Ivanhoe’s Kipushi zinc mine in the DRC officially reopens
The restart marked exactly a century since the mine first went into production.
Nemaska Lithium’s (TSX: NMX) board of directors has appointed a special committee to review all strategic alternatives, after the company disclosed this month that it has been forced to revise the budget for the Whabouchi lithium mine and Shawinigan electrochemical plant up by C$375 million.
Nemaska, which has received funding from the Quebec provincial and Canadian federal governments, is building the Whabouchi hard rock lithium mine in the James Bay region and Shawinigan processing plant north of Montreal, aiming to put Canada on the global lithium production map.
The special committee is comprised of independent members of the corporation’s board of directors, the company said in a statement.
Clarksons Platou Securities AS has also been engaged as financial advisor to the corporation and the board. National Bank Financial and PricewaterhouseCoopers have been engaged as financial advisors to the committee and the board and McCarthy Tétrault LLP has been engaged as legal advisor to the special committee and the board.
Last year, the Canadian developer arranged $1.1 billion financing for the lithium project. SoftBank’s Vision Fund entered the mining sector for the first time in May 2018, buying up to 9.9% of Nemaska Lithium.
The C$375 million budget revision was revealed on February 13, and Nemaska’s shares plummeted 35% that day.
As of market close Thursday, Nemaska’s shares were down nearly 4%, trading at 0.38 on the TSE.
2 Comments
Michel Robert
Maybe look at who is taking main decisions and his/her criteria to do so?
Anyone taking decisions at Nemaska ever had experience with “building” a mining project? A quick look reveals that the experience is upper case zero.
How could semi-governmental entities in Quebec ever decide to give them money without any derisking whatsoever? Upper case zero again?
Shame on you, and though luck for people who thought that you, at least, should know what you were doing.
Personal opinion of one who has lived it, done it, many times in the Americas, but too old now to keep on doing it.
Michel Robert
Keith
Back in the 80s accountants elbowed engineers out of the executive suites. They understand money, which is important, but are clueless about design, production and management. I’ve seen more than one good deposit mucked up by amateur engineers with green eye shades.