The Italian energy giant announced Friday it is set to spend US$70 million to acquire about 11.5 per cent of NMG’s share capital and gain a seat on its board as the critical mineral producer raises capital to begin building its open pit graphite mine north of Montreal. (The Globe and Mail)

Talking point: The federal government referred the Matawinie mine proposal to the Major Projects Office last November. The mine would integrate with NMG’s planned battery plant in Bécancour, Que., to make spherical graphite using the province’s abundance of cheap hydroelectric power for eventual use in electric vehicles and energy storage systems. The investment by Eni is part of a US$297-million capital raise that was also backed by Ottawa’s Canada Growth Fund and Investissement Québec. NMG CEO Eric Desaulniers said the investment, subject to a final decision next month, “demonstrates the viability and the solidness of the project.”