Canadian lithium firms are the envy of the world, and one of that world’s largest corporations reminded one of those companies, and investors, of that commitment and that faith.
Quebec-based Nemaska Lithium Inc. (TSX:NMX) emerged Thursday with news that it had modified and expanded its existing long-term supply agreement -- dating back three years -- for battery grade lithium hydroxide with London, England-based Johnson Matthey Plc.
Under this amended pact, Nemaska Lithium will supply Johnson Matthey, on a take-or-pay basis, with a total of 61,000 tonnes of lithium hydroxide produced at its Shawinigan plant in Shawinigan, for an initial 10-year supply period scheduled to start in 2021.
To date, Johnson Matthey received over 80 tonnes of battery grade lithium hydroxide solution from Nemaska’s Phase 1 Plant in Shawinigan and started receiving lithium hydroxide monohydrate earlier this month.
According to Nemaska CEO Guy Bourassa, "Johnson Matthey has been a long-term and valued partner and customer of Nemaska Lithium. Our relationship began in 2015/2016 with the financing and construction of the Phase 1 Plant and we are delighted to be expanding on our initial commercial supply contract."
Investors rewarded Nemaska by pumping up its stock price 1.5 cents, or 4.7%, to 33.5 cents, on volume totaling 601,000 shares.
