Russian billionaire betting on battery metals for EVs — and palladium for petrol
Moscow — There are two major reasons mining billionaire Vladimir Potanin is within a hair’s breadth of regaining his ranking as Russia’s richest tycoon this year. One is higher prices for nickel used in batteries as metals traders bet electric vehicles (EVs) are the future of transportation. The other is a jump in palladium on wagers that petrol cars will be here for a long time yet. They’ve boosted the value of Potanin’s 30% in MMC Norilsk Nickel (Nornickel), the top miner of both metals, lifting his net worth 12% this year to $19bn. They also show how Nornickel will gain from automotive industry changes even if optimism on EVs is overdone. Palladium, used to cut pollution in petrol and hybrid-EVs, is up 47% this year in the best performance of any major metal as buyers turn away from dirtier, diesel-powered cars after an industry scandal on emissions testing. Nickel climbed 16% in the period. "Development of the EV industry will lead to increasing demand for nickel and cobalt, but...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.