Canada Nickel plans to raise $1bn for nickel-processing plant
TORONTO - Canada Nickel on Thursday said it is looking to raise $1-billion to build a nickel-processing plant, as it seeks to position itself as an alternative supplier of the metal used in car and electric battery vehicles.
The processing plant in Ontario is expected to begin production in 2027 and process 80 000 tonnes of nickel annually. Nickel production is currently concentrated in Asia, and the company hopes that the new plant will help increase supplies from cleaner sources.
The company is in discussions with the Canadian government, the United States Department of Defense and other partners in the battery manufacturing sector to raise the funding, CEO Mark Selby told Reuters.
The miner, whichcounts Samsung SDI and Agnico Eagle Mines as shareholders, is also building a nickel mine in Ontario and hopes to integrate the battery supply chain with the proposed processing plant, according to Selby.
The company's stock rose 3.6% to C$1.42. The Toronto Stock Exchange Venture-listed miner has a market value of C$194-million.
The announcement by NetZero Metals, a unit of Canada Nickel, comes as large global nickel producers cut costs and reduce production after prices dropped 40% in the last year.
But Selby expects demand for the metal to grow.
"The car companies and battery supply chain know that the amount of nickel needed in North America is going to double and triple over the next decade," Selby said, adding that what these buyers want is responsibly produced, clean, green nickel in North America.
Comments
Projects
Latest Multimedia
Latest News
Showroom
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
BOVA cemented their reputation in Africa by delivering high quality engineering through their range of safety footwear. 21 years after producing...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
