Nouveau Monde Graphite Inc. (NYSE: NMG) held a groundbreaking ceremony marking the start of construction for its Matawinie mine project in Saint-Michel-des-Saints, Quebec. The event was attended by Canadian Prime Minister Mark Carney, Quebec Minister of Economy Bernard Drainville, and local officials.

The company expects construction and commissioning to take approximately 31 months, with full commercial production targeted by the end of 2028. The mine is projected to produce an average of 106,000 tonnes of graphite annually.

Production is supported by commercial agreements with Panasonic Energy, the Government of Canada, and Traxys North America, covering more than 70% of expected output. The project was designated as a major project of national interest by the Government of Canada in November.

Nouveau Monde Graphite aims to reach a final investment decision in the second half of 2026 for its battery material plant in Bécancour, with a planned capacity of 13,000 tonnes per year dedicated to Panasonic Energy.

The project is expected to create several hundred jobs during construction and maintain more than 300 permanent positions once operational. The mine is part of the company's strategy to develop an integrated graphite production platform.

Eric Desaulniers, founder, president and CEO of Nouveau Monde Graphite, stated the groundbreaking represents "the culmination of years of dedication and perseverance." Sipi Flamand, Chief of the Atikamekw First Nation of Manawan, called the project "a concrete step toward true economic reconciliation."

The information is based on a company press release statement.