A small First Nation near Cochrane, Ont., invests $20M in nearby Canada Nickel mining project
Taykwa Tagamou Nation already has deals to supply power and heavy equipment
A small First Nation in northeastern Ontario is making a big investment in the mining industry.
Taykwa Tagamou Nation (TTN), outside Cochrane, is investing $20 million into Canada Nickel and its flagship Crawford Nickel Sulphide Project in the Timmins area.
"This partnership exemplifies our vision of economic self-determination," said Chief Bruce Archibald.
"By utilizing our own capital to secure a significant stake in Canada Nickel, we're ensuring we have a true seat at the decision-making table."
Taykwa Tagamou is already a partner in the project as it is building and operating the transmission line that connects the mining project to the grid. As well, there is a plan for the First Nation to acquire the hauling fleet — the big trucks and digging equipment for the mine — and Canada Nickel will lease the vehicles from that company.
Canada Nickel CEO Mark Selby applauded Taykwa Tagamou Nation.
"TTN's leadership and thinking outside the box vision have been instrumental in shaping this partnership. We are excited to welcome TTN as true partners in our journey to deliver critical minerals for the clean energy transition." said Selby.
The $20 million buys 16 million shares in Canada Nickel and represents an 8.4 cent interest in the company.
For Taykwa Tagamou, it's also an investment in environmental stewardship.
"You know we're looking at how this mine is going to help with the critical minerals moving forward when it comes to electric vehicles, so we're also hoping to try to contribute to protecting the environment and with the climate issues we're facing today," said Archibald.
Taykwa Tagamou leadership says it's been talking with Canada Nickel since 2019 and already has secured deals to play a role in the mining operation.
"We were able to build a trusting relationship where they would listen and understand our concerns on any kind of development on our territory. But at the same time, they welcomed our innovative thinking on bringing services to the mine, such as the transmission line, and also the heavy equipment fleet," said Archibald.
With files from Aya Dufour