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Anglo American has announced it acquisition of a minority 9.9 per cent interest in Canada Nickel.

Anglo American has announced it acquisition of a minority 9.9 per cent interest in Canada Nickel.

The Canadian company owns the Crawford nickel project in Ontario, Canada, one of the world’s largest undeveloped nickel sulphide operations.

Anglo American has earned the exclusive right to purchase up to 10 per cent of recoveries of nickel concentrate, iron and chromium contained in the magnetite concentrates, as well as any corresponding carbon credits from the Crawford project.

In return, the project has stated its intention to provide technological expertise to the project, as well as equity funding to complete the necessary permitting requirements the project needs to proceed with development.

Nickel is widely used in the production of batteries for electric vehicles.

“Our in-depth product knowledge and portfolio of innovative technologies have the potential to provide a value-enhancing contribution to the development of the Crawford project, with the objective of unlocking additional supply of nickel to meet the world’s growing demand for battery technology for electric transport,” Anglo American’s marketing business chief executive officer (CEO), Peter Whitcutt, said.

The new acquisition buttresses Angle American’s expansion into a more sustainable market.

“As a responsible provider of future-enabling metals and minerals to our customers, we are committed to supporting our industry in increasing the availability of critical materials that will underpin the success of the energy transition, and to do so sustainably,” Whitcutt said.

Anglo American has previously announced its intention to power its steelmaking coal business in Australia with renewable energy.

The company’s Australian steel production will be 100 per cent powered by renewables from 2025, as part of a 10-year deal the company signed with Queensland Government-owned energy generator, Stanwell.

“Securing 100 per cent renewables from Stanwell is a major step towards our target of carbon-neutral operations in Australia – and globally – by 2040,” Anglo American chief executive in Australia, Dan van der Westhuizen, said.

“We are committed to playing our part against climate change, including through renewable energy use and accelerating a number of technologies to abate our on-site emissions, from electrifying our mobile equipment to capturing the methane from our steelmaking coal operations.”