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Canada Nickel (TSXV: CNC) says it will explore a long-term strategic partnership with Swiss Steel for the supply of steel products from Canada. The stock surged.
The companies signed an agreement outlining the potential collaboration. Under this framework, Canada Nickel would provide Swiss Steel with access to about one million tonnes of semi-finished steel products per year starting in 2030.
“This intended partnership supports an important element of our strategy: focusing our own industrial footprint while securing flexible access to competitive, low-carbon pre-material,” said Frank Koch, Swiss Steels’ CEO.
Shares in Canada Nickel rose 7.61% to 99¢ apiece Monday morning in Toronto.
European markets
The news comes as Canada Nickel advances its Crawford Nickel project in Timmins, Ont.
Through its subsidiary, NetZero Metals, the company says it wants to transform the nickel-chromium magnetite concentrate produced by the mine into stainless- and specialty-steel products for Canadian and European markets.
“As Canada prepares to host the European Union later this week, this partnership demonstrates how we can translate our shared economic and industrial priorities into tangible commercial opportunities,” said Mark Selby, Canada Nickel’s CEO. “Canada's mineral resources and competitive, low carbon energy advantages, combined with Swiss Steel's manufacturing expertise and European market access, create an opportunity to build secure, low-carbon supply chains that benefit both economies.”
George Pirie, Ontario’s minister of northern economic development and growth, called the collaboration a “perfect example” of how Northern Ontario products can “benefit the world.” He said, “Initiatives like this reinforce Northern Ontario's role in building secure supply chains, driving long-term economic growth and strengthening Canada's position in global markets.”
An initial supply concept has been developed and validated for the American, Canadian, German, Swiss and French facilities.