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A final investment decision will depend on a number of additional factors including regulatory approval and needs from the battery industry, which would be supplied by the plant, Vale added in a securities filing.

The move would come as the mining giant steps up its focus on supplying low-carbon, high-quality products to the electric vehicle industry, it said.

“The proposed project in Becancour, Quebec, would be the first fully domestic nickel sulfate production plant for the North American market,” Vale said.

The company had announced in May a long-term deal with Tesla Inc to supply the US-based electric vehicle maker with nickel from its Canadian operations, and said at the time it had a strategy of increasing its exposure to the electric vehicle industry.