Canada Nickel Company (TSXV: CNC) has (MOU) with Taykwa Tagamou Nation (TTN), regarding financing of the company鈥檚 mine fleet for the Crawford nickel cobalt sulphide project in Ontario.
鈥淲e welcome TTN as our partner in this initiative and acknowledge TTN鈥檚 ongoing commitment to protect and enhance the land and resource-based economy within their Traditional Territory,鈥� Mark Selby, CEO of Canada Nickel said in a media statement.
鈥淐anada Nickel actively looks for ways to increase involvement in Crawford鈥檚 development from the local Indigenous communities through innovative partnerships that provide opportunities for mutually beneficial business ventures,鈥� said Selby.
Selby said the initiative has the potential to substantially reduce initial capital requirements and improve Canada Nickel鈥檚 ability to finance Crawford and advance it to development.
鈥淐ombined with our previously announced MOUs with TTN and Glencore, it also creates the potential for a much lower capital cost startup,鈥� he said.
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鈥檚 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.
鈥淥ur community is proud of our continued innovative approach to business development partnerships 鈥� and our most recent MOU with Canada Nickel is no exception,鈥� Taykwa Tagamou Nation Chief Bruce Archibald said. 鈥淭TN 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.鈥�
鈥淐anada 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,鈥� Chief Archibald said.