Q&A with Todd Malan, Chief External Affairs Officer and Head of Climate Strategy at Talon Metals

Todd Malan is Chief External Affairs Officer and Head of Climate Strategy at Talon Metals, a publicly traded company focused on discovering and developing high grade nickel-copper deposits in the US. Having worked in GS's Office of Government Affairs in Washington D.C. from 2008 to 2013, Todd describes his career journey and lessons learned at GS, including the importance of caring leadership during crises, strategic partnerships, and how to build an effective structure for corporate engagement with external stakeholders that produces valuable outcomes.

1. How did you start your career at Goldman Sachs and what was your path at the firm?
I joined GS in 2008, just as the early signs of the financial crisis were emerging. I joined the International Public Policy team within the Executive Office (EO) as a Vice President, but was pretty quickly focused on domestic policy and strategic engagement. During my time at the firm, I worked with the EO team on legislative and regulatory issues, helped rebuild the PAC Political Action Committee and supported a number of specific divisions.

2. What did you learn during your time here that helped you in the next phase(s) of your career?
Joining GS during a crisis meant the lessons came fast and furious. One thing that stuck with me was how the firm’s leaders made decisions with massive implications but at pace. Deliberate and thoughtful, but they recognized that speed had value and indecision was costly. I also recall that despite the enormous pressure on them, they took the time to check on how their colleagues were holding up. Genuine care for others as a work ethic is a lesson learned from my time at GS and something I have tried to adopt throughout my career.

I also learned that companies should be organized to engage comprehensively with the external world by building an integrated team that covers all the external facing functions (e.g., government relations, media/communications, community relations, political engagement and philanthropy) in a single reporting line. 

When all these functions work together, the integrated and aligned team can “run plays” in terms of external objectives (e.g., policy, reputation, etc.). GS’ EO structure has proven its value time and again and is being emulated in some of the most successful global companies. Companies with more balkanized structures often just chase the ball rather than develop and deploy integrated strategies that deliver outcomes, or score goals. I advocated for a similar functional structure to GS at Rio Tinto initially and have implemented it at Talon Metals – communities, government relations, media/communications and tribal relations all in the same team.
 

3. What have you pursued since you left the firm?
I left GS after five years in 2013 to join a banking client -- Rio Tinto, the Anglo-Australian global mining and metals leader. I joined to head up Rio’s US government relations team in Washington DC. Over the next eight years, I added responsibility for all external functions in North and South America and joined the senior leadership team of the Rio Tinto Aluminum product group to represent the external facing functions. In 2021, I moved to a Rio Tinto JV, publicly traded Talon Metals (TSX:TLO), where I am currently Chief External Affairs Officer and Head of Climate Strategy.

Talon is developing a high-grade nickel/copper deposit in central Minnesota in the town of Tamarack (population 61). During my time at Talon, we have achieved a number of milestones: signing an offtake agreement with Tesla, receiving a grant from the Department of Energy for $114m in funding for our battery mineral processing facility in Mercer County, North Dakota, receiving a $20m grant from the Department of Defense to support additional exploration for high grade nickel deposits in Minnesota and Michigan, signing an agreement with a tribal sovereign government in North Dakota, and signing a neutrality and workforce development agreement with the United Steelworkers. Talon started the state permitting process for its underground mine in June of 2023. We hope to be permitted and in production for Tesla in 2028.
 

4. At Talon Metals, you are Chief External Affairs Officer and Head of Climate Strategy. Tell us about the mission behind the business, what you are currently focused on and your transition from financial services to the mining sector.
Working in mining and metals has been a fascinating challenge and a change from financial services. In some ways, it’s easier to explain to people why they need copper in their iPhones or nickel in their EV batteries than explaining why society needs derivatives. 

Policymakers, on both sides of the aisle in the US and globally, are now focused on critical minerals in a whole new context: clean energy systems that are needed to address climate change are all highly dependent on critical minerals.

A typical electric car requires six times the mineral inputs of a conventional car and an onshore wind plant requires nine times more mineral resources than a gas-fired plant of the same capacity. The clean energy transition means we need more minerals that are mined from the earth. This mineral intensity is creating tensions in public policy and communities that are proximate to areas where Mother Earth sought to leave mineral deposits. However, the context of mineral extraction is completely different than disturbing the earth to extract fossil fuels. The nickel and copper that Talon hopes to extract from its proposed underground mine in central Minnesota is infinitely recyclable. If we can produce more minerals and metals in a responsible way now, we are in fact creating a potential for a circular system of recycling materials for future generations. These generations may be able to achieve a completely circular system for new clean energy systems and need less mining and disturbance of the earth. But we don’t have enough material to meet the scale of our clean energy ambitions today.

The toughest challenge in our industry is getting permitted and building broad based community support for mining. Communities that are proximate to new deposits are not always so excited about a new mine, despite the creation of well-paying jobs and significant investment that comes with building a mine and processing facility. Being an advocate for a new mine, regardless of the positives and urgency around clean energy transition, is challenging given mining does not have the best reputation. These challenges are all the more satisfying when you achieve milestones or see evidence of growing community support.
 

5. What are some examples of Talon’s strategic partnerships?
The importance of building strategic partnerships is another valuable lesson from my time at GS. I learned so much from many senior partners as the firm worked to build stronger partnerships at the community level both with portfolio companies and customers and invested in initiatives like 10,000 Small Businesses. At Talon Metals, we have built strong partnerships with unions, tribes and community partners where we operate. Expanding the base of advocates and supporters is vital when you have well-resourced opponents. It’s worth noting that these partnerships must have mutual benefit at their core.
 

6. Have you leveraged your GS network since leaving the firm? If so, how?
Of course! I keep in good touch with former colleagues from the Washington DC office and I have also built strong relationships with the banking mining and metals coverage team, the commodities research team and commodities trading desks. GS research on the energy transition, policy like the IRA and the mining sector have been incredibly valuable in my roles at Rio Tinto and Talon. The mining and metals coverage team has some of the most knowledgeable and strategic advisors in the sector. Staying connected to the firm has proven to be very valuable!