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Summary
- Canadian mining company Nouveau Monde Graphite Inc has received the greenlight from the Quebec government to build its Matawinie mining project.
- As the time of writing this, Nouveau stocks were up by about 22 per cent on Tuesday morning (10:10AM EST) following the news.
- The mining stock shot by nearly 137 per cent year-to-date (YTD) and by over 52 per cent in the month of February.
Stocks of Nouveau Monde Graphite Inc (TSXV:NOU) took off early on Wednesday, February 10, as the company announced getting a greenlight from the Quebec government to build its Matawinie mining project.
As the time of writing this, Nouveau stocks were up by about 22 per cent on Tuesday morning (10:10AM EST).
Let’s take a closer look at the details of Nouveau Monde’s latest development that caused its stocks to catapult this morning.
Nouveau Monde Graphite’s Matawinie Mining Project
Nouveau Monde Graphite, which focuses on mineral exploration, has described its latest project as the upcoming “largest graphite mine” of the Western world. The mining project is based in the Canadian municipality of Matawinie and the early works of its development is set to begin in the second quarter of 2021.
The company said that it has an experienced team in place finalize the project’s schedule, costs and execution.
The Québec government has reportedly authorized the construction after a “rigorous” environmental review evaluating its development measures such as, water management, tailings co-disposal, biodiversity protection, etc.
The authorization permits a production level of 100,000 tonnes graphite material per year, the company said. Nouveau Monde intends to utilize this production to supply to electric vehicle manufacturers and clean energy storage industries.
Nouveau Monde Graphite Stock Performance
Current Stock Price: C$ 2.44
Nouveau Monde stocks are currently trending high among emerging TSXV companies and junior basic materials stocks on the TMX platform. The scrips’ 30-day trading volume averages at over 2 million.
©Kalkine Group 2021
The mining stock shot by nearly 137 per cent year-to-date (YTD) and by over 52 per cent in the month of February.
In the span of past year, Nouveau stocks have managed to secure a price growth of almost 917 per cent.
The junior mining company, which was founded in 2011 and began trading on the TSXV platform in 2012, currently records a market cap of over C$ 886 million.
Nouveau Monde said that it expects to launch the Matawinie project’s construction in the third quarter of this year following the receival of all required authorizations.
