Canada Nickel Co. is set to invest $1 billion in constructing a nickel processing plant in Ontario, slated to become North America’s largest upon completion. With an annual capacity exceeding 80,000 tons of nickel for EV batteries, operations are scheduled to commence in 2027, as per a press release.
Mark Selby, CEO of Canada Nickel, highlighted the growing demand for nickel, anticipating a significant surge over the next decade amid North America’s push for battery production. The company additionally plans to establish a stainless steel and alloy production plant, requiring an extra $2 billion investment.
To fund the ambitious project, Canada Nickel intends to seek financial support from both the Canadian and Ontario governments. The initiative aims to address the gap in North America’s EV battery supply chain, currently reliant on importing raw materials processed abroad.
Despite recent nickel price fluctuations due to increased supply from Indonesia, spurred by Chinese investments, Selby remains optimistic about the demand for North American nickel. With geopolitical concerns and the dominance of Chinese-controlled resources, Selby emphasizes the importance of diversifying sources for strategic metals like nickel.