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US EV Battery Supply Chain: Talon Commends Draft Guidelines Implementng IRA Critical Mineral Requirements
"Balanced" New Rules Should Establish Domestic Mineral Preference Through Strong Enforcement Mech...
About this update from Talon Metals Corp.
[{"type":"text","content":"US EV Battery Supply Chain: Talon Commends Draft Guidelines Implementng IRA Critical Mineral Requirements\"Balanced\" New Rules Should Establish Domestic Mineral Preference Through Strong Enforcement MechanismsTamarack, Minnesota--(Newsfile Corp. - March 31, 2023) - Talon Metals Corp. (TSX: TLO) (OTC Pink: TLOFF) (\"Talon\" or the \"Company\"), the majority owner and operator of the Tamarack Nickel Project (\"Tamarack Nickel Project\") in central Minnesota, commends the Biden Administration for new draft rules published today on the implementation of the Section 30D tax credit provisions as amended by the Inflation Reduction Act (IRA). Section 30D provides an individual tax credit of up to $7,500 for individual taxpayers that purchase a qualifying electric vehicle. To qualify for the credit, an EV must be manufactured in North America and use a battery that contains a certain percentage of minerals, such as nickel and lithium, that were extracted or processed in the United States or certain free trade agreement (FTA) countries.Talon Metals CEO Henri van Rooyen commented: \"This is a balanced approach to two urgent objectives: securing strategic supply chains while also advancing America's ability to get more EVs on the road. Addressing climate change through the energy transition and building a strong domestic battery manufacturing capability from mining to recycling are vital goals.\"The draft rules published by the U.S. Department of Treasury today provide guidance in the sourcing of critical minerals and battery components for credit-eligible EV batteries. While minerals sourced from FTA countries are eligible, the law excludes vehicles which include critical minerals or battery components from \"foreign entities of concern.\"Todd Malan, Talon Metals Chief External Affairs Officer & Head of Climate Strategy commented, \"Congress put a premium on minerals sourced domestically or from our free trade allies. These rules are faithful to this preference. We hope that additional clarification of the Foreign Entity of Concern provisions, including audit and claw-back mechanisms, will ensure that minerals processed in Russia, China, or sourced by Chinese-owned companies in countries like Indonesia do not end up in qualifying vehicles through opaque supply chains or \"mineral laundering.\" With enforcement measures in place, miner...