Albemarle and Talon Metals get $110m funding from US Defense Department

Albemarle and Talon Metals are getting about $110 million in new US government funding to support the expansion of domestic mining of lithium and nickel.

Under the Defense Production Act, Albemarle will receive $90 million in support for its forthcoming reopening of the Kings Mountain lithium mine located in North Carolina. 

Additionally, Talon Metals is slated to receive $20.6 million to facilitate the progression of exploration activities in the Tamarack nickel project in Minnesota. 

The agreements were officially announced by the Defense Department on Tuesday.

Albemarle estimates that Kings Mountain will be operational between 2025 and 2030.

Today, the only operating nickel mine in the US, the Eagle Mine in Michigan, ships its concentrates abroad for refining and is scheduled to close in 2025.

Tamarack is the only high-grade development-stage nickel mine in the country. 

Tesla signed an agreement in 2022 to purchase 75,000 metric tonnes of nickel in concentrate from Tamarack.

THIS ARTICLE WAS ORIGINALLY POSTED ON MINING.COM