Lithium, Nickel Miners Get $110 Million Boost From US Defense Department – by Joe Deaux (Bloomberg News – September 12, 2023)

(Bloomberg) — Albemarle Corp. and Talon Metals Corp. are getting about $110 million in new US government funding to support the expansion of domestic mining of lithium and nickel, two metals critical to the nation’s energy transition.

Albemarle, the world’s largest lithium producer, will get $90 million to help support the miner’s planned reopening of its Kings Mountain, North Carolina lithium mine. Nickel miner Talon Metals will get $20.6 million to advance exploration of its Tamarack Intrusive Complex in Minnesota. The agreements, under the Defense Production Act, were announced Tuesday by the Defense Department.

The funding comes as the US battles to secure self-sufficient supply of the minerals critical to producing batteries for electric vehicles and other products needed for the energy transition.

China has long been the dominant supplier or processor in the global race for many of these commodities, causing the Biden administration to bolster the US position with legislation that includes billions of dollars in grants and tax incentives for suppliers.

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