Canada Nickel Company, through its subsidiary NetZero Metals, is planning to construct a nickel processing facility in the Timmins Nickel District in Canada.

The company is looking to raise $1bn (C$1.34bn) to fund the development of the plant, reported Bloomberg News.

Set to be the largest in North America, this processing plant is expected to reach an annual capacity of more than 80,000t of nickel.

With production anticipated to start by 2027, the facility will cater to the stainless-steel/superalloy and electric vehicle markets using low environmental footprint technology.

Furthermore, NetZero Metals plans to build a stainless steel and alloy production facility to process nickel-chromium magnetite concentrate from the Crawford Nickel project and other sources.

It is expected to produce more than one million tonnes of alloy products including more than 500,000t of 304-grade stainless steel annually.

Production is scheduled to start in the latter half of 2027.

Canada Nickel Company CEO Mark Selby was cited by Bloomberg News as saying that the proposed stainless steel and alloy production plant would cost an additional $2bn.

The company is currently selecting sites for the two proposed facilities, and engineering companies for design, with feasibility studies expected to be completed by the end of 2023.

These two new facilities will be designed to achieve net-zero carbon emissions by utilising Canada Nickel's carbon storage technology.

Selby said: "These processing facilities will position the Timmins Nickel District and Canada at the forefront of the global transition to greener energy and materials.

"We are proud to lead the way in planning the development of new capacity to meet the growing demand for the local supply of critical minerals, and most importantly, zero carbon, environmentally responsible production in North America."