QUEBEC CITY, June 14, 2023 /CNW/ – The Quebec government has authorized Investissement Québec to invest an additional $250 million in the share capital of Nemaska Lithium. This sum, to be disbursed through future financing rounds, will be combined with contributions from Livent Corporation (NYSE:LTHM), Nemaska Lithium’s 50% co-shareholder. The funds will enable the company to pursue its project to build and commission a spodumene mine and concentrator at the Whabouchi complex in Northern Quebec. At the same time, Nemaska Lithium is also starting construction of a processing plant in Bécancour to produce lithium hydroxide for batteries, to be supplied by the Whabouchi mine.
Pierre Fitzgibbon, Minister of the Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Greater Montreal Area, made the announcement today.
The mine is scheduled for commissioning in 2025. As for the plant, its expertise will bolster Quebec’s battery industry and enrich the new Vallée de la transition énergétique innovation zone, which brings together the cities of Shawinigan, Trois-Rivières and Bécancour, and whose creation was announced on May 29. It will start operations in 2026, and around 520 people will be hired for the operating phase.
Quotes :
“With this major and highly strategic investment, Québec confirms its role as North American leader in the battery value chain. The development of the Whabouchi mine and the upgrading of lithium hydroxide in Bécancour are essential steps towards achieving the milestone of manufacturing the world’s greenest battery in Quebec. Our government is pleased to be moving ahead with this project, which will have positive spin-offs for both the economy and the environment.”
Pierre Fitzgibbon, Minister of the Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Metropolis and the Montreal Region
“Investissement Québec is proud to support the Nemaska Lithium project, which is a key element in the development of the strategic sector of battery materials for electric vehicles, and the establishment of a complete lithium value chain in Québec. The electrification of transportation is a fast-growing market worldwide, and Quebec has all the potential to become a true leader in this field.”
Guy LeBlanc, President and CEO, Investissement Québec
“This additional funding marks a decisive step in the realization of Nemaska Lithium’s integrated mine-to-plant lithium project, as we enter the execution phase. It testifies to the government’s confidence in our teams, its recognition of our expertise and our commitment to responsible, sustainable practices. We are proud to contribute to the emergence of the battery supply chain, and thus play a leading role in Quebec’s energy transition.”
Gervais Jacques, Chairman of the Board, Nemaska Lithium
Highlights :
- Nemaska Lithium is a private company owned in equal shares by the Quebec government, through its agent Investissement Québec, and by Livent, through its Quebec Lithium Partners division.
- Livent, which will play a key role in the start-up and operation of the Nemaska Lithium processing plant, specializes in electric cars, portable and interconnected devices, solid and light alloys, and advanced polymers. It is a major supplier to Tesla, BMW and General Motors.
- On May 22, 2023, Ford and Nemaska Lithium announced a long-term agreement for the supply of lithium products, including lithium hydroxide, over an eleven-year period.
- Today’s announcement will enable the Quebec government to maintain its position as a shareholder of Nemaska Lithium. It is made possible by the Capital ressources naturelles et énergie fund.
- Through the Capital ressources naturelles et énergie fund, the government is reaffirming its commitment to encouraging the responsible exploitation and processing of natural and energy resources, so that the Québec community can participate directly, as a shareholder, in the profits of the companies concerned.
- The Nemaska Lithium project is in line with the orientations of the Quebec strategy for the development of the battery industry and the Quebec plan for the valorization of critical and strategic materials 2022-2025.
- As part of Quebec’s battery development strategy, the government intends to invest over the next few years in the growth of this promising industry.
- With the Plan d’action québécois pour la valorisation des matériaux critiques et stratégiques 2022-2025, the government has set itself the goal of making Quebec a leader in the production, processing and recycling of critical and strategic minerals, in partnership with regional and aboriginal communities.
- The
Energy Transition Valley
to be deployed between Bécancour, Trois-Rivières and Shawinigan, is the third innovation zone to be recognized by the Quebec government. It will accelerate the development of the battery industry and the electrification of transport, decarbonize the industrial port sector and optimize the production and use of green hydrogen in the industrial chain.
Ministère de l’Économie, de l’Innovation et de l’Énergie on social networks :
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SOURCE Office of the Minister of the Economy, Innovation and Energy and Minister responsible for Regional Economic Development
Information: Source: Mathieu St-Amand, Director of Communications, Office of the Minister of the Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Greater Montreal Area, Tel. Phone: 418 691-5650; Information: Jean-Pierre D’Auteuil, Responsable des relations médias, Direction des communications, Ministère de l’Économie, de l’Innovation et de l’Énergie, Tel. 418 691-5698, ext. 4868, Cell. 418 559-0710, E-mail: relationsmedias@economie.gouv.qc.ca