Nickel news

Canadian Royalties, Norilsk reach deal

Montreal-based Canadian Royalties and Russia’s Norilsk Nickel have reached an agreement for the sale of concentrates and an equity investment in Canadian Royalties’ Nunavik (formerly ‘Raglan South’) nickel project in northern Quebec.

Norilsk Nickel will purchase and treat the concentrates to be produced by the mine. The Russian company will also subscribe to 7.2 million common shares of Canadian Royalties at a price of Cdn$3.45 per share, for a total cost of Cdn$25 million. The share purchase is subject to regulatory approval.

Additional information about the Nunavik project is available in CMJ’s Net News for July 18, 2007, and at www.CanadianRoyalties.com.