Canada Nickel signs mining fleet financing agreement with Taykwa Tagamou Nation

Nickel Mine Developer Expected to Release Preliminary Economic Assessment of Crawford Project

A nickel mine builder in the Timmins area is counting on a First Nations development partner to help finance its fleet of electric vehicles.

Canada Nickel Company announced the signing of a Memorandum of Understanding (MOU) with Taykwa Tagamou Nation (TTN) on the financing of the company’s mining fleet for the Crawford nickel-cobalt sulphide mine project.

Under the terms of the agreements, the First Nation will seek “favorable financing terms to participate in the financing of all or part of the heavy mining equipment fleet required to operate Crawford.”

The April 7 press release indicated that training and related employment opportunities would also be available to First Nations.

Canada Nickel has a large deposit of nickel sulphide north of Timmins. A preliminary economic assessment of the Crawford project will be released later this month. A more detailed feasibility study of the project is expected by the end of the year.

Route 655 crosses the 4,900 hectare advanced exploration property, approximately a half-hour drive north of Timmins, just past Glencore’s Kidd mine. Canada Nickel plans to carve out a series of large surface mines.

It’s the second agreement between the company and the Taykwa Tagamou nation. The first was signed last December to organize the financing of electricity transmission infrastructure in the property.

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The company is also work with Glencore to study the management of initial production ore through Glencore’s Kidd plant and metallurgical site, allowing for a faster and cheaper start-up.

Canada Nickel is positioned as a North American supplier of nickel for the electric vehicle and stainless steel sectors.

On the clean and green side, the company intends to lead by example in the management of the proposed operation.

Canada Nickel wants its development to have a zero carbon footprint with an electric mining fleet of cable shovels and trolleys for surface mining, rather than using diesel fuel as an energy source.

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The processing plant will use energy from a nearby hydroelectric power station. Electric arc furnaces will be used with all greenhouse gases generated by production captured.

“Canada Nickel is actively seeking ways to increase the participation of local Indigenous communities in the development of Crawford through innovative partnerships that provide opportunities for mutually beneficial business ventures,” said the company’s President and CEO. , Mark Selby in a statement.

“This initiative has the potential to significantly reduce initial capital requirements and improve Canada Nickel’s ability to fund Crawford and move it forward into development. Combined with our previously announced MOUs with TTN and Glencore, it also creates the potential for a much lower start-up cost, “he added.

“TTN has worked diligently to address funding, capacity, scale, policy boundaries, jurisdictional issues and timing of projects to initiate, build and implement development partnerships in our traditional territory,” said Chief Bruce Archibald.

“Canada Nickel continues to set a precedent by ensuring that First Nations communities that receive the financial support needed to reduce capital start-up costs are not only the ones that need to be consulted, but rather are true business partners who benefit their communities and the economy of Northern Ontario at large. “

TTN Economic Development Officer Derek Archibald said the deal complements the community’s economic development strategy.

“We want to move away from the rigid boundaries of benefits agreements to have a real seat at the table, where opportunities are continually being created. Not only is this the most efficient way to see the Crawford Project move forward at a lower cost of capital, it also ensures that we are fully involved in developments that occur in our traditional territory over time.

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