Canada Nickel Company announced with the Government of Canada, that it has been conditionally approved for a C$4.38 million contribution from Natural Resources Canada's Critical Minerals Infrastructure Fund (CMIF).
The contribution is in support of the Company's ongoing studies to undertake pre-construction and project development activities at the Company's flagship Crawford Nickel Sulphide Project, primarily focusing on electrical infrastructure. The Studies are a crucial step for Canada Nickel and the Government of Canada to safeguard the development of clean energy infrastructure that drives innovation in the mining sector.
"Canada Nickel is grateful for the Government of Canada's contribution during this important phase of the Crawford Nickel Sulphide Project as we complete the engineering and permitting required to advance our Project towards construction." said Mark Selby, CEO of Canada Nickel. "By supporting these Studies, the federal government is investing the timely development of sustainable infrastructure to ensure a stable source of critical minerals, foster economic growth, create over 1500 high-paying jobs, and advance its commitment to net-zero carbon targets when Crawford is in production."
With successful implementation of the electrical infrastructure and by utilizing Ontario's clean electricity grid, the Studies are expected to lead to mining production that will significantly reduce greenhouse gas emissions by more than 60% compared to diesel-powered operations. The Crawford Nickel Sulphide Project also includes a permanent carbon storage component, making it a potential net-zero contributor of CO2 over its lifetime, supporting Canada's 2050 net-zero emissions target and environmental commitments.
"With funding from the Government of Canada, Canada Nickel's Crawford Nickel Sulphide Project will help meet growing demand for nickel and position Canada as a reliable supplier of the critical minerals the world wants to buy. Projects like these build off the Timmins region's long history and expertise as miners. Once producing, the mine will create about 1,500 jobs and drive economic growth for the region now and into the future", said the Honourable Jonathon Wilkinson, Minister of Energy and Natural Resources.
The Studies are scheduled for completion by June 2025. The Government of Canada's investment will cover a portion of the estimated C$9.6 million Studies cost, with Canada Nickel contributing the remaining C$5.2 million. The contribution is subject to confirmatory due diligence, settlement of definitive documentation, and other customary conditions.