The electric cars manufacturers are not the only one happy with the rise in popularity of these vehicles. With the higher than ever demand for electric cars, the need for lithium is also on the rise, to the point where new mining projects are born, notably in Quebec.
The company Critical Elements Corporation, which is listed on the TSX Venture Exchange (TSX.V: CRE), is seeing great momentum with its new lithium mine project called Rose lithium-tantale, located in the Baie-James. According to the company’s website, WSP completed a feasibility study at the end of 2017 and concluded that this project would produce more than 186,000 tonnes of concentrated lithium each year with an estimate lifetime of the mine around 17 years. With an anticipated 21-month construction time, the mine would be ready by 2020 if the construction project begins today. In total, there is a net present value after taxes of more than 700M $CAN (CECORP,n.d.).
Critical Elements Corporation is working with the German company Helm. It is this company that will receive the concentrated lithium to sell it to its own partners who will transform it into a product that electric vehicles need (Les Affaires, December 9th, 2017). AS a reminder, lithium is used in the electric cars’ batteries and is therefore an essential material for their production.
As the third mine project in Québec after Lithium North America and Nemaska Lithium, it will be interesting to see if the ever-increasing production of electric vehicles and the reserves available in Quebec’s soils will create a larger lithium production industry, adding to the diversity of basic materials used by the Quebec economy, which has experienced several setbacks in recent times, particularly with the lumber negotiations.
NORMAND, F. (December 9th, 2017). Une autre mine est possible grâce à la voiture électrique. Les Affaires. From http://www.lesaffaires.com/secteurs-d-activite/ressources-naturelles/une-autre-mine-est-possible-grace-a-la-voiture-electrique/599160
(s.d.) Le projet Rose Lithium-Thantale est détenu à 100 % par Critical Elements. From https://www.cecorp.ca/fr/projets/rose-lithium-tantale/