SEOUL, Samsung SDI Co., the battery unit of Samsung Group, has signed a deal to acquire a stake in Canadian mine developer Canada Nickel to bolster its supply of key minerals for rechargeable batteries.
Samsung SDI will acquire an 8.7 percent stake in Canada Nickel under the US$18.5 million deal, according to an announcement made by the Canadian firm Monday.
Under the deal, Samsung SDI will also secure 10 percent of nickel-cobalt production from Canada Nickel’s Crawford project based in Ontario and the right to an additional 20 percent of the production for 15 years extendable by mutual agreement.
The latest deal is seen as part of Samsung SDI’s efforts to more stably secure key raw materials for rechargeable batteries in North America where it has been moving to build battery plants.
Source: Yonhap News Agency