| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Canada Nickel (OTCQX:CNIKF) is raising $1 billion to build a processing plant in Timmins, Ontario.
The company is also planning a stainless-steel and alloy production facility.
Per Reuters, the processing plant — slated to commence production in 2027 — aims to process 80,000 tons of nickel annually. This would make it North America’s largest facility of its kind.
With nickel production predominantly concentrated in Asia, Canada Nickel envisions filling a crucial gap in the supply chain by providing cleaner and responsibly produced nickel from North America.
“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," CEO Mark Selby said in a prepared statement.
"These processing facilities will position the Timmins Nickel District and Canada at the forefront of the global transition to greener energy and materials," he added.
See Also: Canada Wants To Increase Critical Mineral Production, But China’s Involvement Raises Concerns
To fund this ambitious venture, Canada Nickel is engaging in discussions with key stakeholders. They include the Canadian government, the United States Department of Defense, and partners in the battery manufacturing sector.
Samsung SDI (OTC:SSDIY) and Agnico Eagle Mines (NYSE:AEM) are also Canada Nickel shareholders.
Meanwhile, the company is concurrently developing an open-pit mine in Ontario and aims to integrate the entire battery supply chain with the proposed processing facility.
"We have what the world needs right in our backyard to fuel the electric vehicle revolution," said Ontario Mining Minister George Pirie, while the project also received a blessing from Bruce Archibald, Chief of the Taykwa Tagamou Nation.
Canada Nickel can expect plenty of support as Canada strives to increase the production of critical metals. Recently, the government offered help to troubled producers like First Quantum Minerals (OTCPK: FQVLF) who are grappling with price slumps and mine closures.
However, this plan comes amidst challenging times in the market. Nickel prices on the London Metal Exchange have experienced a sharp decline of over 40% in the past year, primarily due to an influx of supply from Indonesia and sluggish demand.
With a current market cap of around $150 million, Canada Nickel's plans might look overly ambitious. Yet, the market reacted positively to the news with the stock ending Thursday's session 2.92% higher, closing at CA$ 1.41.
Now Read: KoBold Metals Announces Historic Copper Discovery In Zambia
