IGO suspends annual dividends from Tianqi JV amid market downturn
The JV experienced a build in lithium hydroxide inventory at Kwinana over recent months.
Northvolt announced on Thursday that will build a giga lithium-ion battery plant in Saint-Basile-le-Grand and McMasterville, Quebec.
The battery plant, Northvolt Six, will have an annual cell production capacity of 60 GWh, with adjacent facilities for the production of active cathode and recycling materials. This will be Northvolt’s first plant outside Europe.
Construction of the first 30 GWh phase of the project is expected to begin by the end of 2023 and the first batteries are expected to be delivered in 2026.
This first phase of cathode, cell and recycling manufacturing will require a total investment of C$7billion ($5bn) and will employ up to 3,000 people.
The project is being developed with the financial support of federal and provincial governments and represents the largest private investment in Quebec’s history. Quebec and Ottawa will invest a total of $2.7 billion for the construction of the factory.
Prime Minister Justin Trudeau and Quebec Premier François Legault were in Montreal Thursday morning to announce the battery plant.
“This facility will be able to produce batteries for a million electric vehicles a year and, at full production capacity, the plant will contribute up to $1.6 billion to our economy,” Trudeau said.
The announcement has sparked concerns in the local community regarding potential noise and pollution emanating from the plant.
A petition with 700 signatures has been formally presented to the McMasterville municipal council, urging reconsideration and potential intervention to halt the project.
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