Softbank Acquires Stake in Quebec Lithium Company
Japan’s SoftBank Group will make its first-ever lithium investment by buying into Nemaska Lithium, a Quebec City-headquartered mining company. The purchase of up to 9.9 per cent of Nemaska Lithium will gain the Japanese conglomerate a presence in the battery supply chain and the right to nominate a director to Nemaska’s board. Nemaska's mine, located in the James Bay region of Northern Quebec, is currently under development, and is expected to produce approximately 33,000 tons of lithium carbonate annually once the production begins in late 2020. SoftBank will have the option to purchase up to 20 per cent of the lithium product as long as it retains a minimum stakeholding of 5 per cent.