Samsung SDI invests $18.8m in Canada Nickel Company
Korean electric car battery maker Samsung SDI has taken a stake in Canada Nickel to secure its supplies of critical raw materials.
Samsung spent US 18.8 million to acquire about 15.6 million shares for an 8.9% stake in the Toronto-based junior nickel development company. The investment will help Canada Nickel to develop its Ontario’s Timmins-Cochrane mining camp, which will eventually supply the metal to the electric car battery market.
“We are very pleased to welcome Samsung SDI as an investor and project partner with Canada Nickel,” said Mark Selby, CEO of Canada Nickel. “As we advance the Crawford Nickel Sulphide Project, it is critical to form long-term partnerships with companies that truly understand how crucial this production is for electric vehicle supply chains across North America and Europe. As one of the world’s leading electric vehicle battery manufacturers, Samsung SDI not only understands our vital role in these supply chains, but also believes in Canada Nickel’s vision for responsible, large scale, net-zero carbon nickel production. Together, our companies are paving the way for a more sustainable future.”
Samsung’s move is one of many by manufacturers to secure supply for raw materials. Last year, for example, General Motors invested USD 650 million in Vancouver-based lithium producer Lithium Americas Corp.
