Junior Giga Metals (TSX-V: GIGA) and global trading and investment firm Mitsubishi Corporation agreed on Monday to form a joint venture company, Hard Creek Nickel Corp, to develop the Turnagain nickel-cobalt deposit in northern British Columbia.
As part of the deal, Mitsubishi will acquire a 15% equity interest in the joint venture firm for C$8 million ($6.2m) cash. Giga will receive an 85% equity interest in Hard Creek in exchange for contributing all related assets for the Turnagain project, its core asset. It will also be the project administrator.
Giga Metals will work on a pre-feasibility study (PFS) for the project with completion expected in the first half of 2023. The company is focused on metals critical to modern batteries, especially those used in electric vehicles and energy storage.
The deposit is described as one of the world’s largest undeveloped sulphide nickel and cobalt resources. Giga and Mitsubishi said they intend to make of Turnagain one of the greenest and most environmentally friendly nickel projects globally.
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