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Nemaska Lithium Announced Whabouchi Project Update

Mining News - Published on Fri, 18 Oct 2019

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Nemaska Lithium Inc announced that it must adjust the implementation of its project, mainly because of delays to finalize its financing. As a result, the Corporation must downsize by letting go of 64 employees. This difficult decision comes after a rigorous review of the current situation and is aimed at both the optimization of current cash flow and the continuation of the project. Nemaska Lithium is still confident in its ability to successfully complete the project. Flowever, the Corporation cannot currently specify the precise date for closing the required financing, as no definitive agreement has yet been concluded with The Pallinghurst Group,to which the finalization of the project's implementation timeline is directly connected. In this context, the Corporation is obliged to carry out a collective dismissal, as it expects that mine and plant production preparation activities will need to be slowed down pending the completion of financing. Depending on the site, the dates of employment termination will occur between the end of October and the end of December 2019.

Guy Bourassa President and CEO of Nemaska Lithium said that "We have always asserted that we recruited the best talent to make this project a success. We are still deeply convinced of this, which makes this decision all the more difficult. -4s we cannot confirm the timeline for the resumption of construction, and although negotiations with Pallinghurst are progressing well, this is the responsible decision to be made."

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Posted By : Rabi Wangkhem on Fri, 18 Oct 2019
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