Resource Capital Funds
Sale of 19.2% shareholding in Talon Metals Corp. for C$80m
On 28 October 2021, Resource Capital Funds ("RCF") announced it had sold a 19.2% shareholding in Talon Metals Corp. ("Talon") to Pallinghurst Nickel International Limited ("Pallinghurst") for C$80m.
Following the transaction, RCF and Pallinghurst will be the two largest shareholders of Talon, holding 19.2% each.
Talon is a TSX-listed company focused on the development of the Tamarack nickel-copper-cobalt project in Minnesota, USA, which is held in a joint venture between Talon and Rio Tinto Limited. Talon is the operator of the joint venture and currently holds a 51% interest, with a right to earn up to 60%. Tamarack is one of the highest-grade undeveloped nickel sulphide projects globally and once developed, is expected to become a low-cost producer of critical minerals for the growing battery sector.
Pallinghurst is a leading global investor in the mining and metals sector with a focus on battery materials which facilitate the vital, global shift towards sustainable energy storage. Pallinghurst has invested over US$2.5 billion in equity for mining projects globally, in partnership with leading industry players and local governments.
Azure Capital and Natixis acted as corporate advisor to RCF in relation to the transaction.