Emerging lithium miner Sayona Mining Limited (ASX:SYA; OTC:DMNXF) has welcomed the Québec Government’s latest move to support the province’s lithium industry, providing increased confidence for investors and other stakeholders in the province’s long‐term lithium strategy.
In its provincial budget for fiscal 2021, the Québec Government has committed to advancing electrification as a core part of its strategy, with an additional C$90 million dedicated to critical and strategic minerals including lithium.
The budget stated the Government would promote the development of critical and strategic minerals including lithium, with the aim of fostering innovation, developing expertise and value chains and contributing to sustainable development.
“Québec has several assets, including a wide variety of minerals, technological expertise as well as clean energy sources at a price which will allow it to benefit from the development of these minerals,” the Government said.
Sayona’s Managing Director, Brett Lynch, said the company was fully aligned with Québec’s plans to develop a sustainable and profitable lithium industry for the province.
“Sayona and the Québec Government are in complete agreement on the need to transform the province’s lithium industry to put Québec at the forefront of the clean energy revolution,” Mr Lynch said.
“We look forward to working even more closely with the Government and other key stakeholders as we advance our lithium projects in the province, for the benefit of all.”
Full details of the latest budget are available at w ww. budget. finances. gouv.qc.ca/budget/2020‐2021.
Québec’s latest backing for the lithium industry follows its 3 February announcement broadening the role of the province’s investment arm, Investissement Québec, with the Government increasing its capital to C$5 billion to allow it to play an even greater role in supporting business development.
The province has a number of competitive advantages, including proximity to established lithium‐ion battery markets in North America, access to economical and environmentally friendly hydropower and world‐class infrastructure, together with a geopolitical advantage amid the U.S. push to secure supplies of essential battery minerals such as lithium.
Adding to the positive momentum for battery minerals, the Canadian Government has announced rebates for the purchase or rental of electric or plug‐in hybrid vehicles, further supporting demand for the growing EV industry. Sales of EVs in Canada grew by 25 per cent in 2019, with further growth expected following the rebates and increasing focus on environmental issues.
Québec has enjoyed strong sales of EVs, with the Government offering various incentives including up to C$8,000 for the purchase or lease of a new EV, C$600 for a home charging station and C$5,000 on the purchase of workplace or multi‐unit residential building charging stations.
