Citigroup cuts copper forecast on tariffs risk, China outlook
The bank has cut its short-term outlook for copper prices by 11% to $8,500 a ton over the next three months.
Canada’s Talon Metals Corp said on Wednesday that it has submitted an application with the Minnesota Department of Natural Resources for the environmental review of its proposed nickel mine located in the state.
The company’s underground mine is aimed to boost domestic supply of nickel for its energy storage use in the US battery supply chain, which currently depends on China and Russia for the minerals.
Following Talon’s submission of the Environmental Assessment Worksheet (EAW), the authorities will begin a scoping process to determine environmental consequences of the proposed Tamarack project.
Talon said the submittal covers several key aspects of the Tamarack nickel project, including no crushing or processing of ore at the mine site and water treatment.
Tesla last year signed its first US nickel supply deal with Talon Metals to source the electric vehicle battery metal in a way it considers more environmentally friendly.
Talon is in a joint venture with Rio Tinto on the Tamarack nickel-copper-cobalt project located near the City of Tamarack in Aitkin County, Minnesota.
Canadian-listed miner Talon, which currently owns 51% stake in the partnership, has an earn-in right to acquire up to 60% of the Tamarack nickel project.
(By Arunima Kumar; Editing by Shweta Agarwal)
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