10 Feb Nouveau Monde receives approval to build graphite mine in Québec
TSXV-listed Nouveau Monde Graphite has been issued a Ministerial environmental decree from the Québec Government which will green light construction of the largest graphite mine in the Western world.
Most recent estimates indicate that the Matawinie mine, located about 150 km North of Montréal, has 120.3 million tonnes of resources in the combined, measured and indicated categories with a 4.26% graphite grade.
The company aims to support growing demand for graphite from the electric vehicle (EV) space. Increasing demand for lithium-ion batteries will drive a CAGR of 7.4% in the global graphite market between 2020 and 2030, according to P&S Intelligence.
Following receipt of the environmental decree, Nouveau Monde will start early works on the 100,000 tonnes per year operation in Q2 of this year, with full construction to be launched in Q3. The company has been developing the project since 2011.
As well as being set to become the largest graphite operation in North America and Europe, Matawinie is also expected to become the world’s first all-electric open pit mine.
“With this green light to launch our Matawinie project, we plan to bring to market a responsibly extracted high-purity graphite to supply the EV and energy storage sectors with a local and sustainable alternative,” said Nouveau Monde founder, president and CEO Eric Desaulniers.