It’s the largest funding of its kind in the Canadian critical minerals industry, and could be a model for other small mining companies to follow
is raising $20-million from an Ontario First Nation, the largest funding of its kind in the Canadian critical minerals industry, and one that could be a model for other small mining companies to follow in the years ahead.
Bruce Archibald, chief of Taykwa Tagamou Nation, in an interview said that the community decided to make the investment in Canada Nickel in large part because the project is being developed with the environment top of mind. Nickel mined at Crawford project is earmarked for the electric car industry, which should help Canada meet its long-term carbon reduction goals. Mr.
Canada Nickel over the past few years had raised about $75-million in strategic investments from Britain’s Anglo American PLC, Canada’s Agnico Eagle Mines Ltd. and Samsung SDI of South Korea. But unlike Taykwa Tagamou Nation, none of these companies has yet earned a board seat, and they won’t until they reach at least a 15-per-cent stake in Canada Nickel.
Up until the past few years, it was extremely difficult for Indigenous groups to invest large sums into the capital-intensive Canadian resource industry because of a lack of funding options. Historically, conventional bank loans have not been an option because of Indian Act provisions that restrict the use of on-reserve assets as collateral.
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