In 2020, Elon Musk issued a plea, ‘Please mine more nickel. Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way.’

It was understandable. About 50 kilograms of nickel goes into each Tesla battery, and electric vehicle demand was expected to sky-rocket.

But at a time when nickel prices are tumbling, and miners are threatening to mothball their operations due to a massive oversupply, Musk’s sentiment seems a lifetime away.

The landscape has shifted dramatically with the advent of new technology that favours Indonesian nickel.

The development of a method...