Canada Nickel (TSXV: CNC) says a Canadian government agency might loan it $500 million for its Crawford project in northern Ontario, which could become the world’s largest nickel-cobalt sulphide development. Its shares rose.
Export Development Canada (EDC), which finances and offers other help to domestic companies, sent a letter of intent to Canada Nickel in late August, it said on Friday. It would be combined with $600 million in tax credits expected from Ottawa to help build the C$3.5 billion capex project near Timmins over two stages, the company said.
“It marks an important milestone towards securing a full financing package for Crawford,” CEO Mark Selby said in the release. “We continue to make good progress with our financial advisers Deutsche Bank, Scotiabank and Cutfield Freeman to secure the remaining project funding required to begin construction when permits are received, which we expect to be by mid-2025.”
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