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Northern Graphite Signs Land Agreement for Baie-Comeau Battery Anode Material Plant, Advances Mine-to-Market Strategy
Ottawa, Ontario--(Newsfile Corp. - June 29, 2023) - Northern Graphite Corporation (TSXV: NGC) (O...
About this update from Northern Graphite Corporation
[{"type":"text","content":"Northern Graphite Signs Land Agreement for Baie-Comeau Battery Anode Material Plant, Advances Mine-to-Market StrategyOttawa, Ontario--(Newsfile Corp. - June 29, 2023) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG) (the \"Company\" or \"Northern\") is pleased to announce that it has signed a letter of intent (\"LOI\") with the city of Baie-Comeau to purchase land for a 200,000 tonne per year Battery Anode Material (\"BAM\") plant as it advances plans to supply anode material to lithium-ion battery manufacturing plants throughout North America. The LOI, which is subject to financing and receipt of regulatory approvals, gives Northern the right to purchase a 1.2 million m2 property, approximately 300 acres, in the Baie-Comeau port industrial zone, with access to municipal services and infrastructure, for US$1.2 million.\"This is a big step forward in our strategy to be an integrated, sustainable, cost-effective mine-to-market supplier to the booming EV battery manufacturing market and a key player in North America's critical minerals strategy,\" said Northern Chief Executive Officer Hugues Jacquemin. \"From here everything flows. We now know where the facility will be located, how much power it will require and where the power needs to go and can proceed with all the design and logistical work required to begin construction.\"There is effectively no capacity in the west to convert graphite mine concentrates into anode material and the EV manufacturers are depending on project proponents such as Northern to fill the void and supply existing and planned lithium-ion battery manufacturing plants throughout North America. The Baie-Comeau BAM plant will be one of the world's largest such conversion facilities and will process concentrates from Northern's mines as well as from other producers that will be coming online. The plant will have one of the lowest CO2 footprints in the industry due to its access to green, hydroelectric power with pricing that is among the most competitive in the world.''ID Manicouagan is delighted with this agreement, which marks an essential milestone in the development of our partnership with Northern for the implementation of a major graphite processing project in the industrial port zone of Baie-Comeau,\" said Innovation et Developpement Manicouagan (\"ID Manicouagan\") Pre...