Samsung SDI finances a nickel mining company in Canada
According to some recent pieces of information, the South Korean conglomerate Samsung has signed a deal with a Canadian nickel mining firm. Notably, the deal was signed between Samsung SDI, the battery manufacturing arm of the company, and Canada Nickel. Reportedly, the partnership will give Samsung access to essential materials that are required for manufacturing rechargeable batteries.
Just recently, the Canadian company shared that Samsung will be investing $18.5 million in the company. With this investment, Samsung will acquire an 8.7% stake in Canada Nickel. As part of this partnership, 10% of the nickel-cobalt production from Canada Nickel’s Crawford project, located in Ontario, will be secured by Samsung SDI. In addition to this, Samsung has secured rights for 20% of the output for the next 15 years. The partnership is extendable through mutual contracts between the two companies.
In addition to attempting to relocate its battery manufacturing facilities to North America, Samsung SDI is taking steps to ensure that the resources needed to produce rechargeable batteries are available. In the past, the company signed a deal with Stellantis that will help the company establish battery plants in the US for electric vehicles. As of now, both companies are working on the construction of their second battery plant in the United States.
According to details, Mark Selby, the chief executive of Canada Nickel, shared that following Samsung SDI’s investment, a big mining corporation might acquire the business. In northeastern Ontario, the company intends to build an open-pit nickel and cobalt mine in the Timmins-Cochrane mining camp. The material acquired from these sites will be used to manufacture batteries for electric vehicles.
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