Japan-based holding company Softbank has announced that it is set to further diversify its portfolio by acquiring a 9.9% stake in Quebec-based Lithium mining company, Nemaska Lithium.
Softbank’s interest in the acquisition is driven by changes in the global market, with lithium being a key component of electric vehicles and other innovative energy storage solutions.
“This investment in Nemaska is of monumental importance to the SoftBank Group's strategy,” said Masayoshi Son, Chairman & CEO of SoftBank Group Corp. “We are extremely pleased to be further accelerating the Mobile Revolution, an era of IoT electric vehicles enabled by the fusion of technology and energy storage.”
The investment will see Softbank becoming more heavily affiliated with Nemaska, a company that operates the Whabouchi mine in Quebec, considered to be one of the world’s “richest lithium spodumene deposits”.
“As a global technology pioneer and leader, SoftBank's culture of innovation melds very well with our own corporate values and is a clear endorsement of our approach to producing environmentally friendly, low-cost lithium compounds,” said Guy Bourassa, President and CEO of Nemaska Lithium.
The Whabouchi mine is said to have an initial lifespan of 33 years with output from Nemaska’s electrochemical plant expected to stand at 33,000 tonnes of lithium carbonate equivalent (LCE) per year.