Northern Graphite (TSXV: NGC) has been given a lifeline to extend operations at its flagship Lac des Îles (LDI) mine in Quebec after securing C$6.225 million in funding from the Canadian government.
Lac des Îles, the only graphite producer in North America, has faced operational uncertainty due to a slowdown in the global electric vehicle market, leading to falling prices in battery metals. Earlier this year, Northern Graphite said it will shut the mine down by the end of this year unless it secures C$10 million for an expansion.
Located about 150 km northwest of Montreal, the mine has been in operation for 35 years, serving primarily industrial clients in the US, from refractories for steelmaking to heat management in electronics and friction materials for the global automotive sector. Last year,…
