and sellers in the international and domestic delivery of goods, standardizing commercial contract clauses globally. These rules, published by the International Chamber of Commerce (ICC), ensure clarity in critical activities like export clearance, carriage obligations, and the precise point of risk transfer between the two parties. A fundamental change in Incoterms 2020 was the clarification of appropriate levels of insurance coverage for the CIF (Cost, Insurance, and Freight) and CIP (Carriage and Insurance Paid To) rules, mitigating financial exposure for the cargo owner during transit. A significant structural update in Incoterms 2020 was the renaming of DAT (Delivered at Terminal) to DPU (Delivered at Place Unloaded), providing flexibility for the delivery point to be any agreed-upon location, not strictly a terminal.