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Canada Nickel Signs Memorandum of Understanding with Taykwa Tagamou Nation for Mine Fleet Financing for the Crawford Nickel-Cobalt Sulphide Project

Apr 7, 2021

Canada Nickel Company Inc. has signed a Memorandum of Understanding with Taykwa Tagamou Nation, regarding the financing of the Company's expected Mine Fleet for the Crawford Nickel Cobalt Sulphide Project.

"We welcome TTN as our partner in this initiative and acknowledge TTN's ongoing commitment to protect and enhance the land and resource-based economy within their Traditional Territory. Canada Nickel actively looks for ways to increase involvement in Crawford's development from the local Indigenous communities through innovative partnerships that provide opportunities for mutually beneficial business ventures," said Mark Selby, Chair and CEO of Canada Nickel.

"This initiative has the potential to substantially reduce initial capital requirements and improve Canada Nickel's ability to finance Crawford and advance it to development. Combined with our previously announced MOUs with TTN and Glencore, it also creates the potential for a much lower capital cost startup," said Selby.
Under the terms of the MOU, TTN will seek favourable financing terms to participate in the financing of all or a portion of the heavy mining equipment fleet required for Crawford's operation. Training and associated employment opportunities will also be available to TTN where specialized maintenance and operation is required for the equipment and where that equipment is financed or owned in whole or in part by TTN. 

"Our community is proud of our continued innovative approach to business development partnerships – and our most recent MOU with Canada Nickel is no exception. TTN has been working diligently to address the financing, capacity, scale, policy limitations, jurisdiction questions, and project timeline challenges to initiate, construct and put into operation development partnerships within our Traditional Territory," said Chief Bruce Archibald, Taykwa Tagamou Nation. "Canada Nickel continues to set a precedent by ensuring First Nation communities who have the financial backing to reduce capital start-up costs are not just those that need to be consulted with, but rather, are true business partners that will benefit their communities and the Northern Ontario economy writ-large."

TTN Councillor and Economic Development Officer Derek Archibald added, "This MOU compliments TTN's Economic Development Strategy. We want to move away from the rigid limitations of Impact Benefit Agreements to having a true seat at the table, where opportunities are continually created. Not only is this the most effective way to see the Crawford project move ahead at a lower capital cost, but it also ensures we are full participants with developments occurring in our Traditional Territory over time.  With CNC and this MOU, we are leaving our lands and economy in an even better place for the next seven generations of our Nation".

This is the second agreement reached between the Company and TTN following the announcement by the Company in December 2020.
Greg Rickford, Minister of Energy, Northern Development and Mines; Minister of Indigenous Affairs for Ontario congratulated both parties on reaching such an agreement.

"Our government is proud to support innovative First Nation-industry partnerships that support economic growth across Northern Ontario. I am pleased to congratulate Canada Nickel and Taykwa Tagamou Nation on their progress on their MOU and partnership," said Greg Rickford, Minister of Energy, Northern Development and Mines, Minister of Indigenous Affairs. "With TTN's leadership in the region, the Crawford-Nickel Cobalt partnership is well on its way to produce responsibly-sourced, GHG-emissions free nickel and cobalt and deliver meaningful training and career opportunities for local community members."

Tags: Northern Ontario / Indigenous / Minerals / All Articles