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Charge","canadian-charge","article/canadian-charge",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":891,"featured":50,"reporter":892,"_editable":896,"component":897,"seo_title":553,"categories":898,"visibility":905,"author_company":49,"featured_image":906,"seo_description":891,"author_full_name":49,"author_job_title":49,"formattedDate":909,"formattedArticleDate":910},"9905a938-1d3a-4d29-a780-b41c2bf0a973","2018-10-17 00:00",[560],{"slug":561,"name":562},"canada","Canada",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":574,"content":575},"doc",[576,584,589,595,602,607,612,617,624,629,634,639,646,651,657,662,667,676,681,686,691,696,701,707,712,719,724,729,734,740,747,752,757,763,768,773,778,783,788,793,801,806,811,816,822,827,834,840,845,851,856,861,866,875,880,885],{"type":577,"attrs":578,"content":580},"heading",{"level":579,"textAlign":49},3,[581],{"text":582,"type":583},"Nemaksa Lithium is going through a defining year. It has raised in excess of one billion dollars, welcomed Softbank as a major backer, and is the next major lithium mine in line.","text",{"type":577,"attrs":585,"content":586},{"level":579,"textAlign":49},[587],{"text":588,"type":583},"Benchmark Mineral Intelligence speaks with President and CEO, Guy Bourassa, on Nemaska’s 8-year path to becoming a major component in lithium’s 21st century supply chain.",{"type":590,"attrs":591,"content":592},"paragraph",{"textAlign":49},[593],{"text":594,"type":583},"Benchmark Mineral Intelligence: 2018 has been a busy year for Nemaska. Imagine looking back in ten years’ time, would you say this has been the year that has defined the company?",{"type":590,"attrs":596,"content":597},{"textAlign":49},[598,600],{"text":599,"type":583},"Guy Bourassa: ",{"text":601,"type":583},"2018 has definitely been a transformational year for Nemaska Lithium. On top of confirming our capacity to produce a high purity lithium hydroxide from our phase 1 electrochemical plant, we raised a total of CAD 1.1 billion to build our commercial project and have transitioned from being a lithium exploration company, to developer and soon to be lithium producer.",{"type":590,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":583},"We have expanded our team significantly and now sit at close to 100 full time employees that are committed to building and operating a lithium mine and state of the art electrochemical plant in Shawinigan, both in the province of Quebec, Canada.",{"type":590,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":583},"Construction advances daily and we are making constant progress at both sites. In addition, we continue to supply Johnson Matthey with lithium hydroxide from our phase 1 plant. That plant is not only a training tool for our employees it is an excellent marketing tool enabling us to engage customers with high quality lithium hydroxide that is reflective of the products from our commercial operations.",{"type":590,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":583},"Benchmark: Nemaska is on track for spodumene concentrate output by 2019 and lithium salts production by 2020. How much of your future production is already locked up in supply deals and do you have plans for selling lithium to the spot market?",{"type":590,"attrs":618,"content":619},{"textAlign":49},[620,622],{"text":621,"type":583},"GB: ",{"text":623,"type":583},"To date we have signed four firm take or pay off take agreements with large and credible end users totalling approximately 24,000 tonnes of LCE (lithium carbonate equivalent). These multi-year supply agreements were signed with Johnson Matthey, FMC, LG Chem and Northvolt.",{"type":590,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":583},"With these offtake agreements, and taking into account the right of first offer granted to SoftBank Group to purchase up to 20% of production, Nemaska Lithium has now committed over 90% of its anticipated 33,000 tonnes/y LCE capacity.",{"type":590,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":583},"We continue to field inbound calls looking for lithium hydroxide and lithium carbonate from new and existing customers. Given the demand for high quality battery grade lithium chemicals we are evaluating the market and considering expansion options once the Shawinigan electrochemical plant and Whabouchi lithium mine are up and running.",{"type":590,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":583},"Expansion can be financed through partnerships or from profits from production. The facility in Shawinigan is large enough to accommodate expansion. The Whabouchi mine capacity can also be expanded to match the Shawinigan capacity once additional permitting is in place.",{"type":590,"attrs":640,"content":641},{"textAlign":49},[642,644],{"text":643,"type":583},"In addition, we continue to evaluate other lithium projects to feed Shawinigan or as possible acquisition targets for future expansion. Once in production we will be one of the ",{"text":645,"type":583},"largest producers of lithium hydroxide globally and we intend to keep and increase our market share in lithium hydroxide which is where we see the most growth in lithium battery