Study says resource-rich Quebec should charge into lithium-ion sector

MONTREAL – A new study says Quebec has all the ingredients to supply the global market with lithium-ion batteries, but lacks the kitchen to cook them up.

The report, commissioned by an industry group, says the rapid growth of the electric vehicle market represents a big business opportunity for the province, predicting the number of electric vehicles sold will be as much as 26 times more by 2030.

The study released today says global demand will vastly exceed lithium-ion battery production. Meanwhile, a large lithium-ion battery recycling industry is set to emerge as a source of reusable materials for new batteries.

Quebec Economy Minister Pierre Fitzgibbon says the government aims to launch a strategy this fall to develop the lithium-ion battery industry.

With seven lithium mines in development as of January 2019, the study by accounting and advisory firm KPMG says a development plan should set its sights on refining ore to the quality required for lithium-ion batteries.

The study makes similar recommendations for graphite, cobalt, nickel and iron, which are all components of lithium-ion batteries.