Canadian mining investment company Hunter Dickinson has announced plants to invest $60m into nickel laterite producer European Nickel with a two-tranche share purchase.

Once the deal has completed, Hunter Dickinson will own almost 30% of European Nickel through its subsidiary Constantia Resources, according to Mining Journal.

Around $50m of the funds raised will be allocated to the Çaldag project in Turkey, which European Nickel says will be the world’s first commercial-scale nickel laterite heap-leaching operation.

The company is projecting that Çaldag will reach an output of 20,000tpa over a 14-year duration.