Nemaska Lithium Receives Second Installment of $2.12 Million from Sustainable Development Technology Canada for Phase 1 Lithium Hydroxide Plant
June 29, 2016 (Source) — Nemaska Lithium Inc. (“Nemaska Lithium” or the “Corporation”) (TSX VENTURE:NMX) (OTCQX:NMKEF) has received its second $2.12M installment from Sustainable Development Technology Canada (SDTC) for the development of the Phase 1 Lithium Hydroxide Plant.
“To date, the Corporation has received a total of approximately $21M, representing about 55% of the total $38M Phase 1 Plant budget”, commented Steve Nadeau, Chief Financial Officer of Nemaska Lithium. “The sources of funding received to date towards the Phase 1 Plant are $10M from Ressources Québec Inc., $6M from Johnson Matthey Battery Materials Ltd, $4.24M from SDTC and $750k from Technoclimat program through the Bureau de l’efficacité et de l’innovation énergétiques of the ministère de l’Énergie et des Ressources naturelles”.
“We have taken possession of the facilities in Shawinigan that will house both the Phase 1 Plant and the commercial Hydromet facility and construction of the Phase 1 Plant has commenced,” commented Guy Bourassa, President and CEO of Nemaska Lithium. “Furthermore, work has started on removing the old paper mill equipment from the commercial Hydromet Plant facility and we are very pleased with the progress so far.”
The Phase 1 plant is designed to produce 500 tonnes per year of high purity lithium hydroxide. The construction of the Phase 1 plant has started and is expected to be completed during Q4-2016. Once built, Nemaska Lithium intends to use this facility to produce commercial lithium hydroxide samples to send to end-users in the lithium battery market with a goal of securing off-take agreements in advance of start of operation at the Whabouchi lithium mine and commercial Hydromet facility, the latter being also located in Shawinigan. Nemaska Lithium is in discussions with a number of potential end-users, all of which have requested samples as soon as possible.
About Nemaska Lithium
Nemaska Lithium intends to become a lithium hydroxide 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.
Get our daily investorintel update
Sustainable Development Technology Canada (SDTC) acts as a primary catalyst in building a sustainable development technology industry in Canada, funding and supporting Canadian cleantech projects across a number of sectors. SDTC invests in Canadian companies that through their innovative technologies bring positive contributions to Canada: creating quality jobs, driving economic growth, and preserving our environment. SDTC is a foundation funded by the Government of Canada.
For more information, please visit sdtc.ca
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 is a trusted source of reliable information at the forefront of emerging markets that brings investment opportunities to discerning investors.