Albemarle Corp. and Talon Metals Corp. are getting about $110 million in new US government funding to support the expansion of domestic mining of lithium and nickel, two metals critical to the nation’s energy transition.
Albemarle, the world’s largest lithium producer, will get $90 million to help support the miner’s planned reopening of its Kings Mountain, North Carolina lithium mine. Nickel miner Talon Metals will get $20.6 million to advance exploration of its Tamarack Intrusive Complex in Minnesota. The agreements, under the Defense Production Act, were announced Tuesday by the Defense Department.
President Joe Biden in early 2022 invoked Cold War-era powers of the 1950 Defense Production Act to boost domestic production of battery materials, helping give mining companies access to $750 million under the Title III fund. The latest funding follows other Defense Department announcements, including a $37.5 million grant to Graphite One Inc. announced in July to help the startup develop North America’s largest deposit of the material.
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