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Nemaska ties up C$12.8mln grant; receives initial C$2.1mln

The Phase 1 plant is designed to produce 500 tonnes per year of high purity lithium hydroxide

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Lithium is used in electric car batteries....

Nemaska Lithium (CVE:NMX) has agreed the deal with the Sustainable Development Technology Canada (STDC) for a C$12.87mln non-repayable grant.

The firm received the first payment of CS$2.1mln for the construction and operation of its Phase 1 lithium hydromet plant.

The Phase 1 plant is designed to produce 500 tonnes per year of high purity lithium hydroxide when built, with construction expected to start during the first quarter of 2016 and completed by the end of the year.

Guy Bourassa, president and chief executive of Nemaska, said: “The demand for lithium hydroxide is growing at double digit rates annually and end users are keen to secure supply.”

Once built, Nemaska Lithium intends to use this facility to produce commercial lithium hydroxide samples for end users in the lithium battery market.

Following this, the company hopes to secure off-take agreements operations at the Whabouchi lithium mine and commercial hydromet facility begin.

“Our unique method of producing lithium hydroxide uses electrolysis technology whose main input is electricity which, in Quebec, is green renewable hydro-electricity," Bourassa said,

He added that this makes it “the greenest and lowest cost in the world”.

Quick facts: Nemaska Lithium Inc

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TSX-V:NMX
Market: TSX-V
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