chemicals.",{"type":590,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":583},"Benchmark: Nemaska’s new lithium units are not only coming from a new mine but also a new processing technology to make battery grade hydroxide. What have been the biggest challenges to overcome over the past 8 years? And why did Nemaska choose to go down this route instead of the conventional chemical methods?",{"type":590,"attrs":652,"content":653},{"textAlign":49},[654,655],{"text":621,"type":583},{"text":656,"type":583},"Our biggest challenge over the past 8 years has been overcoming uncertainty by investors and customers over our proprietary method of producing lithium hydroxide. Indeed, this has also been our biggest strength and key differentiator in the market.",{"type":590,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":583},"We decided to develop a process to produce lithium hydroxide directly from concentrate after discussions with cathode producers indicated that new higher performing cathode materials were being developed that would require lithium hydroxide rather than lithium carbonate.",{"type":590,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":583},"We pursued this growth market and applied existing electrolysis technology to a new application i.e. the production of lithium hydroxide. The application of existing technology to produce a new product was novel and we sought and received global patent protection on our process.",{"type":590,"attrs":668,"content":669},{"textAlign":49},[670],{"type":671,"attrs":672},"image",{"id":49,"alt":673,"src":674,"title":49,"source":49,"copyright":49,"meta_data":675},"","https://a.storyblok.com/f/287943243085208/bca5063042/bm-title-page-pic-e1539751054628.jpg",{},{"type":590,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":583},"Guy Bourassa, Nemaska Lithium’s President & CEO",{"type":590,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":583},"After much testing and analysis and real-world production experience, from operating the phase 1 plant for over two years, that decision has proven to be the best decision we have ever made. Our method enables us to produce a very green lithium hydroxide, as the main reagent in the process is green hydroelectricity.",{"type":590,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":583},"We also took the decision to be vertically integrated, meaning we source our lithium from our own mine. This decision allows us to produce a high-purity lithium hydroxide at a cost which is lower than all our competitors globally.",{"type":590,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":583},"Today, much of the uncertainty from the market has dramatically reduced as evidenced by signing of offtake agreements and our ability to complete a significant project financing.",{"type":590,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":583},"Benchmark: How important is it that pioneers develop new ways to produce lithium chemicals and are there any other methods that are of interest?",{"type":590,"attrs":702,"content":703},{"textAlign":49},[704,705],{"text":621,"type":583},{"text":706,"type":583},"Very important.",{"type":590,"attrs":708,"content":709},{"textAlign":49},[710],{"text":711,"type":583},"Innovation is what is driving the demand for lithium battery chemicals, and as producers, we must continue to innovate to keep up with the changing demand for lithium chemicals.",{"type":590,"attrs":713,"content":714},{"textAlign":49},[715,717],{"text":716,"type":583},"Cathode manufacturers are currently moving to high nickel cathodes be it NCA or NCM, ",{"text":718,"type":583},"both use lithium hydroxide rather than lithium carbonate. These high nickel cathodes are predicted to meet the performance and cost targets of major automotive companies and we should see high nickel cathodes in lithium ion batteries into the foreseeable future (10 years).",{"type":590,"attrs":720,"content":721},{"textAlign":49},[722],{"text":723,"type":583},"From a long-term product development perspective, cathodes manufacturers are also looking at solid state batteries which would use a lithium anode coupled with high nickel cathodes. These batteries would require even more lithium with the anode using lithium metal. Lithium metal is produced from lithium chloride which is made from high purity lithium hydroxide.",{"type":590,"attrs":725,"content":726},{"textAlign":49},[727],{"text":728,"type":583},"So, we see lithium hydroxide as having a pivotal role in battery development and we are well positioned in this growth market. Innovation is very much a part of our corporate culture and is a stated value of Nemaska Lithium.",{"type":590,"attrs":730,"content":731},{"textAlign":49},[732],{"text":733,"type":583},"Benchmark: Nemaska has really ramped up lithium hydroxide supply deals with existing and future battery consumers, namely LG Chem and Northvolt, this year. How has the lithium ion battery industry’s attitude to long term lithium supply security changed over the last 18 months to 2 years?",{"type":590,"attrs":735,"content":736},{"textAlign":49},[737,738],{"text":621,"type":583},{"text":739,"type":583},"There has been a lot of talk about lithium