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Canada Nickel Company Inc. (CNC-X) chief executive Mark Selby sees the potential for a major mining company to buy the firm after it attracted yet another strategic investment from a global power player.
Toronto-based Canada Nickel on Friday announced an US$18.8-million equity financing from Korean electric car battery maker Samsung SDI Co., Ltd. The funds will be used to develop an Ontario electric vehicle battery minerals mine that Canada Nickel hopes to have in production before the end of the decade.
Samsung is the third strategic to invest in Canada Nickel, after it already attracted funding from British mining giant Anglo American last year, and Canadian gold senior Agnico Eagle Mines Ltd. (AEM-T) in late December.
Mr. Selby is a one-time executive with Inco. Ltd, which was once one of Canada’s biggest nickel producers. Canada Nickel is working to build a massive new open pit nickel and cobalt mine in the Timmins-Cochrane mining camp in northeastern Ontario. Crawford would eventually supply the battery metals to the EV market. Nickel and cobalt, alongside copper and lithium, are inputs in EV batteries.
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