NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Bids for mothballed Quebec lithium plant due by January, trustee says

Published 28/11/2019, 10:23 am
Bids for mothballed Quebec lithium plant due by January, trustee says
SYA
-

Nov 27 (Reuters) - Bids to acquire Chinese battery firm CATL's 3000750.SZ mothballed lithium plant in the Canadian province of Quebec are due by January next year, a representative with the court-appointed monitor overseeing the auction said on Wednesday.

Lithium is expected to be in hot demand in the early years of the next decade, but oversupply of the battery metal this year has pummeled the industry, causing major producers to cut back and forcing some smaller miners out of the business.

North American Lithium (NAL), backed by top battery maker Contemporary Amperex Technology, halted operations last year at its Quebec mine and obtained creditor protection in May.

Bids to purchase the mine and related plant are due by Jan. 21, trustee Benoit Fontaine said in a phone interview.

Australia's Sayona Mining Ltd SYA.AX has said it will bid on the operation, but Fontaine declined to name other potential suitors. Sayona was not immediately available for comment.

Mineral-rich Quebec has backed upstart miners in hopes of tapping into demand from the electric vehicle boom and ranks as NAL's largest secured creditor. A government spokesman declined comment on the auction.

In 2018, NAL produced around 114,000 tonnes of spodumene against its nameplate capacity of 180,000 tonnes.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.