Toronto-listed Atlas Salt says a C$132 million (US$97 million) deal with Swedish equipment manufacturer Sandvik builds on their 2024 agreement under which Sandvik offered $73 million of financing.
Atlas Salt said the new arrangement with Sandvik was connected with last year’s updated feasibility study for the proposed US$430 million Great Atlantic salt project in Newfoundland and Labrador, Canada. Atlas Salt CEO Nolan Peterson said at the Resourcing Tomorrow 2026 conference in London in December the company wanted to build a large-scale underground “salt factory” – one of North America’s first new commercial salt mines in decades – at the site on the Newfoundland and Labrador coast.
Peterson said at the time he was looking to secure debt-funding for the proposed project to put him in a position to take a “direct financing de-risked project” to equity investors in the 2026 northern summer.
He said this week the new deal with Sandvik reflected the scale (four million tonnes per annum) and longevity (25-plus years) of the project outlined in Atlas Salt’s updated FS.
“What began as an equipment supply arrangement has developed into a long-term strategic partnership aligned with construction, ramp-up and decades of expected operations,” Peterson said. “This partnership supports execution certainty, operational readiness and the disciplined development of the project.”
Sandvik is expected to supply non-diesel underground mobile mining equipment and electrification, automation and digital systems.
Terms of any Sandvik finance package were said to remain subject to “customary due diligence, receipt of Sandvik’s required internal approvals and negotiation and execution of the definitive agreements”.
