Australia’s Sayona and its partner agreed to get the Quebec lithium plant back up and running.
(Reuters) – Sayona Mining, which makes lithium, and Piedmont Lithium Inc, which is based in the United States, have agreed to restart their spodumene plant in Canada. According to the Australian company, this will cost them C $98 million ($76.19 million).
By 5:27 GMT, Sayona Mining shares had gone up nearly 18% to A$0.165, which was their highest price since June 7. The market as a whole gained more than 0.5 percent.
Sayona and Piedmont Lithium both gave money to help pay for the proposed upgrade and restart of the North American Lithium (NAL) operation in Québec. Piedmont owns a 25% share of Sayona Quebec, which is part of Sayona Mining and owns NAL.
The Australian company said that both Sayona and Piedmont raised a lot of money in the first half of 2022 to pay for the planned upgrade and restart of operations. First production was expected in the first quarter of 2023.
“So far, progress at NAL has been great, including the hiring of experienced operating staff and the decision to buy major pieces of equipment early, before prices went up,“ said Brett Lynch, the managing director of Sayona Mining.
Sayona Quebec wants to make Abitibi the lithium hub by putting the NAL mine and its own Authier project together.
(1 US dollar = 1.2862 Canadian dollars)
