Nouveau Monde Graphite marks key regulatory milestone in Quebec
The company said the lease follows several years of environmental, social and regulatory work.
Nouveau Monde Graphite (NYSE : NMG, TSX : NOU) has secured a crucial mining lease for its Matawinie mine in Quebec, representing a significant regulatory milestone for the company. Mining lease No. 1057, granted by Quebec’s Ministry of Natural Resources and Forests, permits NMG to exploit the graphite deposit at Metawinie. The company attributes the achievement to years of diligent environmental, social, and regulatory efforts.
Founding president and CEO Eric Desaulniers expressed pride in the milestone, crediting the Atikamekw community of Manawan, the municipality of Saint-Michel-des-Saints, and Quebec’s regulatory authorities for their collaboration. Situated about 120 kilometers north of Montreal, Metawinie is poised to become the largest graphite mine in the G7, with an annual capacity of up to 106,000 tonnes.
NMG's stock surged by 1.92%, trading at $1.33 (US$0.95) per share in Toronto on Monday. Environmental safeguards have been a cornerstone of the Matawinie project since its inception, with measures such as onsite water reuse, biodiversity preservation, and co-disposal of tailings and waste rock. The venture received environmental and social impact authorization from Quebec’s BAPE in 2021, and an Impact Benefit Agreement was signed with the Atikamekw First Nation of Manawan, ensuring community involvement in environmental monitoring and project oversight.
Despite these commitments, the project has faced criticism from MiningWatch Canada, an environmental watchdog group, over alleged high concentrations of heavy metals in nearby waterways.
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