https://financialpost.com/pmn/business-pmn/from-green-hype-to-bailouts-the-nickel-industry-has-imploded
"...things have quickly soured for BHP and other miners. The nickel market has been thrown into chaos after a flood of new supply from Indonesia — the result of huge Chinese investment and major technological breakthroughs. Mines across the world are at risk of closing, others are asking for state bailouts or going bust."
. . .
"A huge Indonesian expansion of low-grade production led to a surplus, but processing innovations have allowed that glut to be refined into a high-quality product that’s hitting the battery market."
The highlighted point above can't be overemphasized. The high-quality product going into EV batteries is now being produced through cheapo Indonesian refineries.
Sherritt had a small piece of the high-quality nickel pie. Now they just got Walmarted.
To continue:
"As a result, prices for the metal have crashed over 40% from a year ago, adding to hurdles in a market that is also wobbling from weak demand and persistent concerns about China’s economy. Macquarie analysts estimate that more than 60% of the global industry is losing money at current prices."
Our beloved Sherritt was barely hanging on when nickel prices were soaring and there was only "high-quality" nickel to be mined for batteries. Are they losing money hand over fist? Why yes. Yes they are. BIGLY.
Let's clost with this:
"The scale of the collapse has left some in the industry questioning if there’s a future for most nickel mines outside of Indonesia. "
The simple answer is "no". Not for Sherritt at least. 2024 is the year they hang it up and close shop. For ever.