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New mineral processing plants touted as ‘missing link’ for Ontario’s EV industry

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A Canadian mining company will announce plans Thursday for two new processing facilities that its CEO says will provide the “missing link” in Ontario’s plans for building a full-fledged electric vehicle industry.

Canada Nickel Co. intends to develop a nickel processing plant as well as a stainless-steel and alloy production facility in the region of Timmins, its officials told CBC News ahead of the announcement.

EV batteries can contain 80 per cent or more nickel, making the metal a key component for the growing industry.

“We’re going to see nickel demand double or triple over the next 10 years as we gear up battery production here in North America,” said Mark Selby, chief executive of Canada Nickel, in an interview with CBC News.

Premier Doug Ford’s government is trying to position Ontario as a start-to-finish location for electric vehicle manufacturing, from mining the materials for EV batteries, forging the steel for the vehicle bodies, to final assembly.

The provincial and federal government are combining to pour billions of dollars into production incentives for EV battery plants located in southern Ontario, which could be fed by minerals from northern Ontario.

A large sign near the edge of a road says "Timmins - Welcome"
Canada Nickel Company says it is considering several possible locations near Timmins for its two new mineral processing plants and expects the nickel processing facility to begin production by 2027. (Pierre-Mathieu Tremblay/Radio-Canada)

Selby says his company’s mineral processing plants will be crucial to the EV supply chain in the province.

“The key piece that’s missing is this first-stage conversion, after you take the products from the mine and then turn them into a usable product,” he said. “Being able to provide that processing capacity that provides that missing link is vitally important.”

Ontario’s Minister of Mines George Pirie calls the plan a tremendous opportunity that takes advantage of the province’s mineral resources.

“It speaks to what we believe in, in Ontario, securing the supply chain and doing it a fashion that’s zero carbon footprint,” Pirie said in an interview.

Canada Nickel says all carbon emissions from both plants will be captured and stored in the tailings of its planned Crawford mine, north of Timmins.

Rows of large, rectangular metal-encased batteries sit on shelves in a factory.
Batteries destined for Volkswagen ID. Three electric cars stand stacked at a production facility in Dresden, Germany. Volkswagen is building a major EV battery plant in southwestern Ontario. (Sean Gallup/Getty Images)

Ontario recently moved to allow underground carbon capture, a way of fighting climate change by trapping greenhouse gas emissions instead of releasing them into the atmosphere.

Mining industry customers want products that are produced with as little carbon emissions as possible, says Selby.

“Being able to deliver a zero-carbon product both from the mine and then through the first stage of processing is a massive advantage,” he said.

In a news release, Canada Nickel says it is considering several possible locations near Timmins for the new plants and expects the nickel processing facility to begin production by 2027.

The company says the nickel plant will grow to have the capacity to process more than 80,000 tonnes annually, which would make it the largest nickel processing facility in North America.

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One person dead, three injured and power knocked out in Winnipeg bus shelter crash

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WINNIPEG – Police in Winnipeg say one person has died and three more were injured after a pickup truck smashed into a bus shelter on Portage Avenue during the morning commute.

Police say those injured are in stable condition in hospital.

It began after a Ford F150 truck hit a pedestrian and bus shelter on Portage Avenue near Bedson Street before 8 a.m.

Another vehicle, a power pole and a gas station were also damaged before the truck came to a stop.

The crash forced commuters to be rerouted and knocked out power in the area for more than a thousand Manitoba Hydro customers.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.



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Kamloops, B.C., man charged with murder in the death of his mother: RCMP

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KAMLOOPS, B.C. – A 35-year-old man has been charged with second-degree murder after his mother’s body was found near her Kamloops, B.C., home a year ago.

Mounties say 57-year-old Jo-Anne Donovan was found dead about a week after she had been reported missing.

RCMP says its serious crime unit launched an investigation after the body was found.

Police say they arrested Brandon Donovan on Friday after the BC Prosecution Service approved the charge.

The Canadian Press. All rights reserved.

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S&P/TSX gains almost 100 points, U.S. markets also higher ahead of rate decision

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets climbed to their best week of the year.

“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.

Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.

But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.

Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.

“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.

“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.

A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.

It would also be “counter to what they’ve signaled,” he said.

More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.

“That’s going to be more important than the size of the cut itself,” he said.

In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.

“Here, the labour situation is worse than what we see in the United States,” he said.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

— With files from The Associated Press

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.



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