Softbank enters lithium mining market with stake in Nemaska Lithium
One of the world’s largest internet groups, providing internet and mobile network infrastructure all over the globe, has turned its attention towards the battery mineral market.
Softbank announced this week that it has entered into a definitive agreement which will see the company invest into the Canadian lithium company Nemaska Lithium.
Under the agreement, Softbank will acquire a 9.9% stake in Nemaska.
Nemaska is an emerging Canadian lithium company, with a primary focus on operating the Whabouchi Mine in Quebec.
Known as potentially the “richest lithium spodumene deposit” in the world, the mine will position Nemaska as a key player in the fast-growing lithium ion battery market and the rising production and investment in Electric Vehicles.
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Guy Bourassa, President and CEO of Nemaska Lithium commented; “as a global technology pioneer and leader, SoftBank's culture of innovation melds very well with our own corporate values and is a clear endorsement of our approach to producing environmentally friendly, low-cost lithium compounds.”
“This investment in Nemaska is of monumental importance to the SoftBank Group's strategy,” said Masayoshi Son, Chairman & CEO of SoftBank Group Corp. “We are extremely pleased to be further accelerating the Mobile Revolution, an era of IoT (Internet of Things) and electric vehicles enabled by the fusion of technology and energy storage.”
The Whabouchi mine is expected to have an initial lithium mine life of approximately 33 years and the output from Nemaska's electrochemical plant is estimated to produce approximately 33,000 tonnes of lithium carbonate equivalent (LCE) annually.
