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Shares in Umicore rallied on Tuesday after the Canadian and Ontario governments pledged to grant the battery maker C$975 million to support its cathode materials factory in Ontario.
The plant will cost up to C$2.7 billion and supply enough material for 800,000 electric vehicles produced by manufacturers, including BMW. As a result of the announcement, Umicore cut its forecast for capital expenditure between 2022 and 2026 toUmicore has a joint venture with Volkswagen that has also contributed to lowering its capital spending forecasts. The Ionway unit announced last week that its first plant for cathode material production in Europe would be set up in Nysa, Poland.
Umicore’s overall production capacity will reach 195 gigawatt-hours by the end of 2026, down from previous plans for 230 GWh.Teck faces $8 million fine for alleged breach of environmental permit in ChileRio Tinto cuts Canadian iron ore guidance The Iron Ore Company of Canada, in which Rio has a 60% interest, is now expected to reach 9.3-9.8mt, down from the 10-11mt set in July.
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