A major Canadian player in the growing lithium market has completed a huge round of financing, as it looks to propel the development of its flagship lithium operation.
Nemaska Lithium, which is developing one of the richest lithium spodumene deposits in the world (the Whabouchi mine in Quebec), has announced that it has completed a financing package valued at around CAD $1.1 billion.
“In the past 12 months, we have developed and delivered a comprehensive Project Financing Package that we believe will allow Nemaska Lithium to realize its long-term potential while ensuring sufficient reserves for its future development”, said Guy Bourassa, President and CEO of Nemaska Lithium.
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“With the financial resources in hand, we will build a unique lithium hydroxide and carbonate production facility, in tandem with a spodumene mine, all within the province of Québec. To be vertically integrated, from the mine to the end product, will give Nemaska a cost advantage over industry peers. Today’s lithium ion batteries evolving chemistry demands more and more lithium hydroxide, validating our decision to focus on this growth segment within the lithium market.
The financing package will be used to fund the construction and commissioning of the Whabouchi lithium mine and the Shawinigan electro-chemical plant that Nemaska is developing.
The construction and commissioning of the Whabouchi mine site is expected to be completed within 15 months, while approximately 24 months is expected to be required for the Shawinigan electro-chemical plant