The Legault government is investing a quarter of a billion dollars more in Nemaska Lithium, bringing Quebec’s total investment in this company to $775 million.
• Also read: Battery sector: Rio Tinto wants to acquire the company that owns Nemaska Lithium
• Also read: Rio Tinto wants to make Quebec a global lithium hub
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In a press release published Wednesday, the Ministry of the Economy maintains that “the future fallout [des projets de Nemaska] will allow the government to invest in services to the population, particularly in health and education.
“With the battery sector, we are consolidating our nation’s place as a leader in the energy transition, in addition to creating paying jobs for Quebecers. We are continuing the work to develop a strong battery sector that will enrich and decarbonize Quebec!” exclaimed the Minister of the Economy, Christine Fréchette.
Despite the importance of this announcement, the cabinet of Mme Fréchette did not organize a press conference to defend it.
Public funds committed by Quebec to the battery sector now exceed $2.25 billion.
Photo Nemaska Lithium
More help for Rio Tinto
This other investment in Nemaska Lithium constitutes new indirect aid to the Australian-British mining giant Rio Tinto, which recently announced the acquisition of Arcadium Lithium, holder of a 50% stake in Nemaska. Quebec owns the other half of the company.
The Nemaska project has experienced several delays and cost overruns. Today valued at more than $2 billion, it includes the Whabouchi mine, in Nord-du-Québec, and a lithium hydroxide plant currently under construction in Bécancour, in Center-du-Québec.
View of the Nemaska Lithium plant planned for Bécancour
Illustration Nemaska Lithium
The company promises the creation of 450 jobs, including 175 at the factory.
Quebec investments in Nemaska
View of the Nemaska Lithium plant planned for Bécancour
Illustration Nemaska Lithium
2014: 10M$
2015: 10M$
2018: 80M$
2021: $95M
2022: 80M$
2023: 250M$
2024: 250M$
Total: 775M$
Quebec investments in the battery sector
Nemaska: 775M$
Northvolt: $508M
EcoPro CAM Canada: $322M
Electric Lion: $159M
Last CAM (GM-POSCO): $152M
Volta Canada: 150M$
Vale Canada: 55M$
New World Graphite: $49.5M
Volvo Canada: $22.7M
Lithion Recycling: 22,5M$
Nova Bus: 19,1M$
H55 Canada: 10M$
Mirae Canada: 7,5M$
Ingeniarts Technologies: 6,8M$
Total: 2,26G$
Source: Ministry of the Economy
