Canada Nickel Firm Inc. [CNC-TSXV; CNIKF-OTCQB] stated Monday January 11 that it has entered accurate into a non-binding MOU with Glencore Canada Corp. to glance the aptitude exhaust of Glencore’s Kidd concentrator and metallurgical rep 22 situation in Timmins, Ontario, for the remedy and processing of cloth mined from Canada Nickel’s 100%-owned Crawford nickel-cobalt sulphide mission.
Crawford is found 40 km north of Glencore’s operations within the Timmins-Cochrane rep 22 situation of northern Ontario.
“The chance to invent the hundreds of the extra skill and modern infrastructure at the Kidd met rep 22 situation affords the aptitude to enable a sooner, extra efficient, smaller-scale delivery up-up of Crawford at a vastly decrease capital price while the firm continues to allow and produce a essential-elevated-scale mission currently being contemplated,” stated Canada Nickel Chair and CEO Designate Selby.
“Given the aptitude for the lots of commerce within the scope of the mission delivery up-up, the initiate of the preliminary economic overview (PEA) will seemingly be delayed till the tip of March, 2021, to enable this option, if winning, to be integrated,” Selby stated.
On Monday, Canada Nickel shares eased 3.5% or $0.08 to $2.21 on volume of 678,820. The shares are trading in a 52-week vary of $3 and 38 cents.
“We are in a sturdy nickel market, increasingly extra pushed by ask for nickel from the electrical vehicle (EV) market which is in a location to require new nickel projects to be built over the coming decade,’’ Selby has stated.
Canada Nickel is exploring a change of technologies in a talk in self assurance to assign Crawford as a 0-carbon footprint operation.
Canada Nickel has done an initial excessive-stage overview and can now proceed with a detailed glance on the aptitude for upgrading extra skill at the Kidd concentrator and/or utilizing modern infrastructure in rep 22 situation at the Kidd met rep 22 situation for milling and additional processing of nickel-cobalt and magnetite concentrates that are expected to be made from Crawford.
Have to tranquil the glance tell a determined final result for every parties, the parties will proceed lawful faith negotiations toward a binding settlement. The glance is anticipated to be done by March, 2021.
Canada Nickel stated the measured and indicated useful resource at Crawford elevated by 9% from 657 million tonnes at 0.26% nickel (1.7 million tonnes of nickel). Inferred resources elevated by 121% from a earlier estimate to 646 million tonnes at 0.24% nickel (1.6 million tonnes of nickel).