**1. Vale Canada Limited (VALE)**
First on the list is Vale Canada Limited, a subsidiary of the Brazilian mining giant, Vale S.A. Throughout 2024, this company has proven itself to be an undisputed leader in the production and exploration of nickel in Canada.
With various mining projects spread across Newfoundland and Labrador, Vale Canada exploits rich Canadian soil for high-grade nickel. The Voisey’s Bay mine and processing facility is a primary example of its robust nickel production. This mine garnered immense attention in 2024 due to its expansion into underground mining, significantly increasing its yield and supporting a projected operation life-span extending up to 2034.
With regards to their stock market performance, Vale Canada Limited experienced a considerable surge in 2024. This growth resulted from the expanding electric vehicle (EV) industry, which significantly increased demand for nickel, a key component in lithium-ion batteries. A sustained rise in nickel prices further bolstered the company’s financial standpoint.
**2. Sherritt International Corporation (SHERF)**
Second in the top three is Sherritt International Corporation. This company is one of Canada’s leading producers of nickel and cobalt, with a focused dedication to sustainable operations. In 2024, Sherritt continued to solidify its presence and operational excellence within the nickel industry.
The Moa Joint Venture project in Cuba, in which Sherritt owns a significant stake, is particularly known for providing a substantial amount of their annual nickel output. This project continually demonstrated increased production rates in 2024, largely contributing to the bullish sentiment surrounding Sherritt’s stocks.
Apart from their encouraging operational reports, Sherritt gained investor interest in 2024 because of its ambitious ESG (Environmental, Social, and Governance) targets. These targets included strategies to reduce greenhouse gas emissions and water use in its nickel operations, appealing to environmentally conscious investors seeking stocks with strong growth potential and sustainability credentials.
**3. First Quantum Minerals Ltd. (FM.TO)**
Lastly, we have First Quantum Minerals Ltd., a company primarily known for copper production but has increasingly gained prominence due to its nickel operations. Its Ravensthorpe Nickel Operation in Western Australia has consistently contributed significantly to its overall production, yielding nickel in a form that is particularly suitable for manufacturing EV batteries.
In 2024, First Quantum experienced steady growth boosted by rising demand for EVs and the subsequent increase in nickel demand. Despite nickel being a smaller part of the company’s portfolio, the robust performance of this segment greatly contributed to the remarkable uptick in First Quantum’s stock prices.
Also, First Quantum’s commitment towards minimizing its environmental footprint through energy-efficient procedures and responsible water use strategies attracted a larger pool of ESG-focused investors, putting this stock in a positive light in 2024.
In conclusion, these three companies have capitalized on the burgeoning demand for nickel globally, making them the top three Canadian nickel stocks in 2024. An increase in demand for electric vehicles, alongside their strategic operations and eco-friendly initiatives, have driven up their stocks, allowing these companies to shine on the financial market.
