- Talon Metals (TSX:TLO) signed an agreement with the U.S. Department of Energy (DOE) regarding US$114.8 million in infrastructure law funding
- The agreement grants Talon immediate access to funding for early site work and permitting of the battery minerals processing facility in Mercer County, North Dakota
- Talon has an agreement with Tesla Inc. (NASDAQ:TSLA), where the team will produce nickel concentrate for the EV manufacturer at the North Dakota processing facility
- Talon Metals Corp. opened trading at $0.24 per share
Talon Metals (TSX:TLO) signed an agreement with the U.S. Department of Energy regarding US$114.8 million in infrastructure law funding.
The agreement with the DOE sets the terms, conditions and performance milestones for grant funding created by the Bipartisan Infrastructure Law. It grants Talon immediate access to funding for early site work and permitting of the battery minerals processing facility in Mercer County, North Dakota.
The facility was selected last month as one of the projects that will receive funding to expand and secure the U.S. domestic manufacturing of electric batteries for electric vehicles (EVs) and grid storage.
The facility will be capable of processing ore from multiple operating sources in North America. Talon has an agreement with Tesla Inc. (NASDAQ:TSLA), where the team will produce nickel concentrate for the EV manufacturer at the North Dakota processing facility.
“Our team is excited to reach this funding milestone with the Department of Energy to build up America’s battery manufacturing capacity from processing through to recycling,” Henri van Rooyen, Talon’s CEO, said in a news release. “The Department of Energy has worked diligently to put this agreement in place, and we are grateful to be entrusted with this funding that reflects a bipartisan, national priority to reduce America’s dependence on foreign countries like Russia and China for critical minerals like nickel. This agreement includes our commitments to engage with the local community in North Dakota to ensure community input and benefit sharing, develop a diverse workforce with our partners in organized labour and seek meaningful input from tribal sovereign nations in the region.”
Talon Metals is a base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt project in central Minnesota.
Talon Metals Corp. opened trading at $0.24 per share and was up more than 2 per cent by midday Eastern time.
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