MONTRÉAL, QC:  The Canadian Taxpayers Federation condemns the Government of Quebec’s decision to put another $300 million in taxpayers’ money in Nemaska Lithium.

“It took less than a week for Economy Minister Pierre Fitzgibbon’s opinion of Nemaska to go from a ‘thingamajig’ to a worthwhile investment,” said CTF Quebec Director Renaud Brossard. “That has to be some kind of Olympic record for a backflip.”

During last week’s budget appropriations hearings, Fitzgibbon said of Nemaska Lithium business plan “It’s a thingamajig.”

Today, Nemaska Lithium approved a takeover plan led by The Pallinghurst Group and Investissement Québec. This proposal would involve a total cost of $300 million for taxpayers, $95 million of which would have to be paid out this fall.

Two years ago, then premier Philippe Couillard’s government had bought $80 million worth in equity in the company. Last January, Fitzgibbon estimated this stake was worth no more than $13 million.

“Taxpayers have already lost millions on Nemaska,” said Brossard. “How many more millions will we have to lose before Fitzgibbon says enough is enough?”

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