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TORONTO – Canada Nickel Co. Inc. says Korean company Samsung SDI Co. Ltd. has agreed to invest US$18.5 million in the company for an 8.7 per cent stake.
Samsung SDI makes rechargeable batteries for the technology industry, automobiles, and energy storage systems.
Canada Nickel chief executive Mark Selby says it’s critical to form long-term partnerships with companies that understand how crucial its production will be for electric vehicle supply chains across North America and Europe .
Canada Nickel says it will also grant Samsung SDI the right to buy a 10 per cent stake in its Crawford project located north of Timmins, Ont., for US$100.5 million, exercisable upon a final construction decision.
By exercising the right, Samsung SDI will have a right to 10 per cent of the nickel-cobalt production from the project over the life of mine and a right to an additional 20 per cent for 15 years extendable by mutual agreement.
The investment by Samsung SDI follows an investment by gold miner Agnico Eagle Mines Ltd., which acquired a 12 per cent stake in Canada Nickel.
This report by The Canadian Press was first published Jan. 12, 2024.
Companies in this story: (TSXV:CNC)
The Canadian Press. All rights reserved.
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