The company is in discussions with the Canadian government, the United States Department of Defense and other partners in the battery manufacturing sector to raise the funding, CEO Mark Selby told Reuters.
The miner, which counts Samsung SDI and Agnico Eagle Mines as shareholders, is also building a nickel mine in Ontario and hopes to integrate the battery supply chain with the proposed processing plant, according to Selby.
The company’s stock rose 3.6% to C$1.42. The Toronto Stock Exchange Venture-listed miner has a market value of C$194 million.
The announcement by NetZero Metals, a unit of Canada Nickel, comes as large global nickel producers cut costs and reduce production after prices dropped 40% in the last year.
But Selby expects demand for the metal to grow.
“The car companies and battery supply chain know that the amount of nickel needed in North America is going to double and triple over the next decade,” Selby…
