Bourassa quits as Nemaska CEO
Friday, February 21st, 2020
mbattled lithium development company Nemaska Lithium on Thursday announced that Guy Bourassa would step down. He would leave the management and vacate his seat on the board with immediate effect.
“Given the restructuring the corporation is undergoing and the current market conditions, we mutually agreed that it was in the best interest of the corporation to undertake the next steps with a new approach and renewed leadership,” said chairperson Jacques Mallette.
A sale and investor solicitation process would get under way in late February, with a target of closing a transaction in mid-August.
Nemaska’s Whabouchi project, in Quebec, is facing cost overruns of about $300-million. It tried to negotiate a deal with mine financier, the Pallinghurst Group, to secure up to C$600-million. But with a deal yet to be announced, the company suspended operations in October and laid off all but 30 employees.http://www.miningweekly.com/article/bourassa-quits-as-nemaska-ceo-2020-02-20