Nouveau Monde Graphite (NMG) said Wednesday it is working to secure more than $1 billion in project debt financing for its phase 2 Matawinie Mine and Becancour Battery Material Plant in Quebec.
The company said its updated feasibility study confirmed the technical and economic viability of its integrated graphite production plan near Montreal, with an after-tax internal rate of return of 17.5% and a net present value of $1.05 billion.
Nouveau Monde Graphite has now entered the project financing stage as it prepares for a final investment decision. It has received letters of interest totaling more than $1 billion from targeted capital providers, including Export Development Canada, the Export-Import Bank of the US, and other public institutions and export credit agencies, the company said.
Shares of Nouveau Monde were up more than 9% in recent trading.
Price: 1.87, Change: +0.16, Percent Change: +9.36
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