SoftBank-backed Nemaska Lithium Files for Bankruptcy Protection

Nemaska Lithium, a Canadian lithium producer backed by SoftBank, has filed for bankruptcy protection as it scrambles to raise emergency funding to keep its flagship project alive, the Financial Times reported. The Toronto-listed company has been struggling to finance development of Whabouchi, a lithium mine and processing facility in Quebec, amid a cost blowout and a steep fall in the price of the metal, a constituent of electric car batteries. Nemaska on Monday said it was seeking protection from its creditors to give it sufficient time to complete a refinancing. The company also said it might ask for court approval to sell assets or enter into a joint venture. Analysts said the problems facing Nemaska, a symbol of the nascent lithium industry, underscored the difficulties building an integrated lithium mining and processing project. Read more