Canadian Miner to Start Graphite Project in Challenge to China

Nouveau Monde Graphite Inc. expects to formally green-light plans this week to build one of North America’s few graphite projects, as countries seek to weaken China’s dominance over the critical mineral.

A previously announced financing package of about $645 million in gross proceeds was backed by shareholders Wednesday. The money is to be used to develop a graphite mine in Saint-Michel-des-Saints, Quebec, about 100 miles north of Montreal, and to build a concentrator nearby.

Graphite is a key material in lithium-ion batteries, prized for its conductivity. China is the world’s major supplier.

A construction team is already on site and ...