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Canada's Midland in nickel exploration funding deal with BHP

·1 min read
Visitors to the BHP booth speak with representatives during the PDAC convention in Toronto
Visitors to the BHP booth speak with representatives during the PDAC convention in Toronto

(Reuters) - Midland Exploration Inc said on Monday it had struck a funding deal with a subsidiary of BHP Group Plc for nickel exploration in the Canadian province of Quebec.

The company's partnership with Rio Algom Ltd to explore nickel in Nunavik comes as demand for the metal surges from use in automotive batteries to power electric cars.

During the first phase, BHP will fund at 100% up to C$1.4 million ($1.06 million) on an annual basis for a minimum of two years.

Midland also said BHP may propose additional exploration work for up to C$700,000 before advancing an identified project to the second phase.

($1 = 1.3159 Canadian dollars)

(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)