Can nickel mining ever be environmentally friendly? There’s a Canadian public company who believes it can.
What’s happening:
- Toronto based Canada Nickel Company (TSXV: CNC) has raised $34.7M CAD in a new financing round
- The round was led by Canada Nickel’s existing strategic investor Agnico Eagle Mines (NYSE: AEM)
By the numbers:
- Agnico Eagle invested $23.1M CAD into the recent round and now owns approximately 12% of Canada Nickel
- Canada Nickel owns 100% of their flagship nickel and cobalt sulphide property in the highly renowned Timmins-Cochrane mining district in Ontario
The big idea:
- Canada Nickel is aiming to be one of the first companies to sustainably mine nickel in a way which actually removes carbon in the process
- Through a unique mineral processing process, Canada Nickel separates valuable minerals away from waste minerals and has the tailings conditioned with a concentrated steam of carbon dioxide
- When the carbon dioxide is injected, it is also permanently captured
- Through this process, Canada Nickel believes they can become one of Canada’s largest carbon storage facilities
Why it matters:
- Nickel is a highly important input for electric vehicles, however most producing nickel mines have a negative environmental impact and emit enormous amounts of greenhouse gases into the atmosphere
The intrigue:
- Canada Nickel has applied to trademark the names 'NetZero Nickel', 'NetZero Cobalt' and 'NetZero Iron' across several jurisdictions globally
