The Elements of Innovation Discovered
The Elements of Innovation Discovered
Metal Tech News - November 4, 2024
The Minago mine project acquired by Norway House Cree Nation hosts 690 million pounds of nickel.
In a deal that could result in an Indigenous-owned mine delivering energy transition metals into North America's supply chains, the Norway House Cree Nation has acquired the Minago nickel-platinum group metals (PGM) project in Manitoba from Flying Nickel Corp. for nearly C$9 million ($6.5 million).
"By taking full control with 100% ownership and management, we can drive this project forward, focus on the environment, maximize employment, and build economic opportunities for our people," said Norway House First Cree Nation Chief Larson Anderson.
Minago is a near-development-staged nickel-PGM project that lies at the southern end of the Thompson Nickel Belt in central Manitoba, which hosts two nickel mines operated by global mining company Vale.
Provincial permits needed to develop a 10,000-metric-ton-per-day operation at Minago were issued in 2011, but the mine was never developed. Flying Nickel, which was formed in 2022 to advance nickel and vanadium assets spun out of a silver-focused minerals company, made improvements to the overall mine design.
The new mine plan adheres to the previously issued and still valid provincial permits. With no federal permits needed, approval of the project amendments by the Manitoba government and a review by the Indigenous community is the final regulatory hurdle for the proposed Minago mine.
The road-accessible project about 280 miles (450 kilometers) north of Winnipeg currently hosts 690 million pounds of nickel, 279,300 ounces of palladium, and 125,700 oz of platinum in the measured and indicated resource categories. All three of these metals have a role in the transition to clean energy – nickel for lithium-ion batteries powering electric vehicles, and platinum and palladium as catalysts for hydrogen fuel cells.
With the availability of clean hydroelectricity to power a future mine, coupled with the now Indigenous ownership of the project, the nickel and PGM produced at Minago would come with inherent ESG advantages.
"Norway House Cree Nation is growing Manitoba's low-carbon economy through this historic purchase, and through the partnerships formed," said Manitoba Economic Development, Investment, Trade and Natural Resources Minister Jamie Moses. "This Indigenous-led model will protect the environment, create good jobs for Manitoba First Nations, and contribute to global energy needs well into the future."
To gain ownership of Minago, Norway House Cree Nation paid Flying Nickel C$8 million ($5.8 million) in cash and returned 17.6 million Flying Nickel shares held by the First Nation, worth around another C$878,000 ($632,500) based on the price of shares on Oct. 21, which is the date Flying Nickel shareholders overwhelmingly approved the sale.
By taking an ESG-sensitive approach to the development of a mine at Minago, Norway House Cree Nation aims to contribute to the global energy transition while at the same time maximizing economic opportunities closer to home.
"For far too long, the people closest to the resources have received little or no benefit. Norway House Cree Nation is working to create a model that protects the environment while creating wealth and a brighter future," said Chief Anderson.
With more than 16 years of covering mining, Shane is renowned for his insights and and in-depth analysis of mining, mineral exploration and technology metals.
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