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Nemaska Lithium Inc. (TSX:NMX,OTCQX:NMKEF) has received a $3-million instalment payment from Johnson Matthey Battery Materials Ltd (JMBM) of Candiac, Que., a wholly owned subsidiary of Johnson Matthey PLC. The installment payment was made after JMBM’s review and acceptance of the Operation Manuals for the Phase 1 Plant and receipt by Nemaska Lithium of the certificate of authorization to operate the Phase 1 Plant. The existing agreement between JMBM and Nemaska Lithium, announced on May 11, 2016, provides for an aggregate $12M advance payment for goods and services. The final $3M milestone installment will be payable by JMBM following receipt of battery grade lithium hydroxide from Nemaska Lithium.
Nemaska Lithium Inc. (TSX:NMX,OTCQX:NMKEF) has received a $3-million instalment payment from Johnson Matthey Battery Materials Ltd (JMBM) of Candiac, Que., a wholly owned subsidiary of Johnson Matthey PLC. The installment payment was made after JMBM’s review and acceptance of the Operation Manuals for the Phase 1 Plant and receipt by Nemaska Lithium of the certificate of authorization to operate the Phase 1 Plant. The existing agreement between JMBM and Nemaska Lithium, announced on May 11, 2016, provides for an aggregate $12M advance payment for goods and services. The final $3M milestone installment will be payable by JMBM following receipt of battery grade lithium hydroxide from Nemaska Lithium.
Commenting, Neil Collins, Managing Director of Johnson Matthey’s global Battery Materials business said: “We continue to closely monitor the construction and commissioning of the Phase 1 Plant through our active participation on the Steering Committee and are looking forward to receiving the first samples.”
“We are making excellent progress on our Phase 1 Plant installation and commissioning,” said Guy Bourassa, President and CEO of Nemaska Lithium. “I am excited to start delivering product to JMBM and establishing a long term supplier relationship with this important cathode material producer.” Bourassa continued, “The market for lithium salts is very tight and will continue to be so for the coming years, as 14 megafactories come on line around the world between now and 2020. We are well timed with new supply to meet this growing demand.”
About Nemaska Lithium
Nemaska Lithium intends to become a lithium hydroxide and lithium carbonate supplier to the emerging lithium battery market that is largely driven by electric vehicles, cell phones, tablets and other consumer products. The Corporation is developing in Quebec one of the most important spodumene lithium hard rock deposit in the world, both in volume and grade. The spodumene concentrate produced at Nemaska Lithium’s Whabouchi mine will be shipped to the Corporation’s lithium compounds processing plant to be built in Shawinigan, Quebec. This plant will transform spodumene concentrate into high purity lithium hydroxide and carbonate using the proprietary methods developed by the Corporation, and for which the Corporation holds four granted patents and several patent applications that are pending in different countries, covering different aspects and improvements of its proprietary technology for preparing high purity lithium hydroxide and carbonate.
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