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- Talga Resources (TLG) has signed a memorandum of understanding (MoU) with Mitsui & Co. Europe
- Mitsui & Co. Europe is the subsidiary of Mitsui & Co., a Japan-based trading and investment company
- The agreement is for the joint development of the Vittangi Anode Project in northern Sweden
- Talga’s goal is to establish a European supply of sustainable anode materials for the growing battery sector
- Talga Resources is up a significant 36.6 per cent and shares are trading for 28 cents each
Talga Resources (TLG) has signed a memorandum of understanding (MoU) with Mitsui & Co. Europe, the subsidiary of Mitsui & Co.
Talga is a battery anode and graphene additives provider that is establishing a European supply of sustainable, low-CO2 emission anode materials for lithium-ion batteries.
To achieve this, Talga and Mitsui will jointly develop the Vittangi Anode Project, which is a lithium-ion battery anode production facility and integrated graphite mining operations in northern Sweden.
“Talga sees strong synergies with Mitsui in our goal to build a European supply chain of anode materials for lithium-ion batteries … we look forward to working closely with them as we drive the Vittangi Anode Project in Sweden towards production,” Talga Managing Director Mark Thompson said.
As Europe is at the forefront of driving the demand for domestic, sustainable and cost-efficient battery production for renewable energy and electric vehicles, Talga considers Sweden a strategic site for its facilities.
On top of that, Sweden is considered a well-established quality mining region with highly-skilled workers, support industries and neighbouring producers. It has also been relatively under explored since the early 1990s despite being well-endowed.
Additionally, Sweden was ranked the second best global mining jurisdiction by the Fraser Institute from 2012 to 2013.
In completing due diligence on the Vittangi Anode Project and the proposed eventual joint venture, Mitsui will review definitive feasibility and other studies of the development stages.
Mitsui will have the right to negotiate a binding financing agreement for stage one and two of the project, and eventually negotiate definitive terms for a joint venture agreement.
Talga Resources is up a significant 36.6 per cent and shares are trading for 28 cents each at 11:42 am AEDT.
