Nemaska Lithium seeks creditor protection amid industry supply woes
Canada's Nemaska Lithium said on Monday it would seek creditor protection in the latest sign of turbulence to hit the fast-growing industry.
The move comes as oversupply of the battery metal this year has prompted major producers to cut back and forced some smaller miners out of the business.
Nemaska, whose largest shareholder is the government of Quebec, had been in talks with mine financier the Pallinghurst Group to secure a potential C$600-million equity investment but had yet to announce a deal.
The company in October suspended operations and laid off employees after announcing cost overruns of more than $300 million at its flagship Whabouchi project.
Lithium is expected to be in hot demand in the early years of the next decade, but top producer Albemarle warned last month that challenging market conditions could persist for up to 18 months.
Nemaska is the second miner backed by the Canadian province of Quebec to succumb to weak prices for the white metal.
Chinese battery firm Contemporary Amperex Technology's North American lithium unit obtained creditor protection earlier this year. Bids for its mothballed Quebec mine and plant are due by January.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















