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Canada Nickel Company (TSXV: CNC) has signed a Memorandum of Understanding (MOU) with Taykwa Tagamou Nation (TTN), regarding financing of the company’s mine fleet for the Crawford nickel cobalt sulphide project in Ontario.

“We welcome TTN as our partner in this initiative and acknowledge TTN’s ongoing commitment to protect and enhance the land and resource-based economy within their Traditional Territory,” Mark Selby, CEO of Canada Nickel said in a media statement.

“Canada Nickel actively looks for ways to increase involvement in Crawford’s development from the local Indigenous communities through innovative partnerships that provide opportunities for mutually beneficial business ventures,” said Selby.

Selby said the initiative has the potential to substantially reduce initial capital requirements and improve Canada Nickel’s ability to finance Crawford and advance it to development.

“Combined with our previously announced MOUs with TTN and Glencore, it also creates the potential for a much lower capital cost startup,” he said.

Under the terms of the MOU, TTN will seek favourable financing terms to participate in the financing of all or a portion of the heavy mining equipment fleet required for Crawford’s operation.

Training and associated employment opportunities will also be available to TTN where specialized maintenance and operation is required for the equipment and where that equipment is financed or owned in whole or in part by TTN.

“Our community is proud of our continued innovative approach to business development partnerships – and our most recent MOU with Canada Nickel is no exception,” Taykwa Tagamou Nation Chief Bruce Archibald said. “TTN has been working diligently to address the financing, capacity, scale, policy limitations, jurisdiction questions, and project timeline challenges to initiate, construct and put into operation development partnerships within our Traditional Territory.”

“Canada Nickel continues to set a precedent by ensuring First Nation communities who have the financial backing to reduce capital start-up costs are not just those that need to be consulted with, but rather, are true business partners that will benefit their communities and the Northern Ontario economy,” Chief Archibald said.