Surface facilities at the Whabouchi mine and mill site in northern Quebec. (Image: Nemaska Lithium)
QUEBEC CITY – When the higher cost of the Whabouchi and Shawinigan projects were released by Nemaska Lithium two weeks ago, the stock price declined steeply. The cost of the project – mine, mill and electrochemical plant – jumped by $375 million or 34%. That sent the company’s shares into a nosedive to $0.195 each, a decline of 36%.
Now Nemaska has created a special committee of independent directors from its board to review what might come next. Members are François Biron, Vanessa Laplante and Paul-Henri Couture, who will chair the committee. The committee will examine the recommendations of three financial advisors and a legal advisor.
In a news release, Nemaska said it is seeking additional financing to complete the Whabouchi mine and mill as well as the Shawinigan plant.
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