SEOUL — Samsung SDI Co., the battery division of Samsung Group, has finalized an agreement to purchase a stake in the Canadian mining company Canada Nickel. This move is part of an effort to ensure a steady supply of essential minerals for rechargeable batteries.
According to Yonhap News Agency, Samsung SDI will acquire an 8.7 percent stake in the company under a deal valued at US$18.5 million. This strategic acquisition aligns with Samsung SDI’s broader plans to bolster its supply chain for key battery components.
Additionally, the deal grants Samsung SDI rights to 10 percent of the nickel-cobalt production from Canada Nickel’s Crawford project in Ontario. There is also an option for Samsung SDI to claim an additional 20 percent of the production for a span of 15 years, which can be extended upon mutual agreement.
This latest agreement is part of Samsung SDI’s ongoing strategy to secure necessary raw materials for rechargeable batteries, particularly in North America. The company has been actively expanding its presence in the region through the establishment of battery manufacturing facilities.