Joe Lowry has hinted at an Australian miner being next on the chopping block. Given Nemaska just went down i see funding being very unlikely to be reworked for AJM in February. AJM next on the list due to high debts IMO
DECEMBER 24, 2019 / 2:18 AM / UPDATED 3 HOURS AGO Nemaska Lithium seeks creditor protection amid industry supply woes
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(Reuters) - Canada’s Nemaska Lithium Inc said on Monday it would seek creditor protection in the latest sign of turbulence to hit the fast-growing industry.
The move comes as oversupply of the battery metal this year has prompted major producers to cut back and forced some smaller miners out of the business.
Nemaska, whose largest shareholder is the government of Quebec, had been in talks with mine financier the Pallinghurst Group to secure a potential C$600 million equity investment but had yet to announce a deal.
The company in October suspended operations and laid off employees after announcing cost overruns of more than $300 million at its flagship Whabouchi project.
Lithium is expected to be in hot demand in the early years of the next decade, but top producer Albemarle Corp warned last month that challenging market conditions could persist for up to 18 months.
