Here’s why the Nickel Mines (ASX:NIC) share price spiked 7% this afternoon

The Nickel Mines Ltd (ASX: NIC) share price took a rapid leap higher just before 2pm AEST today. Less than 20 minutes later, shares in the S&P/ASX 200 Index nickel miner had gained 7%.

Now even that spike wasn’t enough to put shares back in the black for the day. With the Nickel Mines share price having opened the day sharply lower, the share price remains down 4% in late afternoon trading.

What drove Nickel Mines 7% share price spike this afternoon?

Nickel Mines shares surged within moments of its ASX release announcing the company’s potential to diversify into the electric vehicle battery supply chain.

Earlier this week, the…