
Nouveau Monde Graphite Inc. (NOU-T) plans to simultaneously develop a mine and a battery material refinery in Becancour, Que., intent on supplying major clients and helping to break China's grip on the graphite supply chain.
Headquartered in Saint-Michel-des-Saints, Que., north of Montreal (where it also has an office), Nouveau Monde Graphite plans to sustainably mine and produce active anode materials crucial to lithium-ion batteries used in electric vehicles (EVs).
“We’re trying to bring graphite into the spotlight,” Julie Paquet, the company’s vice-president of communications and environment, social and governance strategy, told Sustainable Biz Canada in an interview.
Investors General Motors (GM) Holdings LLC and Panasonic Energy Co. have already reserved offtake, a sign that Nouveau Monde Graphite has “a good foundation” and “the right partners”, she said.
At a moment when economies turn to protectionism and geopolitical tension heightens over critical minerals, Paquet said her company can provide a more sustainable source of graphite and reduce dependence on China, particularly important when that country controls over 90 per cent of global graphite refining and is restricting exports.
The mine and refinery
At the Matawinie Mine, 120 kilometres north of Montreal, Nouveau Monde Graphite plans to produce over 100,000 tonnes of graphite concentrate per year.
Operating with a small environmental and local impact is central to the company’s activities, Paquet said, part of a “modern approach to a mining project.”
The heavy equipment and infrastructure will run on electricity from Quebec’s clean grid, not fossil fuels; efforts will be made to minimize the mine's ecological footprint; the local Indigenous community is being consulted; and parts of the mine will be progressively reclaimed by the company once operations are complete.
The graphite will be sent to Becancour, a city between Montreal and Quebec City that is an emerging battery materials manufacturing hub. Nouveau Monde Graphite expects to develop an approximately 1.4-million-square-foot complex, where the concentrated graphite will be shaped into tiny spheres.
The round graphite will be further purified and have a thin coating of carbon applied to become an active anode material usable by battery manufacturers. Additionally, flake graphite and microscopic by-products are expected to be produced and sold on the market.
Nouveau Monde Graphite is aiming for a final investment decision before year-end. If that happens, Paquet said construction on the mine and refinery will take place shortly after, and is expected to take 30 months to complete. Both are scheduled to be operational in 2028 if everything goes according to plan.
Nouveau Monde Graphite’s focus will remain on developing its mine and facility. Expansion could be in the works in the future, however, as it acquired a large graphite deposit in northern Quebec.
Investors and offtakers

The company’s dual project, estimated to cost approximately $1.8 billion, has received significant private and public attention. Investors include the Quebec and Canadian governments, Mitsui & Co., Pallinghurst Bond Ltd., GM and Panasonic Energy.
The last two companies signed multi-year agreements to receive 18,000 tonnes of active anode materials per year from Nouveau Monde Graphite’s operations for battery manufacturing. Approximately 80 per cent of the initial production is reserved by GM and Panasonic, Paquet said.
For the remaining output, the company is discussing offtake agreements with other battery and EV manufacturers.
A feasibility study was updated in late March, which will be presented to lenders and investors to finalize a financing package to launch construction.
Optimism against uncertain economic times
Despite being a challenging time for the battery sector after a period of high inflation, growing pains for Canada’s battery industry and global trade being reshaped by the U.S., Nouveau Monde Graphite sees a bright path ahead.
“Generally we remain quite optimistic in terms of the future,” Paquet said, despite the setbacks in the battery sector and slowing EV sales. She pointed to a “robust” business model based on its offtake agreements, solid EV sales from GM, and Panasonic as a strong figure in the battery industry. Both companies have a production roadmap that will take years to complete, demonstrating long-term commitment.
Paquet said the active anodes from Becancour will be transported to GM and Panasonic’s U.S. facilities. But she said Nouveau Monde Graphite is not panicking about the tariffs because it isn't importing anything today and the trade levies have remained in flux. For example, natural graphite imported to the U.S. is exempt from the tariffs. Plus, Canada is hurt less by tariffs compared to China.
“We’ve got all the strategic minerals in Canada. We can really position ourselves in the next chapter, regardless of what happens with the U.S.”