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Canadian graphite firms Nouveau Monde Graphite Inc. and Northern Graphite Corp. surged after the US Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of the key battery material.
Nouveau Monde jumped 27% and Northern Graphite soared 50% by Thursday’s close of trading in Toronto.
Nouveau Monde has two mine projects in Quebec, while Ottawa-based Northern Graphite has a producing graphite mine in the French-speaking province, and owns a shuttered mine in Namibia.
The Commerce Department imposed the anti-dumping duty on imports of Chinese graphite after concluding the materials had been unfairly subsidized. The move is set to increase tensions along the global electric-vehicle supply chain that’s already facing Beijing’s export controls of some critical minerals and battery technology.
China dominates the processing capacity of graphite, with the International Energy Agency calling the material one of the most exposed to potential supply risks and “requiring urgent efforts for diversification,” according to a report in May.
The Commerce Department issued the preliminary determination affirming the anti-dumping duties in a document Thursday, and said the final determination should be announced by Dec. 5.
(Adds closing shares and company assets from second paragraph.)
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