Nemaska Lithium Inc. (TSX: NMX | OTCQX: NMKEF) is a producer of the compound in Quebec, Canada, and is aiming to supply to the rapidly growing market. The company wholly owns the Whabouchi Mine project, a deposit believed to rank second in the world for size and lithium concentration. The company has developed a commercial process of producing lithium hydroxide (patent pending), which is the compound anticipated to lead demand in batteries.
The Whabouchi project is the flagship of this company, but not only for its size and quality of material. Officially authorised by the Quebec and Canadian Federal Governments in 2015, the project is being funded by over $69 million in investment raised in an offering in July 2016, from when the company began trading on the Toronto Stock Exchange.
The Company has previously ranked as “Top Company Overall” of the 2016 OTCQX® Best 50 and performed second best out of the mining sector on the 2016 TSX Venture 50®. Nemaska Lithium has further attracted a significant grant from Sustainable Development Technology Canada, receiving a second installment of $2.12 million in June. In September, new deposits were discovered at the Whabouchi project, leading to the decision to extend the drilling program from 13,700 meters to more than 17,000 meters.
The project’s most recent update confirmed in October that the Phase 1 Plant was proceeding according to budget and is on time, with respect to the primary shipments of their lithium hydroxide product. Maiden shipments is anticipated for the first quarter of 2017.
In April of this year a new feasibility report for the Whabouchi Mine was released as an update to their May 2014 report. The report estimated a savings on production costs of 22% and 18% for lithium hydroxide and lithium carbonate respectively.
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