Agnico Eagle Mines Ltd. (AEM), a global mining and exploration company, has announced an investment in a Canadian nickel mining firm, Canada Nickel Company Inc. (CNX). AEM has invested over C$81 million in the company that is focused on exploration and the development of nickel, copper and cobalt deposits in Canada.
CNX is a development stage company that is focused on the properties in the ring of fire area of Northern Ontario, specifically the Crawford and the Duncan Lake project, two nickel-copper-cobalt deposits near the future road development project in the James Bay region.
The partnership between AEM and CNX will bring considerable expertise and financial resources to the table. AEM is a leader in the production and development of nickel and gold projects and was the first to enter the nickel-coppe-cobalt sector in the province of Ontario. Furthermore, through this partnership, both companies will benefit from one another’s experience in the mining sector.
The investment will also benefit the community in the ring of fire region and will create jobs and open new economic opportunities. It will also help to conserve the environment and benefit local wildlife.
The Director of AEM, Tim Miller said, “We are confident that this joint venture with Canada Nickel Company will have positive economic and environmental impacts for the province of Ontario. This is a win-win situation where our two organizations, with their combined expertise and resources, can truly make a positive difference.”
This significant investment reaffirms commitment of both company to the development of the nickel-copper-cobalt sector in Ontario. It will contribute to the ongoing efforts of combining sustainable mining practices with regional socio-economic development.