Talon Metals Corp. is making a major acquisition.
The Tamarack, Minn., and Michigan based metals company has signed a share purchase agreement to acquire 100 percent of the Eagle Mine in Michigan’s Upper Peninsula.
The Eagle Mine is the only operating nickel mine in the United States.
The purchase agreement is with Lundin Mining, the company that operates the Eagle Mine.
“This transaction brings together the positive cashflow generating Eagle Mine and Humboldt Mill, the proven operating experience of the Eagle and Humboldt teams, and Talon’s in-house exploration capabilities to create the only operating primary nickel-copper company in the United States with expansion potential,” Henri van Rooyen, Talon Metals chief executive officer said. “The integration enables our combined team to advance our four strategic priorities in parallel—extending the Eagle mine life, accelerating exploration in Michigan and Minnesota, advancing permitting at the Tamarack Nickel-Copper Project and the Beulah Minerals Processing Facility, and progressing engineering towards feasibility study and construction.”
It’s a significant transaction aimed at boosting critical metals production in the midwest and nation.
Talon Metals has also been seeking to develop an underground nickel-copper mine at Tamarack.
Ore from the Tamarack project would be shipped by rail to Beulah in North Dakota for processing.
M eanwhile, Talon Metals moved to also acquire land in Michigan nearby the Eagle Mine.
With the acquisition, Talon Metals has a land package of more than 400,000 acres in Michigan, according to the company.
The acquisition holds potential for significant expansion, a Talon Metals spokesperson said.
Ongoing efficiency improvements and optimizations have the potential to extend the life of the Eagle Mine, Talon Metals said.
The Humboldt Mill, about eight miles from the Eagle Mine, is also part of the deal.
The mill is ideally positioned to process ore from Talon’s Michigan discoveries, according to Talon Metals.
At Tamarack, Talon Metals is proposing a “mine of the future,” with all potential environmental impacts expected to be controlled within one fully-enclosed facility, Talon Metals said.
Under the deal, the Eagle Mine team will integrate with the Talon team on design, engineering, construction, and operations to complete a Tamarack mine feasibility study in conjunction with environmental review and permitting, the company said.
Talon Metals said it will in 2026 execute its most ambitious exploration program to date at Tamarack and in Michigan.
“Over the last decade, American policymakers have recognized that dependence on foreign sources for critical minerals is a national security risk,” van Rooyen said. “This transaction is a direct response, uniting modern nickel mining and processing operations with the Tamarack Nickel-Copper Project and exploration assets, including the Boulderdash discovery 8-miles from the Eagle mine, to ensure a domestic supply of nickel and other critical minerals for defense, energy and advanced technology manufacturing.”
Minnesota Iron Range state Rep. Spencer Igo said Talon’s acquisition of the Eagle Mine and Humboldt Mill are significant for domestic critical mineral production and long-term opportunity for the Iron Range.
“Strengthening America’s domestic supply of critical minerals is essential for our economy and national security,” Igo said in a statement. “This acquisition keeps production and processing capacity in the United States at a time when nickel and copper are increasingly important.”
Two critical minerals projects, NewRange Copper Nickel near Hoyt Lakes and Twin Metals Minnesota near Babbitt and Ely, are proposed on the Iron Range.
Both projects, however, remain stalled in permitting and environmental challenges.
“For the Iron Range, this is an encouraging signal,” Igo said of the Talon Metals acquisition. “It reinforces the role our region can play in responsibly producing the minerals needed for modern manufacturing, energy infrastructure, and future technologies, while supporting good-paying jobs and longterm economic stability.”
Talon Metals is a joint venture at the Tamarack project with Rio Tinto.
Talon Metals has a neutrality and workforce development agreement at the proposed project with the United Steelworkers.
Talon Metals’ planned battery plant in North Dakota was selected by the U.S. Department of Energy for a $114.8 million grant.
The U.S. Department of War awarded Talon a $20.6 million grant to support the company’s exploration efforts in Minnesota and Michigan.
