Canadian Mining Journal

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LITHIUM: Nemaska rounds up $1B for Whabouchi



Loading a truck at the Whabouchi lithium mine in northern Quebec. (Image: Nemaska Lithium)

QUEBEC – Nemaska Lithium of Quebec City has raised $1.18 billion with which to finance the construction, commissioning, working capital and reserve funds for the Whabouchi lithium mine and the Shawinigan electrochemical plant, as well as general working capital.

The company closed several financings on May 30 – C$280 million from the sale of common shares on a bought deal basis; C$80 million from a concurrent private placement of shares; US$350 million from an offering of senior secured callable bonds; and the release from escrow of C$93.8 million from a previously closed private placement with SoftBank Group.

Nemaska also has a C$195 million streaming agreement with Orion Mine Finance.

Nemaska expects to complete the  construction and commissioning of the Whabouchi mine site 300 km northwest of Chibougamau, in the James Bay region, within 15 months. About 24 months of work will be required to put the Shawinigan electrochemical plant into commercial production.

Detailed information about the Whabouchi project is available at www.NemaskaLithium.com.