Eramet produces first lithium from Centenario plant in Argentina
Eramet becomes the first European company to produce lithium carbonate at an industrial scale.
Sigma Lithium (NASDAQ: SGML, TSXV: SGML) announced in a corporate update this week that its strategic review process will continue into 2024.
The Vancouver-based lithium miner said it has been evaluating strategic alternatives, with parties expressing interest in acquiring the company, its subsidiary Sigma Brazil and the Grota do Cirilo project in Brazil, and has entered into contractual and structural negotiations with finalists.
The company is also initiating the procedures for a primary listing of Sigma Brazil shares on both the Nasdaq and Singapore Stock Exchange.
“Such listings can help maximize shareholder value, should the selected alternative in its strategic review process involve only Sigma Brazil,” the company said in a press release.
Sigma has held talks with Tesla and other automakers about supplying the key battery ingredient in the coming years.
“We are delighted with the overwhelming interest in our business from some of the most admired companies in the battery materials and electric vehicles industries globally, including automakers and battery manufacturers,” CEO Ana Cabral said in the statement.
“We are also honored with the direct engagement of C-level executives and board members from the consortiums with our leadership during this strategic process, significantly strengthening our relationships with global leaders and key decision makers of our industry,” Cabral said.
The miner is already producing lithium from its Grota do Cirilo project in Brazil. Phase 1 of the project is expected to produce 270,000 tonnes of lithium (36,700 tonnes LCE) annually.
If it is determined to proceed after completion of an ongoing feasibility study, Phases 2 and 3 of the project are expected to increase production to 766,000 tonnes (104,200 tonnes LCE) annually.
According to the company, Grota do Cirilo uses 100% renewable energy, 100% recycled water and 100% dry-stacked tailings.
Shares of Sigma Lithium surged 10.6% by 9:15 a.m. EDT on the Nasdaq. The lithium developer has a market capitalization of $2.93 billion.
