SMM11, March 12: as lithium prices continue to decline and there is no current lack of financing, Nemaska Lithium in Quebec City has been forced to temporarily close its operations at the Whabouchi lithium mine 300km northwest of Chibougamau in Quebec. Shawinigan's hydrometallurgical plant will also complete the remaining orders before closing.
As of September 30, 2019, Nemaska said it had invested C $392 million in two plants. It currently costs C $187 million in mines and C $690 million in factories. The total budget for both is C $1.3 billion. Mines and factories will be closed one after another in order to resume operations after the settlement of funds.
Nemaska and Pallinghurst Group, its largest shareholder, continued negotiations to complete project financing.
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