- Talga Group (TLG) sees its letter of intent with Mitsui & CO Europe Plc and Luossavaara-Kiirunavaraa Aktiebolag (LKAB) lapse
- In 2020, Talga penned the first letter with the two companies, hoping to see the co-development of the Vittangi Anode Project in Sweden through a joint venture
- However, the parties were not able to complete a transaction within the time frame
- Mitsui and Talga will continue to advance their project development discussions under a separate memorandum of understanding, with Talga to pursue new and existing financing options
- Talga shares last traded at $1.80 on November 29
Talga Group (TLG) has seen its letter of intent lapse with Mitsui & CO Europe Plc and Luossavaara-Kiirunavaraa Aktiebolag (LKAB).
Mitsui and Talga however said they will still continue to advance their project development discussions under a separate memorandum of understanding.
In November 2020, Talga first penned the letter with LKAB and Mitsui, which saw the parties hold exclusive rights to form a joint venture.
The agreement hoping to see the co-development of a scalable anode production facility with an initial capacity of 19,000 tonnes per annum and an integrated graphite mining operation at its Vittangi Anode Project in northern Sweden.
The parties initially had until the end of June 2021 to decide whether to proceed with a binding joint venture agreement but made the decision to end this until November 30, 2021.
However, following discussions around funding the Vittangi project, the companies were not able to complete a transaction within the required time frame.
Talga said it will continue to pursue new and existing financing and partnership opportunities, which have risen from the strong global demand outlook for green battery anode.
Talga shares last traded at $1.80 on November 29.