Nouveau Monde’s Matawinie graphite mine: capex, schedule and offtake lens for engineers
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Nouveau Monde Graphite has approved construction of the Matawinie open-pit mine in Saint-Michel-des-Saints, Quebec, designed to produce about 106,000 tonnes per year of graphite concentrate over more than 25 years and powered by the provincial hydroelectric grid. The company has secured roughly $644.5 million in equity and debt, with total capex for Matawinie and the Bécancour battery material plant now estimated at about $634 million after downsizing the plant from the 2025 feasibility study. A 30‑month build is planned to reach full production by end‑2028, with 75% of output under offtake, including a seven‑year, 30,000‑t/y fixed‑price contract with the Government of Canada.
Technical Brief
- Development sequence is 30 months: 24 months of construction plus six months of commissioning.
- Equity package totals US$309.7 million, including a US$96.5 million bought-deal public offering.
- Canada Growth Fund, Investissement Québec and Eni contribute a combined US$213.2 million in equity.
- Export Development Canada and Canada Infrastructure Bank provide additional debt, bringing total financing to about US$644.5 million.
- Combined Matawinie and Bécancour capex is now ~US$634 million, less than half the 2025 feasibility estimate.
- A seven‑year offtake with the Government of Canada covers 30,000 t/y at a fixed North American price with upside‑sharing.
- Project will create about 150 direct operating jobs and up to 450 workers at peak construction.
Our Take
Nouveau Monde Graphite’s move at Matawinie and Bécancour sits alongside Metals Australia’s planned Baie‑Comeau refinery in Quebec, signalling that the province is emerging in our database as the main North American hub for integrated graphite and battery anode materials rather than just concentrate exports.
The earlier US$335 million senior project debt from Export Development Canada and the Canada Infrastructure Bank, combined with the equity package involving Eni and Canada Growth Fund, shows that Matawinie is one of the more heavily state‑backed critical minerals projects in our coverage, which typically helps de‑risk long mine lives like the 25‑year plan here.
With Canada’s mined graphite share projected to rise from 1% to 6% after Matawinie, other graphite developers in our database—such as Northern Graphite and Metals Australia—are likely to face tighter competition for offtake from North American and European battery makers, especially where they cannot match NMG’s integrated mine‑to‑anode model.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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