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Talon Metals inks landmark agreement with Tesla to supply nickel concentrate from its flagship Tamarack project in Minnesota

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Talon Metals Corp announced a landmark six-year deal with Tesla Inc (NASDAQ:TSLA) to supply the electric vehicle manufacturer with nickel concentrate from its Tamarack nickel project in Minnesota, US.

According to a statement from Talon, Tesla has committed to buying 75,000 metric tonnes of nickel in concentrate.

The Elon Musk-led company also has a preferential right under the agreement to negotiate the purchase of additional nickel concentrate beyond the 75,000-ton commitment.

READ: Talon Metals to focus next year on completing pre-feasibility study at Tamarack and proving ‘district-scale’ potential

The agreement is Telsa’s first US supply deal for nickel, according to Reuters, putting Talon’s flagship Tamarack project directly in the spotlight in the race to supply nickel to electric vehicle manufacturers.

The Tamarack project comprises a large land position of over 18 kilometres of strike length, with numerous high-grade intercepts outside the current resource area. Talon is in a joint venture with Rio Tinto on the project.

“This agreement is the start of an innovative partnership between Tesla and Talon for the responsible production of battery materials directly from the mine to the battery cathode,” said Henri van Rooyen, CEO of Talon, in a statement.

“Talon is committed to meeting the highest standards of responsible production that is fully traceable and that has the lowest embedded CO2 footprint in the industry. Talon is excited to support Tesla’s mission to accelerate the transition to renewable energy.”

Drew Baglino, senior vice president of powertrain and energy engineering at Tesla, told investors that the project has the promise to accelerate the production of sustainable energy products in North America.

“The Talon team has taken an innovative approach to the discovery, development and production of battery materials, including to permanently store carbon as part of mine operations and the investigation of the novel extraction of battery materials,” Baglino added.

Fine print

Under the terms of the deal, the agreement spans six years or until a total of 75,000 metric tonnes (165 million lbs) of nickel in concentrate has been produced and delivered to Tesla.

The deal is conditional upon Talon earning a 60% interest in Tamarack and commencing commercial production, and the parties completing negotiations and executing detailed supply terms and conditions.

Talon said it will use “commercially reasonable efforts” to achieve commercial production on or before January 1, 2026 at Tamarack, which may be extended by the agreement of the parties for up to 12 months following which Tesla has a right to terminate the agreement and Talon may elect to sell to other parties.

The purchase price of the nickel will be determined by the London Metals Exchange official cash settlement price for nickel.

Both companies will work together to optimize nickel concentrate grades and metal recoveries.

Talon currently owns a 51% interest in the Tamarack Project and has the right to increase its interest by 9% to 60%.

Contact Angela at [email protected] 

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors



Source: https://www.proactiveinvestors.com/companies/news/970795/talon-metals-inks-landmark-agreement-with-tesla-to-supply-nickel-concentrate-from-its-flagship-tamarack-project-in-minnesota-970795.html


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