EDITOR: | May 10th, 2016

Nemaska Lithium Completes Acquisition of Shawinigan Facilities, Quebec

| May 10, 2016 | No Comments
image_pdfimage_print

Nemaska-Lithium-200x125May 10, 2016 (Source) — Nemaska Lithium Inc. (“Nemaska Lithium” or the “Corporation”) (TSX VENTURE:NMX) (OTCQX:NMKEF) is pleased to announce the closing of the purchase agreement with Société de développement Shawinigan for the part of the land and the selected existing buildings (the “Shawinigan Site”) of the former Resolute Forest Products’ Laurentide plant in Shawinigan, Quebec. The Shawinigan Site will house Nemaska Lithium’s Phase 1 Plant and the future Commercial Hydromet Plant that will convert spodumene concentrate into high purity lithium hydroxide and lithium carbonate. The purchase price of $2M is to be paid in two instalments, a first tranche of $300,000 and a second tranche of $1.7M. The first tranche was put in escrow at the signature of the purchase agreement and should be released once the Corporation receives the construction permit for the Phase 1 Plant. The second tranche will be paid closer to the construction start date of the Commercial Hydromet Plant, once the construction permits are obtained.

Nemaska Lithium selected the site for several key factors including:

  • excellent quality and state of existing buildings, significantly reducing capital costs and time over new construction options;
  • existing and ready to use infrastructure required for the operation, including natural gas, electric power station and railway; and finally
  • proximity of Shawinigan to the Whabouchi mine site, keeping concentrate transportation costs low.

“We expect to create approximately 100 skilled jobs in Shawinigan starting with the Phase 1 Plant and then the Commercial Hydromet Plant to follow,” said Simon Thibault, Director of Environmental and Social Responsibility. “Now that we are the owner of the site, we look forward to speaking with the people of Shawinigan on how this project will benefit the area and create new opportunities and economic growth.”

Nemaska Lithium will be posting job positions for the Shawinigan Facility on its web site in the coming weeks and months. Please check from time to time for openings on our web site http://www.nemaskalithium.com/en/job-opportunities/

About Nemaska Lithium

Nemaska Lithium intends to become a lithium hydroxide supplier and lithium carbonate supplier to the emerging lithium battery market that is largely driven by electric vehicles, cell phones, tablets and other consumer products. The Corporation is developing in Quebec one of the most important spodumene lithium hard rock deposit in the world, both in volume and grade. The spodumene concentrate produced at Nemaska Lithium’s Whabouchi mine will be shipped to the Corporation’s lithium compounds processing plant to be built in Shawinigan, Quebec. This plant will transform spodumene concentrate into high purity lithium hydroxide and carbonate using the proprietary methods developed by the Corporation, and for which patent applications have been filed.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The statements herein that are not historical facts are forward‐looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties. Actual results could differ from those currently projected. The Corporation does not assume the obligation to update any forward‐looking statement.


InvestorIntel

Editor:

InvestorIntel is a trusted source of reliable information at the forefront of emerging markets that brings investment opportunities to discerning investors.


Copyright © 2016 InvestorIntel Corp. All rights reserved. More & Disclaimer »


Leave a Reply

Your email address will not be published. Required fields are marked *