Ford strikes lithium deals as ‘near-shoring’ trend benefits Canadian miners
Posted: June 16, 2023
Author: Andrew Willis
Source: The Globe and Mail
Quebec’s nascent lithium mining industry has won a vote of confidence from Ford Motor Co.
The automaker signs an 11-year contract with Nemask Lithium for future production from two planned facilities in the province announced long-term supply agreements with Nemaska and four other lithium miners Monday at an investor conference, part of a strategy to dramatically increase electric-vehicle production over the next three years.
Scotiabank analyst Ben Isaacson said Ford is the latest automaker to “near-shore” its supply of critical minerals for EV batteries to ensure its operations are compliant with the U.S. government’s recently enacted Inflation Reduction Act, which offers subsidies for clean-energy investments.