The two firms and potential co-investors could join future rounds of financing worth hundreds of millions of dollars, Nouveau Monde Graphite (NGM) said in a statement.
NGM aims to raise $1.2 billion to build the whole project, with $725 million coming from debt and $475 million from equity. The miner aims to become North America’s first fully integrated source of natural graphite active anode material, which accounts for about half of an electric vehicle (EV) battery.
To achieve this goal, it is is developing the Matawinie project in Saint-Michel-des-Saints, Quebec, about 100 miles north of Montreal, where it also plans to build a graphite concentrator.
NMG will also install a refining facility for the production of active anode material in Becancour, Quebec. This is the same area where GM and Ford Motor Co. are already constructing EV battery-component facilities.
The Matawinie open pit mine is expected to produce 103,000…
