June 4, 2012 / 7:28 PM / 5 years ago

Canada Lithium gets license for Quebec mine

1 Min Read

TORONTO (Reuters) - Shares of Canada Lithium Corp CLQ.TO rose 16 percent on Monday, after the company said it had received the mining license for its Quebec Lithium project in the eastern Canadian province.

Canada Lithium expects to start up the mine and processing plant at the end of this year, with initial production expected in the first quarter of 2013.

The Quebec Lithium mine is currently under construction near Val D'or, some 525 kilometers (325 miles) northwest of Montreal.

The hard rock project, which will produce some 20,000 tonnes of battery-grade lithium carbonate a year, is on track to cost $207 million to build, the company said.

Lithium demand has grown in recent years on a surging lithium ion battery market. Lithium ion batteries power technologies from smartphones to electric vehicles.

Canada Lithium's stock was up 16 percent at 43.5 Canadian cents on Monday on the Toronto Stock Exchange. Shares are down 12 percent so far this year.

Reporting by Julie Gordon and M.D. Golan

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