- The nation’s overreliance on foreign sources, adversarial nations for critical minerals and materials poses national and economic security threats, says report
- If establishing critical mineral independence is truly a western goal, it is essential that North American nickel mines be discovered, developed
- Fathom Nickel is focused on supplying critical minerals to support the new green economy
Early in the Biden-Harris Administration, a first-of-its-kind report was released providing a supply chain assessment for critical minerals that found the nation’s “overreliance on foreign sources and adversarial nations for critical minerals and materials posed national and economic security threats” (https://nnw.fm/pWQsU). The report provided several suggestions to rectify the situation, including working with partners and allies to diversify sustainable sources as well as focusing on expanding American mining, which North American-based mining companies such as Fathom Nickel (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) are working to provide.
If establishing critical mineral independence is truly a western goal, then it is essential that North American nickel mines be discovered and developed. This is becoming increasingly evident as the government’s efforts to work with partners and allies have hit significant roadblocks. A recent Asia Times article (https://nnw.fm/XBx9c) reported that during the 43rd ASEAN Summit in Jakarta last year, Indonesian President Joko Widodo and Vice President Kamala Harris discussed the potential for a U.S.-Indonesia Critical Minerals Specific Free Trade Agreement (CMS-FTA).
“This FTA would allow the U.S. to receive more Indonesian nickel for electric vehicle (‘EV’) batteries, enabling Indonesia to benefit from the tax incentives for EV purchases based on the Inflation Reduction Act, which the U.S. Congress passed in 2022,” the article reported. However, “Indonesia’s EV-fueled nickel industry has morphed into an ‘oligopsony,’ where Chinese buyers drive and dominate market dynamics.”
Consequently, following the summit, “nine U.S. senators sent out a bipartisan letter addressed to the U.S. trade representative, treasury secretary, energy secretary and commerce secretary expressing concerns regarding the CMS-FTA,” the Asia Times reported. “These include weak labor protections in Indonesia, Chinese dominance of its mining industry, environmental implications, and lack of community engagement among Chinese and Indonesian workers.
Indonesian policymakers should take this as a wake-up call to acknowledge and address the absence of beneficial environmental, social and governance practices in its nickel industry, including accounting for the role of Chinese investments.”
In the meantime, while Indonesia works out the challenges facing the CMS-FTA, the government must continue its efforts to support the development of North American mining of critical minerals and materials. Leading companies in this space, such as Fathom Nickel, could play a key role in the United States breaking free from Chinese dominance of essential minerals and supplies.
Fathom Nickel is an energy metals exploration company that is targeting high-grade copper, cobalt and nickel sulfide discoveries for use in the rapidly expanding electric-vehicle and green-energy markets. The company is focused exclusively on supplying critical minerals to support the new green economy, and currently holds two highly prospective nickel projects in Saskatchewan (Gochager Lake Project and Albert Lake Project). Albert Lakes Project is a past-producing, high-grade mine and a historic deposit with high-grade potential. Just recently. Fathom Nickel has significantly expanded the geochemical footprint of their historic Gochager Lake deposit area, increasing its size by up to 25 times. This expansion, revealed through recent exploration work, indicates a substantial enhancement in the potential scale of the deposit, suggesting a promising future ahead.
For more information, visit the company’s website at www.FathomNickel.com.
NOTE TO INVESTORS: The latest news and updates relating to FNICF are available in the company’s newsroom at https://nnw.fm/FNICF
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