Samsung invests $18M in Canada Nickel
A subsidiary of Samsung Electronics is backing Canada Nickel and its critical mineral deposits with an $18.5 million investment.
Samsung SDI, which manufactures batteries and electronic materials, will own 8.7 per cent of the company.
A news release Friday said the investment acknowledges Canada Nickel’s role in helping fill global demand for electric vehicle materials.
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.
“As we advance the Crawford Nickel Sulphide Project, it is critical to form long-term partnerships with companies that truly understand how crucial this production is for electric vehicle supply chains across North America and Europe,” said Canada Nickel CEO Mark Selby in a statement.
“As one of the world’s leading electric vehicle battery manufacturers, Samsung SDI not only understands our vital role in these supply chains, but also believes in Canada Nickel’s vision for responsible, large scale, net-zero carbon nickel production.”
Once construction of the Crawford project is complete, an agreement is in place for Samsung to invest an additional $100 million for a 10 per cent stake in its production.
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It is considered the second-largest nickel deposit in the world.
This comes after a $34.7 million investment from mining giant Agnico Eagle, for 12 per cent of the company.
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