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Tesla sustainability cred in doubt after Prony nickel deal

Posted on - 05 Nov 2021

Category - News & Views

Tesla (NASDAQ:TSLA) has signed a questionable nickel supply deal with Prony Resources, the new operator of the Goro nickel mine in New Caledonia, formerly owned by Vale (NYSE:VALE). Tesla has agreed to buy c.42Kt of nickel over an undisclosed period. Given Tesla’s recent comments on the importance of sustainability, this is a strange deal since Goro’s power (of which it uses quite a lot in the HPAL process) is produced almost entirely from coal. While the miner has announced plans to develop new power sources at its site using renewable energy, these plants are not expected to start production until...

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Coal Nickel Offtake Renewables Tesla