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Northern Graphite Well Positioned to Benefit From New Critical Minerals Developments in Ontario
Ottawa, Ontario--(Newsfile Corp. - March 30, 2022) - Northern Graphite Corporation (TSXV: NGC...
About this update from Northern Graphite Corporation
[{"type":"text","content":"Northern Graphite Well Positioned to Benefit From New Critical Minerals Developments in OntarioOttawa, Ontario--(Newsfile Corp. - March 30, 2022) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: ONG) (XSTU:ONG) (the \"Company\" or \"Northern\") is pleased to provide shareholders and investors with a summary and analysis of a number of important developments with respect to the critical minerals industry in the Province of Ontario. The Company believes that its Bissett Creek graphite deposit is the most advanced critical minerals development project in Ontario and accordingly, that it is well positioned to benefit. Graphite is the largest component in a lithium ion battery (\"LiB\") and supply is currently dominated by China.In mid March, the Ontario government announced the launch of a Critical Minerals Strategy, setting a five year roadmap to establish the province as a reliable global supplier of responsibly sourced critical minerals. The six pillars of the strategy include \"growing domestic processing and creating resilient local supply chains\" as well as \"investing in critical minerals innovation, research and development.\" This strategy seeks to leverage Ontario's wealth of raw materials, close proximity to manufacturing plants and markets, and green hydroelectric power to facilitate the production of products with high ESG standards and low carbon footprints. These competitive advantages will enable the province to play a significant role in the development of a North American supply chain that isn't dependant on raw materials from China. On March 23 Stellantis and LG Energy Solution announced they will establish Canada's first ever large scale production lithium-ion battery plant in Windsor, Ontario, investing over $5 billion dollars in the joint venture. The new Windsor plant will require approximately 60,000 tonnes per year (\"tpy\") of natural graphite to reach its projected production capacity of 45 gigawatt hours (\"GWH\") per year.This news followed the announcement on March 16 that Honda will invest $1.4 billion to upgrade its Alliston, Ontario plant, with the 2023 Honda CR-V hybrid among the first models to be built. Honda plans to sell only zero emission vehicles in North America by 2040 and it will upgrade its other plants over the next 20 years.LG Energy Solution recently announced two new p...