A week after cost blowout sent the stock crashing Quebec lithium mine developer Nemaska is forced to terminate major supply agreement, pay penalties.
Nemaska Lithium Mining News
The company has been forced to revise the budget for the Whabouchi lithium mine and Shawinigan electrochemical plant upward by C$375 million.
Canada's Nemaska Lithium now has agreements in place for 90% of production from its Whabouchi hard rock mine and processing plant.
Chinese companies continue to aggressively try securing steady supply of lithium, a key ingredient in the making of batteries that power electric cars.
Nemaska Lithium agreement with private equity giant Orion Mine Finance comes a week after $100B Japanese technology fund bought a stake in Quebec-based firm.