CMOC to Acquire Equinox Gold’s Brazilian Mines in $1 Billion Deal to Expand Precious Metals Portfolio 
Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
Asian Stocks Edge Higher as Tech Recovers, U.S. Economic Uncertainty Caps Gains 
South Korea Warns Weak Won Could Push Inflation Higher in 2025 
Trump Orders Blockade of Sanctioned Oil Tankers, Raising Venezuela Tensions and Oil Prices 
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure 
Asian Stocks Slide as AI Valuation Fears and BOJ Uncertainty Weigh on Markets 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness 
HSBC’s $13.6 Billion Take-Private Offer for Hang Seng Bank Gains Board Backing 
Wall Street Futures Slip as Tech Stocks Struggle Ahead of Key US Economic Data 
Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets 
Woolworths Faces Fresh Class Action Over Alleged Underpayments, Shares Slide 
SUPERFORTUNE Launches AI-Powered Mobile App, Expanding Beyond Web3 Into $392 Billion Metaphysics Market 
Coca-Cola’s Proposed Sale of Costa Coffee Faces Uncertainty Amid Price Dispute 
noyb Files GDPR Complaints Against TikTok, Grindr, and AppsFlyer Over Alleged Illegal Data Tracking. 
MetaX IPO Soars as China’s AI Chip Stocks Ignite Investor Frenzy 
POSCO Future M Co. Ltd. and General Motors have secured funding from the government of Quebec and Canada. The companies received government loans for their joint project for their Bécancour CAM Project to build up the electric vehicle battery supply chain in the North American region.
General Motors and POSCO Future M were granted $300 million in Canadian dollars, or about US$221 million. This will also be used for the setting up of their Ultium CAM facility. The Korea Economic Daily mentioned that the said joint venture company (Ultium CAM) was only formed in July 2022, and it is a collaborative project between the American automaker and battery materials unit of the South Korean steel giant POSCO Holdings Inc.
The companies are currently building their cathode material production plant in Bacancour, Quebec, and they have committed $633 million for the construction of the facility. Once completed, it is expected to yield up to 30,000 tons of battery material per year. The target date for completion is within the second half of 2024.
Yonhap News Agency reported that it was Canadian Industry Minister Francois-Philippe Champagne who announced the loan grant to POSCO Future M and General Motors on Monday, May 29, during a visit to the construction site.
The federal government of Canada and the regional administration of the province of Quebec are investing $150 million each. The financial assistance will help POSCO Future M and GM’s Ultium CAM JV in speeding up the construction and subsequently creating a stable supply chain of key battery materials in North America.
“We thank Premier Legault and Ministers Pierre Fitzgibbon and François-Philippe Champagne for their tremendous leadership in supporting our efforts to build a secure, sustainable, scalable and cost-competitive EV supply chain to support our fast-growing electric vehicle production across North America,” GM Canada’s president and managing director, Marissa Wes, said in a press release. “We at GM Canada are particularly proud to be back in Québec, growing investments and jobs in alignment with the province’s vision for the future of transportation.”
Photo by: Elishia Jayye/Unsplash
