Piauí Mining Project Receives Investment From U.S. Company

Written by Valdemar Medeiros

Published on 06/10/2020 at 12:13

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The US Government Investment in Mining Company Boosts Nickel and Cobalt Supply for Electric Cars

The US International Development Finance Corp (DFC) has made a $25 million investment in TechMet, a private investment firm with a portfolio of projects that produce, process, and recycle metals related to electric vehicle (EV) production, renewable energy systems, and energy storage; the investment will be in the mining industry in Piauí.

The Focus of Investments Will Be Piauí

The funds will be used to bring to initial commercial production one of TechMet’s key investments, Brazilian Nickel Plc, which will be a low-cost nickel-cobalt producer in Piauí, in northeastern Brazil.

Piauí is a heap leaching project for lateritic nickel that has a combined JORC measured and indicated resource of 72 Mt at 1% Ni and 0.05% Co. Brazilian Nickel had already completed a large-scale demonstration of heap leaching, purification, and recovery of nickel and cobalt from Piauí ore.

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Expansion in the National Mining Industry

The DFC investment, part of TechMet’s Round 2 capital increase, follows the steps of US President Donald Trump signing an Executive Order and declaring a National Emergency to expand the national mining industry, support mining jobs, alleviate unnecessary permitting delays, and reduce US dependence on China for essential minerals.

Nickel and cobalt are two key ingredients in the production of lithium-ion batteries that power EVs and provide renewable energy storage. As battery technologies transform global mobility and the energy landscape, demand for these metals is expected to accelerate.

TechMet stated: “While China has built an overwhelming dominant position in the supply chain, the continued US reliance on imports for essential metals supply poses a significant threat to the long-term competitiveness of the American industry. TechMet, aligned with US interests, is committed to developing an independent supply of these essential metals.”

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