FINANCING: Canada Lithium secures $75-M toward lithium project

QUEBEC – Canada Lithium of Toronto has secured a five-year debt facility worth C$75 million. The money will be used to advance the Quebec Lithium open pit mine and mill 60 km north of Val d’Or. The money will be supplied by the Bank of Nova Scotia ($60 million) and Caterpillar Financial Services ($15 million). Cat will also provide up to US$17 million lease financing for mobile mining equipment.

Construction of the Québec Lithium project began in August 2011 and is progressing on schedule and on budget. Commissioning of the US$207-million project will commence in late 2012. At full production, the new mine will produce in excess of 20,000 tonnes of battery grade lithium carbonate per year destined for export abroad and for markets in Quebec. (See CMJ, Nov. 2011.)

Photos of the site construction can be viewed at CanadaLithium.com.