Chalice Mining signs MOU with Mitsubishi Corporation for Gonneville

(Image source: Chalice Mining) Aerial view of the Gonneville project in WA.
(Image source: Chalice Mining) Aerial view of the Gonneville project in WA.

Chalice Mining (ASX: CHN) has entered a non-binding memorandum of understanding (MOU) with Mitsubishi Corporation to advance development at the Gonneville project in WA.

The MOU will see the companies work together during the ongoing pre-feasibility study (PFS) with the intention of forming a potential strategic partnership to develop Gonneville.

It establishes a general framework for collaboration on technical, financing, marketing and offtake aspects of the project during the PFS.

Chalice is fully funded to complete the PFS which is targeted for mid-2025.

Chalice managing director and chief executive Alex Dorsch says the company is pleased to have executed the MOU with Mitsubishi.

“We are very pleased to have executed the MOU with Mitsubishi, which marks the beginning of a foundational, long-term relationship,” he said.

“Mitsubishi’s involvement in the Gonneville project follows extensive due diligence and discussions over the past 12 months and highlights the longer-term strategic nature and value of the project as a potential large-scale, long-life and low-carbon source of critical minerals for WA.

“We are excited to work together over the next phase of project studies towards delivery of the PFS in mid-2025 and targeted final investment decision in late 2026.”

One of Japan’s largest conglomerates and a leading global natural resources investor, Mitsubishi is considered a tier-1 strategic partner for Gonneville.

It brings a broad range of capabilities, including equity and debt financing, product marketing, procurement and large-scale project development.

Mitsubishi Corporation general manager battery minerals Kota Ikenishi commented on the MOU.

“The project [Gonneville] has the potential to become a large-scale, globally significant critical minerals asset, and its US IRA-qualifying suite of metals could have a strategic importance for Japan in the future,” he said.

“We are excited to work together with Chalice and leverage our complementary skillsets to advance the project as we explore the possibility of formalising a potential long-term partnership.”