Prime Minister Mark Carney, Québec leaders and executives with Nouveau Monde Graphite braved the rain in Saint-Michel-des-Saints Tuesday to celebrate the launch of construction at the Matawinie Mine.

Taking the stage, Carney thanked Québec Energy Minister Bernard Drainville for sharing his umbrella, joking that the image of the two huddled together to stay dry captured the close federal-provincial collaboration required to help advance the project.

It has been a challenging year for Nouveau Monde Graphite, which lost one of its main clients, General Motors, last fall as automakers scaled back their electric vehicle ambitions.

To make up for the loss and keep the project on track, Ottawa came to the rescue with a seven-year offtake agreement for 30,000 tonnes of graphite concentrate annually.

The offtake agreement insulates the Québec miner from price fluctuations tied to China’s monopoly on the global graphite supply chain, paving the way for a first-of-its-kind operation in North America.

The Canada Infrastructure Bank and Export Development Canada have also pitched in with a $459 million loan. 

READ MORE: Mining companies unconvinced about government efforts to fast-track projects

Carney said the financing package came together rapidly thanks to the Major Projects Office, to which he had referred the mine last fall. He says the government agency convened four departments and agencies to help advance financing negotiations.

His comments came as a reporter questioned why the referral was necessary given the project received its permits and approvals years ago.

“[Ottawa’s] contribution has been exceptional,” said Nouveau Monde Graphite CEO Eric Desaulniers.

“Especially on the world stage… I have it on good authority that high level conversations between Carney and other high ranking officials have made a difference in terms of attracting foreign investors.” 

Italian energy company Eni S.p.A. and Mitsui & Co. are among Nouveau Monde Graphite’s shareholders. 

This is the second construction site Mark Carney visits as part of his major projects agenda in recent weeks.

READ MORE: Canada Infrastructure Bank loans over $1B to Contrecoeur port expansion 

When in Contrecoeur in April to mark the expansion of the Montreal Port Authority, Carney highlighted a massive $1B loan from the Canada Infrastructure Bank to help advance the project. 

While public investment vehicles like the Canada Infrastructure Bank and the Canada Growth Fund are mandated to operate at arm’s length from the government, Carney routinely credits the Major Projects Office for the financial support these taxpayer-backed funds provide.

Among the 22 projects referred to the Major Projects Office so far, another mining development is waiting on financial support from Ottawa to advance.

The Sisson mine in New Brunswick needs a price floor, or an offtake agreement, to help come to a final investment decision.

Federal support is meant to de-risk the projects and unlock private sector investment. 

In the case of Nouveau Monde Graphite, the mine is only part of the project. The company plans on building a battery material plant in Bécancour that would make it Canada’s first integrated graphite operation. 

With the slower pace of electric vehicle adoption, the Québec miner is looking to diversify its clientele by expanding into the defense and battery storage sectors.