Anglo American, a global mining company based in the UK, said it has agreed to acquire a 9.9% stake in Canada Nickel for C$24 million.
The investment was expected to be completed on or about February 28. It was part of Anglo American's plan to expand its nickel product offering.
Canada Nickel owns the Crawford nickel project in Ontario, Canada, which is one of the biggest undeveloped, bulk tonnage nickel sulphide resources in the world. The commissioning of this project was expected to play an important role in expanding the supply of battery-grade nickel.