Albemarle loses more than $1 billion on falling lithium prices
The results underscore the supply glut engulfing the entire lithium industry amid oversupply from China.
Australia’s Sayona Mining on Tuesday announced its intention to participate in the bidding process for North American Lithium’s (NAL) operations in Québec, which include a lithium mine and concentrator located in Abitibi near the mining district of Val d’Or.
Operations at the NAL mine, which produced 114,000 tonnes of spodumene in 2018, were halted in February this year, with the company obtaining protection from creditors in May. Earlier this week, the Québec Superior Court ended creditor protection and invited bids for the company’s assets.
Sayona’s managing director, Brett Lynch, said in a press release that “the potential to revitalize the NAL operation presented a unique opportunity both for the company and Québec.”
In addition, Saynona’s nearby Authier project, which is currently in the process of securing the necessary regulatory approvals, could be integrated, bringing “significant operational improvements.”
“This could facilitate the development of a hub for lithium extraction and downstream processing in Abitibi, which is ideally positioned to participate in the growth of the North American battery sector,” Lynch said.
The Authier project is estimated to produce 87,400 tonnes of spodumene per year over a mine life of 18 years, with the project expected to cost C$83.6 million to develop.
