Canada Nickel touts processing in Ontario, but financing unclear
Monday, February 12, 2024
Canada Nickel Company Inc. has announced plans to build two large processing facilities near Timmins, Ont., in response to North America’s growing electric vehicle market. Its subsidiary, NetZero Metals Inc., intends to construct North America’s largest nickel processing facility and Canada’s biggest stainless-steel and alloy plant. Site selection is ongoing, with costs estimated at $1 billion. Despite being a small firm, Canada Nickel recently revealed plans for its proposed $1.9-billion Crawford nickel mine, awaiting final decision next year. CEO Mark Selby is optimistic about securing funding, mainly from government sources, leveraging tax credits and funding programs.
Moreover, the initiative aims to boost Canada’s nickel production, which is vital for the electric vehicle industry. Despite being a top producer, global diversification efforts remain slow. Selby expects the plants to employ over 500 workers, with nickel production set to begin by 2027. Ontario’s Minister of Mines expressed support, highlighting the province’s commitment to clean production methods and partnerships with international companies.
Furthermore, Canada’s involvement in the electric vehicle supply chain is growing, driven by major manufacturers’ announcements. However, challenges remain, including financial viability concerns for companies like Canada Nickel. Nonetheless, partnerships and government support signal a positive trajectory for the industry, with Timmins positioned for a key role.
Source: The Globe & Mail
Author: Matthew McClearn
Published: February 9, 2024BACK TO ALL NEWS