, with both companies also vowing to invest in the Canadian miner to help it produce high-quality graphite in North America.
NGM aims to raise $1.2 billion to build the whole project, with $725 million coming from debt and $475 million from equity. The miner aims to become North America’s first fully integrated source of natural graphite active anode material, which accounts for about half of an electric vehicle battery. The Matawinie open pit mine is expected to produce 103,000 tonnes of graphite a year over the course of 25 years and is part of a larger strategy to turn Canada into a production centre for lithium ion batteries.
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