Quebec-based Nemaska Lithium has secured the first $75-million of $150-million from Orion Mine Finance under a streaming agreement.
The second tranche of $75-million will be paid once technical and other customary conditions are satisfied by December next year.
Nemaska president and CEO Guy Bourassa said that the company was on track with the requirements to meet the conditions precedent to the bond offering’s “long stop date” of August 30, 2018.
“The project execution itself is moving forward in terms of, but not limited to, engineering and construction and we are bringing in the components of the project funding as needed,” he said.
The corporation will be operating the Whabouchi mine – one of the richest lithium spodumene deposits in the world, both in volume and grade. The spodumene concentrate produced at the Whabouchi mine will be processed at the Shawinigan plant using a unique membrane electrolysis process for which Nemaska holds several patents.