Mitsubishi joins Giga Metals at Turnagain
Enters JV to advance Northern BC nickel-cobalt mine project North of 60 Mining News – August 19, 2022
Last updated 8/18/2022 at 2:10pm
Giga Metals Corp. Aug. 15 announced that Mitsubishi Corp. has entered into an agreement to form a joint venture to advance the development of a mine at the Turnagain nickel-cobalt project in Northern British Columbia.
While best known for its automobiles, Mitsubishi businesses span a broad range of industries that include both industrial materials and mineral resources.
The Turnagain project offers this diversified Japanese company with a potential carbon-neutral source of the nickel and cobalt that are in high demand due to the enormous quantities required for the lithium-ion batteries powering electric vehicles.
A preliminary economic assessment completed in 2020 outlines plans for a mine at Turnagain that would produce an average of 33,215 metric tons of nickel and 1,962 metric tons of cobalt annually for 37 years.
Mitsubishi and Giga have agreed to form a JV company, Hard Creek Nickel Corp., to advance the Turnagain project toward development.
Under a definitive agreement, Mitsubishi is paying Giga roughly US$6.2 million (C$8 million) to acquire a 15% interest in Hard Creek. Giga will hold an 85% interest in the JV in exchange for contributing all related assets for the Turnagain project.
"We are very pleased to welcome Mitsubishi Corporation, a global trading and investment company, as a strategic partner for the development of Turnagain project," said Giga Metals President Martin Vydra.
Further details on the JV agreement and future plans for the Turnagain project can be read at Mitsubishi invests in BC nickel project published in the August 15, 2022 edition of Metal Tech News.