over-supply.",{"type":590,"attrs":741,"content":742},{"textAlign":49},[743,745],{"text":744,"type":583},"Our conversations with customers reflect a very different scenario. In the first half of 2018 we signed 5-year supply agreements with both Northvolt and LG Chem. These customers were keen to work with us to secure future pricing",{"text":746,"type":583},"as well as quantity of lithium hydroxide.",{"type":590,"attrs":748,"content":749},{"textAlign":49},[750],{"text":751,"type":583},"From our perspective, the lithium market remains very tight and customers want to sign agreements to have visibility into their lithium supply chain, which is essential to cathode and lithium ion battery manufacturing. There is no substitution for lithium in a lithium ion battery.",{"type":590,"attrs":753,"content":754},{"textAlign":49},[755],{"text":756,"type":583},"Benchmark: Are there certain companies and countries that are more proactive?",{"type":590,"attrs":758,"content":759},{"textAlign":49},[760,761],{"text":621,"type":583},{"text":762,"type":583},"Korea and Japan are very active in cathode and lithium ion battery development and manufacturing and are looking to reduce their dependence on China for these products. Interestingly, all our offtake agreements are with companies outside China.",{"type":590,"attrs":764,"content":765},{"textAlign":49},[766],{"text":767,"type":583},"Our lithium products will be going to Europe, Korea, North America and Japan. These customers will take more than 90% of our annual 33,000 LCE production capacity. We are encouraged by the increase in activity outside China as it demonstrates global production capacity and wider-spread adoption of EVs.",{"type":590,"attrs":769,"content":770},{"textAlign":49},[771],{"text":772,"type":583},"By 2020 at least seven new gigawatt-size battery factories are scheduled to start operating in Europe alone, with more in development talks. Within a decade, these facilities will be producing up to 80GWh a year, more than three times the 2017 global production capacity of lithium-ion batteries for electric vehicles (EV).",{"type":590,"attrs":774,"content":775},{"textAlign":49},[776],{"text":777,"type":583},"Regulation and incentives have been instrumental in encouraging adoption and bringing down EV prices.",{"type":590,"attrs":779,"content":780},{"textAlign":49},[781],{"text":782,"type":583},"Over time this will no longer be needed as customers choose to drive EVs because they are better vehicles.",{"type":590,"attrs":784,"content":785},{"textAlign":49},[786],{"text":787,"type":583},"Europe is also very advanced in terms of clean electricity generation through the use of renewables such as solar and wind. These distributed generation systems are intermittent in nature and require energy storage which is also a huge growth market for lithium ion batteries.",{"type":590,"attrs":789,"content":790},{"textAlign":49},[791],{"text":792,"type":583},"Benchmark: Take or pay contracts are now being set in the lithium industry. How significant a development is this and what is the difference from lithium boom of 2010/2011?",{"type":590,"attrs":794,"content":795},{"textAlign":49},[796,797,799],{"text":621,"type":583},{"text":798,"type":583},"Back in 2010 many buyers were not interested to sign take or pay agreements because guaranteeing a quantity of lithium",{"text":800,"type":583},"carbonate and hydroxide was not necessary since the EV market was yet uncertain.",{"type":590,"attrs":802,"content":803},{"textAlign":49},[804],{"text":805,"type":583},"Today with virtually every automaker offering EV platforms; cathodes manufacturers and battery makers are scrambling to secure supply of quality lithium salts. With the widespread commercial adoption of lithium ion batteries in numerous applications including EVs, and the Chinese purchase of a major Australian spodumene mine, we have seen the supply chain become significantly challenged since late 2015.",{"type":590,"attrs":807,"content":808},{"textAlign":49},[809],{"text":810,"type":583},"Today’s buyers are looking to sign multi-year offtake agreements with built in pricing mechanisms. This is evidenced by our offtakes, we are not yet in production, but nearly 90% of our production is already spoken for. This is not an indication of a market in over supply.",{"type":590,"attrs":812,"content":813},{"textAlign":49},[814],{"text":815,"type":583},"Benchmark: What are your views on the lithium carbonate versus lithium hydroxide debate in the battery space right now?",{"type":590,"attrs":817,"content":818},{"textAlign":49},[819,820],{"text":621,"type":583},{"text":821,"type":583},"There is no debate any more. The future is definitively for lithium hydroxide. Our view, supported by the ongoing discussions with interested parties, is that lithium ion batteries will continue to evolve and more and more cathode producers will use chemistries requiring lithium hydroxide.",{"type":590,"attrs":823,"content":824},{"textAlign":49},[825],{"text":826,"type":583},"Of course, we want to be flexible and keep ourselves open to as many customers as possible and so we have opted to make a dual product production line. Meaning we can make both carbonate and hydroxide. This is not typical for lithium