Diversified miner Anglo American has agreed to acquire a 9.9% minority interest in Canada Nickel Company, which owns the Crawford nickel project in Ontario, Canada. The major will make a C$24-million investment in Canada Nickel at a price of C$1.95 a common share – a 10% premium to the 30-day volume weighted average price.
Anglo will provide technology expertise to the Crawford project and has the exclusive right to buy up to 10% of recoveries of nickel concentrate, iron and chromium contained in the magnetite concentrates and any corresponding carbon credits from the Crawford project.
Anglo’s equity funding will support Canada Nickel’s work to complete the necessary permitting requirements to proceed with development of the project.
The investment is part of Anglo’s approach to expand its nickel product offering with additional battery-grade nickel for use in electric vehicles, complementing nickel production from its platinum group metals mines in South Africa, as well as ferronickel from its nickel assets in Brazil, which is mostly destined for the global stainless steel industry.
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