Agnico Eagle invests $34.7M into Canada Nickel
Agnico Eagle Mines has invested $34.7 million into Canada Nickel Company Inc., giving Agnico a 12 per cent stake in the company.
"We are very pleased to welcome Agnico Eagle, one of the largest mining companies in Canada, as an investor in Canada Nickel,” Mark Selby, CEO of Canada Nickel, said in a news release Tuesday.
“The proceeds from this offering will help us continue to unlock the potential of our Timmins Nickel District, which we believe has the potential to be one of the world's largest nickel sulphide district.”
Canada Nickel is working on developing its Crawford deposit, located on Highway 655 near the Highway 11 intersection. It's also developing another find, the Reid Property, located 16 kilometres southwest of Crawford, or 37 kilometres northwest of Timmins.
Selby has said that deposits in the area have the potential to become one of the largest sources of nickel for EV batteries in the world.
“This potential, combined with our novel IPT Carbonation process to capture and store CO2, provides a foundation for a Zero Carbon Industrial Cluster in northern Ontario,” the company said in the news release.
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Canada Nickel Company Inc. is advancing the next generation of nickel sulphide projects to feed the demand for the electric vehicle and stainless steel markets.
The company’s goal is the production of net zero carbon nickel, cobalt and iron products. For more information, click here.
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