Create FREE account or log in

to receive MINING.COM digests


Nouveau Monde Graphite raises $50 million from three backers

When the plant in Becancour is complete, it will produce 43,000 tonnes of anode material annually. Credit: Nouveau Monde Graphite

Nouveau Monde Graphite (TSXV: NOU; NYSE: NMG) has closed its latest $50 million private placement thanks to the backing of Mitsui, Pallinghurst Bond and Investissement Québec. Mitsui subscribed for $25 million in a convertible note, while both Pallinghurst and the provincial agency subscribed for $12.5 million.

Nouveau Monde intends to use the funds to update the July 2022 feasibility study for its phase 2 commercial integrated operation. Plans include the Matawinie open pit graphite mine 150 km north of Montreal and battery material plant in Becancour, Quebec.

The Matawinie mine contains measured and indicated resources of 130.3 million tonnes grading 4.28% graphitic carbon (Cg) and containing 5.6 million tonnes Cg. The inferred resource is 23.0 million tonnes at 4.28% Cg for 980,000 contained tonnes. Within those resources are 61.7 million tonnes of proven and probable reserves grading 4.23% Cg and containing 2.6 million tonnes graphitic carbon.

When in commercial production, the plant at Becancour will produced 43,000 tonnes of anode material and 3,000 tonnes of purified jumbo flakes, with a purity of 99.95% graphitic carbon.