Canadian junior Midland Exploration (TSX-V: MD) said on Monday it had struck a new funding deal with a subsidiary of BHP (ASX, LON, NYSE: BHP) for nickel exploration activities in the northern part of Quebec.
BHP’s unit Rio Algom Limited will fund 100% of Midland’s exploration for the battery metal within the Nunavik territory up to C$1.4 million ($1.06 million), on an annual basis, for a minimum of two years.
The objective, the junior said, is to identify, test and develop high-quality exploration targets towards the discovery of new significant nickel deposits within the targeted area.
Midland also said BHP may propose additional exploration work for up to C$700,000 before advancing an identified project to the second phase.
The deal comes only weeks after Tesla (NASDAQ: TSLA) boss Elon Musk promised miners a “giant contract” to any firm able to extract nickel for the batteries that power his company’s electric cars in an “efficient, environmentally sustainable manner.”
For the rest of this article: https://www.mining.com/bhp-to-fund-canadas-midland-nickel-exploration/?utm_source=dlvr.it&utm_medium=twitter