'We Are In A Race Against Time,' Says CEO As Alaska Energy Metals Finds Major Nickel Deposit

Alaska Energy Metals AKEMF has revealed a major nickel find in Alaska, which also includes valuable deposits of copper, cobalt, platinum, and palladium. This discovery could reduce the United States’ heavy reliance on imported nickel, which is essential for the production of stainless steel and electric vehicle batteries.

Increasing Domestic Supply

During the recent Digging Deeper: The Future of Mining, Benzinga virtual event, Gregory Beischer, president and CEO of Alaska Energy Metals, emphasized the importance of this discovery. The only existing nickel mine in the U.S., located in Michigan, is nearing depletion, making new sources of domestic nickel supply crucial. Beischer stressed the urgency of speeding up the timeline for developing these resources to meet the growing demand driven by the shift towards electrification.

"There is only one small nickel mine in the United States, and it is nearly exhausted," Beischer stated, highlighting the precarious state of the nation’s nickel supply. He stressed the need for a reliable domestic source, pointing out that even if all free-trade countries sent their nickel to the U.S., it still wouldn't meet the country’s needs.

Addressing Rising Demand

The discovery comes at a critical time as the demand for nickel, driven by the rise in electric vehicle (EV) production and renewable energy storage systems, continues to increase. The U.S. currently relies heavily on imports, primarily from Canada, but this dependency presents a substantial vulnerability. Beischer emphasized that securing domestic sources of nickel and other strategic metals is essential to ensure a stable supply chain and avoid potential disruptions.

"Electric vehicles and renewable energy storage systems require a substantial amount of metals, and we must secure our supply chains with friendly countries to avoid disruptions," Beischer explained. This discovery positions Alaska Energy Metals as a key player in addressing this supply chain challenge.

Environmental and Economic Considerations

Addressing environmental concerns, Beischer assured that Alaska Energy Metals is committed to responsible mining practices. The company aims to conduct thorough environmental assessments and expedite development timelines without compromising environmental standards. "We don't want permitting regulations relaxed, but there needs to be a more responsive and decisive review process to meet future demands," he stated.

Future Plans

Alaska Energy Metals is currently engaged in drilling and conducting necessary background surveys to expedite feasibility studies. The company is focused on proving the viability of this substantial deposit and bringing it into production as swiftly as possible.

"We are in a race against time to provide the United States with a stable supply of these critical metals, and we are committed to making this discovery a cornerstone of domestic production," Beischer said.

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