The excitement surrounding the Monaro Lithium Project in the James Bay area has come to an abrupt halt, as Oceana Opts out of being part of the project.
Working with partners in the Government of Quebec, Oceana and its majority shareholder, Suez Canada, had intended to explore and develop the lithium project, which offers immense potential. Ultimately, however, Oceana find themselves unable to commit to the project’s development timeline and concluded it was in the best interests of the company and its shareholders to pull out of the venture.
The Monaro project is estimated to be one of the world’s largest and most promising lithium mines. It was expected to be at the forefront of global production for the near future and had the potential of producing over 8.5 million tons of lithium. This find is especially noteworthy and important as lithium related products and technologies to power the batteries revolution are continually increasing in demand.
The industrialized area of James Bay had been seen as a great setting for the Monaro Project. As Oceana is specializes in large-scale mining projects, many saw them as the perfect partner to help complete the project. Due to environmental and other technical considerations, however, Oceana has elected to abandon its pursuit of the project.
Other parties have expressed interest in taking over the project from Oceana and have already reached out to the team concerning this. Oceana and Suez Canada desire to be identified as an entity and team dedicated to sustainability and environmental protection, and it would appear that the factors associated with the Monaro Lithium project were too big of a hurdle to jump.
Ultimately, the future of this project is uncertain. As Oceana pulls out, the team will reevaluate the scale of the project and look for new partners investing in lithium-related technologies in the James Bay area. For the moment, however, the Monaro Project has come to a temporary stall.
“Oceanic Ousting: James Bay Rejects Monaro Lithium Initiative!
