Kitco News - Fresh off raising funds from Samsung and Agnico Eagle Mines, Canada Nickel announced yesterday that it intends to develop downstream nickel and stainless-steel processing facilities in the Timmins region of Ontario.
The company says that the facilities are expected to be the largest nickel processing facility in North America and largest stainless-steel and alloy production facility in Canada.
Over three phases, the nickel processing plant is expected to reach a capacity of more than 80,000 tonnes of nickel annually. Subject to permitting approvals, the plant plans to begin production by the start of 2027 utilizing third party feeds.
In addition to the nickel processing plant, a stainless steel and alloy production facility is expected to be established to process the nickel-chromium (NiCr) magnetite concentrate from the Crawford Nickel project and other feeds to be transformed into more than 1 million tonnes of alloy products, including more than 500,000 tonnes of 304-grade stainless-steel annually. The facility is expected to grow along with the expansion at Crawford Nickel project and would become the largest stainless-steel production facility in Canada.
The announcement comes despite nickel prices having collapsed over 42% to $15,753 a tonne over the past year due to over supply by Indonesian nickel operations.
Canada Nickel was up 1.42% to $1.43 a share. Last month Samsung invested $18 million in Canada Nickel, following Angico Eagle Mines $17 million investment made in December.