producers.",{"type":590,"attrs":828,"content":829},{"textAlign":49},[830,832],{"text":831,"type":583},"Benchmark: How far down the supply chain",{"text":833,"type":583},"and how diversified is Nemaska willing to go?",{"type":590,"attrs":835,"content":836},{"textAlign":49},[837,838],{"text":621,"type":583},{"text":839,"type":583},"Innovation is part of our corporate values at Nemaska Lithium and as such we are constantly looking to stay current with the market requirements. We listened to our customers years ago and understood their products were moving to lithium hydroxide. We continue to speak with end users to understand their product development plans. At the moment, we are focused on making high quality lithium hydroxide.",{"type":590,"attrs":841,"content":842},{"textAlign":49},[843],{"text":844,"type":583},"Benchmark: On its World Tour 2018, Benchmark analysts outlined the importance of the Softbank deal for the lithium industry. What long term implications do you think the Softbank deal will have, not just for Nemaska but for other new developers seeking funding from non-traditional mining / commodity sources?",{"type":590,"attrs":846,"content":847},{"textAlign":49},[848,849],{"text":621,"type":583},{"text":850,"type":583},"Softbank’s decision to invest CAD $94M to own 9.9% of Nemaska Lithium was a huge endorsement of our company, our people and our technology. It also highlighted the importance of participating in the lithium sector as a key cornerstone investor.",{"type":590,"attrs":852,"content":853},{"textAlign":49},[854],{"text":855,"type":583},"Softbank’s investment brought attention of many sophisticated and well-heeled investors to the lithium space as a growth sector which is of critical importance to the future. They view their investment in Nemaska Lithium as further accelerating the Mobile Revolution, an era of IoT (Internet of Things) and electric vehicles enabled by the fusion of technology and energy storage.",{"type":590,"attrs":857,"content":858},{"textAlign":49},[859],{"text":860,"type":583},"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.",{"type":590,"attrs":862,"content":863},{"textAlign":49},[864],{"text":865,"type":583},"Benchmark: We have seen the increasing conversation around exchange traded lithium. Putting aside the practicalities of how this will be done, what are your views on how this would affect Nemaska’s long-term business development?",{"type":590,"attrs":867,"content":868},{"textAlign":49},[869,871,873],{"text":870,"type":583},"GB: I ",{"text":872,"type":583},"think an exchange traded commodity would help future developers of lithium projects secure project financing as it removes some of the opaqueness of the market and",{"text":874,"type":583},"commoditises lithium chemicals.",{"type":590,"attrs":876,"content":877},{"textAlign":49},[878],{"text":879,"type":583},"However, lithium is so critical to our customer’s product and supply chain that I do believe that most of the world’s lithium will continue to be bought via supply agreements directly between buyer and seller. Lithium product quality is extremely important to the customer and suppliers of lithium chemicals are all qualified by the customer. Minor variations in product quality count and each customer has slightly different lithium product specifications and requirements, so it really is a long-term partnership between lithium producer and customer.",{"type":590,"attrs":881,"content":882},{"textAlign":49},[883],{"text":884,"type":583},"Benchmark: Finally, we have seen bigger and more diverse corporations becoming involved in lithium over the past 2 years. How do you think this will evolve? Are we close to seeing major energy and oil companies entering the industry?",{"type":590,"attrs":886,"content":887},{"textAlign":49},[888,889],{"text":621,"type":583},{"text":890,"type":583},"I think it is inevitable that major players from other sectors will look to enter the lithium market as we see the world move to lithium battery technologies. It will be such an integral part of our lives going forward that the market opportunities will be too large to ignore. However, one thing is for certain the barrier to entry is quite high when it comes to making a high-quality, low-cost product and so new entrants will be keen to work with existing producers.","Nemaksa Lithium is going through a defining year. It has raised in excess of one billion dollars, welcomed Softbank as a major backer, and is the next major lithium mine in line. Benchmark Mineral Intelligence speaks with President and CEO, Guy Bourassa, on Nemaska’s 8-year path to becoming a major component in lithium’s 21st century […]",[893],{"slug":565,"name":566,"content":894},{"job_title":568,"image":895,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9905a938-1d3a-4d29-a780-b41c2bf0a973\", \"id\": \"\"}-->","article",[899,902],{"slug":900,"name":901},"batteries","Batteries",{"slug":903,"name":904},"critical-minerals","Critical Minerals","private",{"id":49,"alt":673,"name":673,"focus":673,"title":673,"source":673,"filename":674,"copyright":673,"fieldtype":907,"meta_data":908,"is_external_url":51},"asset",{"alt":673,"title":673,"source":673,"copyright":673},"Oct 17, 2018","17th October 2018",[],[],1792773943732]