Quebec Graphite Mine Proof Of Canada's Bid to Accelerate Projects, PM Carney Says

By Paul Vieira

OTTAWA--Canadian Prime Minister Mark Carney highlighted the start of construction at a graphite mine in Quebec as proof that his efforts to accelerate the development of nationally important resource projects are bearing fruit.

Carney was in Saint-Michel-des-Saints, Quebec, about 85 miles north of Montreal, where Nouveau Monde Graphite formally started construction of a graphite mine that the Canadian leader said would become the largest among Group of Seven economies.

The mine would produce graphite required for the production of electric-vehicle batteries, energy-storage systems and certain defense technologies. Annual production is expected to grow to 106,000 metric tons over a quarter century, or eight times Canada's current production, Carney said.

The announcement came after Nouveau Monde Graphite formally closed a roughly $310 million equity transaction that gave Italian energy company Eni a nearly 12% stake in the Canadian miner. Funds managed by the Canadian and Quebec governments are also major shareholders, with stakes in the graphite miner of about 19% and 18%, respectively. With the financing, Nouveau Monde said late last week that the Quebec graphite-mine project was a go. Carney's involvement "made a difference in attracting foreign investors," said Eric Desaulniers, Nouveau Monde's founder and chief executive.

Back in November, the Canadian government designated Nouveau Monde's graphite mine a project of national interest. As a result, Carney said, officials accelerated the approval process; secured offtake agreements, whereby companies commit to buy a miner's production; and helped arrange financing--all of which led to the company's decision to move forward with construction.

Other projects recently deemed by Carney to be of national interest include the expansions at the Port of Montreal and at a Pacific-Coast liquefied natural-gas terminal, as well as a nickel mine.

Write to Paul Vieira at paul.vieira@wsj.com

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May 19, 2026 13:18 ET (17:18 GMT)