A metallic nickel plant located in one of São Paulo’s oldest neighborhoods has caught the attention of the European Union, which is seeking to reduce its reliance on China.
The refinery was built in São Miguel Paulista in the early 1980s by the former Votorantim Metais and employed over 400 people until it shut down in 2016.
Now, Australian company Jervois, which has owned the plant for three years, is trying to restart operations and produce metallic nickel starting in 2027. The project has not yet received a final investment decision, but with the EU’s interest, funding may be near.
In June, the European bloc added the refinery to a list of 14 strategic projects outside Europe. While inclusion doesn’t guarantee direct funding, it helps connect European investors with company plans.
The company needs to raise between US$60 million and US$70 million to refurbish the plant, which has been idle for nearly a decade. It aims to produce 10,000 tons of metallic nickel by 2028.
Metallic nickel can be used in specialty stainless steel production or in electric vehicle batteries. Jervois initially plans to focus on the steel market.
