OTTAWA, Ontario — Nouveau Monde Graphite Inc. (“NMG“ or the “Company”) ( NYSE: NMG, TSX.V: NOU) and Panasonic Energy Co., Ltd. (“Panasonic Energy”), a wholly owned subsidiary of Panasonic Holdings Corporation (“Panasonic”) (TYO: 6752), diligently progress through their technological engagement and commercial discussions toward a definitive offtake agreement on the foundation of their framework agreement targeting NMG’s fully integrated ore-to-anode-material production.
Economy
NMG and Panasonic Energy Announce Progress Update on Technological and Commercial Collaboration as Canada …
Thanks to active technical engagement between the parties, samples produced at NMG’s Phase-1 facilities are now being tested within Panasonic Energy’s battery prototype production line, enabling the diligent progress of the qualification process. Supporting this work and underlying commercial discussions, NMG and Panasonic Energy actively cooperate to strengthen technological development and process optimization for NMG’s active anode material production in line with Panasonic Energy’s specifications and quality standards.
Kazuo Tadanobu, President and CEO of Panasonic Energy, stated, “Today, the Japanese and Canadian governments signed a Memorandum of Cooperation (MOC) to deepen their bilateral partnership. I welcome the leadership demonstrated by the two governments to establish a sustainable and reliable battery supply chain. Panasonic Energy will help strengthen bilateral cooperation in the private sector, including through the partnership with NMG, to contribute to the industrial development of the two countries.”
Arne H Frandsen, Chair of NMG, declared: “Engagement over the past months has been intensive, we are delighted to now see our active anode material being tested in the Panasonic Energy’s prototype line in Japan in advance with mass production line in North America. With Panasonic Energy as a technical partner, NMG is benefiting from a depth of battery expertise to further elevate technology as the Company gears up to enter its Phase-2 commercial development. The continuous collaboration between NMG and Panasonic Energy, both on technological and commercial parameters, testifies to our joint efforts to fast-track the deployment of NMG’s full-scale production.”
The reinforced relationship echoes the Government of Canada and Government of Japan’s partnership to strengthen trade and cooperation for the development of a sustainable, competitive clean energy economy as announced today. NMG’s integrated business plan aligns with these active efforts to enhance the resilience of critical mineral global supply chains, localize advanced manufacturing for the North American market, improve adherence to environmental, social, and governance (“ESG”) standards, and foster new investment opportunities.
The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, stated: “Canada and Japan are committed to advancing our shared ambitions to develop sustainable and reliable global battery supply chains. The advancement of commercial discussions between Panasonic and Nouveau Monde Graphite is another step towards a stronger domestic critical minerals ecosystem. I’m proud to see that Quebec and our companies continue to attract the world’s leading players to our innovative ecosystems for the benefit of our environment, and our economy while creating well-paying jobs for years to come.”
Eric Desaulniers, Founder, President, and CEO of NMG, added: “Conditions for success are aligning as we refine performance and efficiency of our production, define long-term sales mechanisms to capture market growth, tap into trade partnerships, and optimize our financial structure for project financing. Intergovernmental cooperation paired with industrial collaboration as we see form the bedrock of tomorrow’s clean energy economy; NMG is part of this generational transition toward a low-carbon future.”
NMG is actively working to set strong commercial foundations via sales and investment agreements, plus engaging with international lenders and governmental branches as they assess the opportunity of supporting the Company’s Phase-2 development.
About Nouveau Monde Graphite
Nouveau Monde Graphite is striving to become a key contributor to the sustainable energy revolution. The Company is working towards developing a fully integrated source of carbon-neutral battery anode material in Québec, Canada, for the growing lithium-ion and fuel cell markets. With enviable ESG standards, NMG aspires to become a strategic supplier to the world’s leading battery and automobile manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability. www.NMG.com
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OTTAWA – The federal government is expected to boost the minimum hourly wage that must be paid to temporary foreign workers in the high-wage stream as a way to encourage employers to hire more Canadian staff.
Under the current program’s high-wage labour market impact assessment (LMIA) stream, an employer must pay at least the median income in their province to qualify for a permit. A government official, who The Canadian Press is not naming because they are not authorized to speak publicly about the change, said Employment Minister Randy Boissonnault will announce Tuesday that the threshold will increase to 20 per cent above the provincial median hourly wage.
The change is scheduled to come into force on Nov. 8.
As with previous changes to the Temporary Foreign Worker program, the government’s goal is to encourage employers to hire more Canadian workers. The Liberal government has faced criticism for increasing the number of temporary residents allowed into Canada, which many have linked to housing shortages and a higher cost of living.
The program has also come under fire for allegations of mistreatment of workers.
A LMIA is required for an employer to hire a temporary foreign worker, and is used to demonstrate there aren’t enough Canadian workers to fill the positions they are filling.
In Ontario, the median hourly wage is $28.39 for the high-wage bracket, so once the change takes effect an employer will need to pay at least $34.07 per hour.
The government official estimates this change will affect up to 34,000 workers under the LMIA high-wage stream. Existing work permits will not be affected, but the official said the planned change will affect their renewals.
According to public data from Immigration, Refugees and Citizenship Canada, 183,820 temporary foreign worker permits became effective in 2023. That was up from 98,025 in 2019 — an 88 per cent increase.
The upcoming change is the latest in a series of moves to tighten eligibility rules in order to limit temporary residents, including international students and foreign workers. Those changes include imposing caps on the percentage of low-wage foreign workers in some sectors and ending permits in metropolitan areas with high unemployment rates.
Temporary foreign workers in the agriculture sector are not affected by past rule changes.
This report by The Canadian Press was first published Oct. 21, 2024.
— With files from Nojoud Al Mallees
The Canadian Press. All rights reserved.
OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.
However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.
The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.
Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.
The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.
The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.
This report by The Canadian Press was first published Oct. 17, 2024.
The Canadian Press. All rights reserved.
OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.
In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.
The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.
Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.
In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.
It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.
This report by The Canadian Press was first published Oct 16, 2024.
The Canadian Press. All rights reserved.
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