Corporate

Canada Nickel Plans to Raise US$ 1 Billion for Nickel-Processing Plant

February 09, 2024, 12.55 AM | Reporter: Syamsul Ashar

ILUSTRASI. Canada Nickel Co opened a new tab on Thursday and said it is looking to raise $1 billion to build a nickel-processing plant. Photo : Employees wear special clothing when checking the nickel smelting process at the smelter owned by PT VALE Indonesia in East Luwu Regency, South Sulawesi, Friday (28/7/2023). PT VALE Indonesia Tbk's main production is matte nickel with a nickel content of 76 - 80 percent, cobalt 1 percent, sulfur 20 percent and other materials ANTARA FOTO/Jojon/Spt.

COPPER - TORONTO - Canada Nickel Co (CNC.V), opened a new tab on Thursday and said it is looking to raise $1 billion to build a nickel-processing plant, as it seeks to position itself as an alternative supplier of the metal used in car and electric battery vehicles.

The processing plant in Ontario is expected to begin production in 2027 and process 80,000 tonnes of nickel annually.

Nickel production is currently concentrated in Asia, and the company hopes that the new plant will help increase supplies from cleaner sources.