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FPX Nickel enters MOU with Toyota JV

FPX Nickel (TSXV: FPX) is potentially entering the battery supply chain, following a non-binding memorandum of understanding it has signed with Japan Organization for Metals and Energy Security (JOGMEC), as well as Prime Planet Energy & Solutions.

Prime Planet is a joint venture between Toyota Motor Company and Panasonic, with Toyota owning a 51% stake in the venture.

The MOU is focused on a framework that will see FPX and Prime Planet explore opportunities for nickel production from FPX’s flagship Baptiste Nickel Project to be utilized within the battery supply chain. The MOU outlines the ultimate production of nickel sulphate and cathode active materials for Prime Planet’s supply chain.

You can read more on the matter here.

What’s going on?

• UAW, Automakers Still Far Apart On Contract Negotiations As Targeted Strikes Set To Expand (theDeepDive)

• A Stolen Tank Was Found In A Scrapyard In Israel (theDeepDive)

• US finalizes rules to prevent China from benefiting from $52 billion in chips funding (Reuters)

• Premier Doug Ford Reverses Decision to Develop Greenbelt as Two Ministers Resign in Wake of Controversy (theDeepDive)

• Michael Bloomberg Wants to Close All Coal and Half of Natural Gas by 2030 (theDeepDive)

• Lachlan Murdoch Inherits Media Empire and Daunting Task as Rupert Retires (Bloomberg)

• Fake Tweet About the Strategic Petroleum Reserve Drives Oil Markets (theDeepDive)

• Immigration Minister Marc Miller Misses the Date of Hardeep Singh Nijjar’s Canadian Citizenship by 8 Years (theDeepDive)

• ChatGPT Usage is Rising Again as Students Return to School (Bloomberg)

• Canada Signs $3-Billion Support For Nuclear… In Romania (theDeepDive)

What’s the latest?

• Canada Claims India’s Involvement: The Canadian government has been conducting a months-long investigation into the death of Sikh activist Hardeep Singh Nijjar. The investigation includes both human and signals intelligence, with some communications involving Indian officials, including diplomats present in Canada. This intelligence was not solely provided by Canada but also came from an unnamed ally in the Five Eyes intelligence alliance.

• Greenbelt Scandal: Ontario Premier Doug Ford faced the resignation of a third cabinet minister in three weeks as Monte McNaughton stepped down from his position as labour minister to work in the private sector. Although McNaughton stated his decision was unrelated to recent events, it follows the resignations of Steve Clark and Kaleed Rasheed, both tied to the Greenbelt scandal.

• UAW Strikes: The United Auto Workers is expanding its strike against major automakers, with workers walking out of 38 General Motors and Stellantis plants in 20 states. This move comes as the union seeks wage increases of 36% over four years, among other demands. Ford was spared additional strikes because the company met some of the union's demands during negotiations over the past week.

• Retail Sales Fall: Retail sales in Canada fell by 0.3% in August, the first decline since March, according to Statistics Canada. The drop suggests that higher interest rates, implemented by the Bank of Canada to cool inflation, are starting to impact household budgets.

• US Business Activity Standstill: The latest data shows that U.S. business activity remained sluggish in September, with the services sector operating at its slowest pace since February. S&P Global's flash Composite PMI index, which tracks both manufacturing and services, edged down to 50.1 from August's final reading of 50.2. While still slightly above the 50-level that separates expansion from contraction, this reading suggests little change in economic activity.

The Greenbelt Scandal Explained

The stock market and stuff

• Google’s ‘Results About You’ Tool Puts Users in Charge of Their Online Presence (theDeepDive)

• Stellantis to invest $500 million in Rio plant (Reuters)

• Goldman Sachs Gets Fresh Shot at Ending Costly 1MDB Corruption Scandal” (Bloomberg)

In the juniors

• Giga Metals Reports US$574 Million NPV(7%) On Turnagain Project Under Pre-Feasibility Study (theDeepDive)

• Trulieve Repurchases $57.0 Million In Face Value Notes Despite Cash Constraints (theDeepDive)

• FPX Nickel Enters MOU With Toyota Joint Venture For Use Of Nickel In Battery Supply Chain (theDeepDive)

FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Power Nickel. The author has been compensated to cover Power Nickel on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.