Anglo takes stake in Canada Nickel

Anglo American confirmed this week it is set to take over a 9.9% holding in Canada Nickel, owner of the Crawford nickel project in the Timmins mining camp, Ontario.

The deal is part of the miner’s mission to expand its nickel product offering with more battery-grade materials and complement its production from the PGM mines in South Africa and its ferronickel from its Brazilian assets.

Canada Nickel, which wholly owns Crawford, will see Anglo American provide technology expertise to the Crawford project as well. Anglo also has the exclusive right to purchase 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.

While no financial details were disclosed, Anglo American said its equity funding will support Canada Nickel’s work to complete the necessary permitting requirements to proceed with development of the project.

“As a responsible provider of future-enabling metals and minerals to our customers, we are committed to supporting our industry in increasing the availability of critical materials that will underpin the success of the energy transition, and to do so sustainably,” said Anglo CEO – Marketing Peter Whitcutt, adding it will apply its FutureSmart Mining technologies to ore samples from Canada Nickel with the aim of improving processing recoveries and reducing the project’s overall energy, emission and water footprint.

“Our in-depth product knowledge and portfolio of innovative technologies have the potential to provide a value-enhancing contribution to the development of the Crawford project, with the objective of unlocking additional supply of nickel to meet the world’s growing demand for battery technology for electric transport.”

The Crawford project is one of the largest undeveloped, bulk tonnage nickel sulphide resources in the world. If brought into production, the project is expected to play an important role in expanding the available supply of battery-grade nickel.

Closing, which is pending several customary conditions, is expected on or about February 28. 

Sources: Anglo American and Canada Nickel

Related posts