Talon Metals (OTCMKTS:TLOFF) stock is heating up Tuesday thanks to news of a deal with electric vehicle (EV) company Tesla (NASDAQ:TSLA).
This will have Talon Metals supplying Tesla with nickel concentrate that will come from the Tamarack Nickel Project in Aitkin County, Minn. This will have Tesla acquiring 165 million pounds of nickel concentrate from the company.
The deal doesn’t have to stop there though. If Tesla chooses, it can also negotiate to purchase a larger amount of nickel concentrate from Talon Metals and has preferential rights to do so under the current agreement.
Talon Metals notes the deal will last for six years or until the 165 million pounds of nickel concentrate is delivered to Tesla. The EV company will pay for the nickel concentrate based on the price from the London Metals Exchange.
Henri van Rooyen, CEO of Talon Metals, said this about the deal boosting TLOFF stock.
“This agreement is the start of an innovative partnership between Tesla and Talon for the responsible production of battery materials directly from the mine to the battery cathode. Talon is committed to meeting the highest standards of responsible production that is fully traceable and that has the lowest embedded CO2 footprint in the industry. Talon is excited to support Tesla’s mission to accelerate the transition to renewable energy.”
TLOFF stock is seeing heavy trading on today’s Tesla news. As of this writing, more than 12 million shares of the stock have changed hands. That’s a jump from its daily average trading volume of about 243,000 shares.
TLOFF stock is up 22.9% as of Tuesday morning.
There’s more stock market news for traders to dive into below!
We’ve got all the most recent stock coverage for investors to follow on Tuesday. That includes what’s happening with shares of Gores Guggenheim (NASDAQ:GGPI), Splash Beverage (NYSEAMERICAN:SBEV), and Kandi Technologies (NASDAQ:KNDI) today. You can learn all about these stocks at the following links!
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- KNDI Stock: The EV News Sending Kandi Technologies Revving Up Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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