(Kitco News) - Giga Metals (TSXV: GIGA) announced yesterday that the company has completed its previously announced joint venture transaction with Mitsubishi Corporation to form a new joint venture company, Hard Creek Nickel, to jointly pursue the development of the Turnagain Nickel Deposit in northern British Columbia, Canada.
Giga said that further to the announcement on August 15, 2022, Mitsubishi has now acquired a 15% equity interest in Hard Creek in exchange for cash consideration of Cdn $8 million.
The company added it received an 85% equity interest in Hard Creek in exchange for contributing all related assets for the Turnagain Project.
Pursuant to the terms of a shareholders' agreement governing Hard Creek, Giga, with support from MC, will operate the joint venture, reporting to the board of directors of Hard Creek, and will work on a Pre-Feasibility Study for the Turnagain Project with completion expected in the first half of 2023.
Giga Metals is focused on metals critical to modern batteries, especially those used in Electric Vehicles and Energy Storage. The company's core asset is the Turnagain Project, located in northern British Columbia, which contains one of the few significant undeveloped sulphide nickel and cobalt resources in the world.
The project’s Measured & Indicated resources amounted to 5.2 billion pounds of nickel and 312 million pounds of cobalt and Inferred resources amounted to 5.5 billion pounds of nickel and 327 million pounds of cobalt.
