- FPX Nickel Corp. (TSXV:FPX) has signed a non-binding memorandum of understanding (MOU) with the Japan Organization for Metals and Energy Security and the Prime Planet Energy & Solutions joint venture between Toyota and Panasonic
- The MOU sets the stage for FPX and PPES to collaborate on vertically integrated nickel production through FPX’s Baptiste Nickel Project in British Columbia
- FPX Nickel Corp. is a Canadian mining company focused on the exploration and development of awaruite, a naturally occurring nickel-iron alloy
- FPX Nickel stock (TSXV:FPX) is down by 17.31 per cent over the past year, but has gained 330 per cent over the past five years
FPX Nickel Corp. (TSXV:FPX) has signed a non-binding MOU with the Japan Organization for Metals and Energy Security (JOGMEC) and the Prime Planet Energy & Solutions (PPES) joint venture between Toyota and Panasonic.
PPES, established in April 2020, is a joint venture for the production of automotive prismatic batteries, with 51 per cent owned by Toyota and 49 per cent owned by Panasonic.
JOGMEC is a Japanese government independent administrative agency that secures energy and mineral resources for the country.
The MOU lays the groundwork for FPX and PPES to collaborate on vertically integrated nickel production through FPX’s Baptiste Nickel Project in British Columbia, including production of nickel sulphate and cathode active materials for the PPES supply chain.
Baptiste resides in the Decar Nickel District, a large-scale greenfield discovery of nickel mineralization in the form of awaruite, a naturally occurring nickel-iron alloy. It is the most prospective for bulk-tonnage open-pit mining among four key targets identified across the company’s 245 square km of claims in the district.
FPX, PPES and JOGMEC will also share technical information and expertise to enhance “potential strategic arrangements and business structures,” according to a statement released Friday.
FPX anticipates that “any potential binding agreements” would result in funding to advance Baptiste toward a feasibility study, environmental assessment and permitting.
“We are pleased to initiate this MOU with PPES and JOGMEC, two groups leading the global transition to a low-carbon, electrified economy. This MOU demonstrates the strategic nature of the Baptiste Project and its potential to produce an ideal nickel feedstock for the battery supply chain,” Martin Turenne, FPX Nickel’s president and CEO, said in the statement. “We look forward to collaborating with our Japanese partners to support the development of North America’s critical minerals ecosystem, and to develop Baptiste in a manner that creates substantial and sustainable benefits for local communities while protecting the environment for future generations.”
“It is our pleasure to be able to cooperate with FPX and JOGMEC as partners that share the desire to establish a green battery supply chain with a reduced environmental footprint,” Hiroaki Koda, PPES president and CEO, said in a statement. “By combining FPX’s low-carbon nickel mining process and PPES’s battery know-how and technology, we are sure to realize further decarbonization and cost reductions in this field. As with the Japan-Canada partnership agreement, we aim to spread the use of electric vehicles in light of decarbonized society as ‘One Team.'”
The news follows FPX’s Global Generative Exploration Alliance with JOGMEC in April 2023. The purpose of the alliance is to engage in global exploration to identify and acquire properties that are host to awaruite nickel similar to the Baptiste project.
FPX Nickel Corp. is a Canadian mining company focused on the exploration and development of awaruite, a naturally occurring nickel-iron alloy.
FPX Nickel stock (TSXV:FPX) last traded at $0.43 per share. The stock is down by 17.31 per cent over the past year, but has gained 330 per cent over the past five years.
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