Samsung SDI has acquired a stake in a Canadian nickel mine developer to strengthen its supply chain for key minerals for battery materials.
According to an announcement from Canada Nickel on Jan. 15, Samsung SDI has signed an agreement to acquire a stake in Canada Nickel worth US$18.5 million. Samsung SDI will hold an 8.7 percent stake (15.6 million shares) in Canada Nickel. The deal is aimed at securing a supply chain for battery materials.
Canada Nickel is carrying out the Crawford Project to develop a nickel mine in Ontario, Canada. Samsung SDI has secured 10 percent of the nickel production of the Crawford Project and the right to increase its nickel production by 20 percent for 15 years, according to mutual agreement.
“We are pleased to partner with Nickel Canada through this opportunity and look forward to contributing to the growing battery manufacturing industry together,” said Kim Ik-hyun, vice president of Samsung SDI.