Arcadium shareholders approve sale to Rio Tinto
Shares of Arcadium Lithium rose about 7% in extended trading after the company said that about 98% of its shareholders had voted in favor of the sale.
Sigma Lithium (TSXV, NASDAQ: SGML) announced on Monday it has received all required licences to build a second mine at its flagship Grota do Cirilo property in Minas Gerais, Brazil, which would provide continued spodumene ore feedstock supply for its production plant.
Receipt of the triple licence for construction, installation and operation, said Sigma CEO Ana Cabral, provides the company with “the regulatory framework necessary” for future operations at Barreiro, ensuring a consistent and reliable supply of lithium feedstock for years to come.
The Vancouver-headquartered Sigma noted that while current operations do not require immediate mining at Barreiro, it has consistently emphasized a “proactive approach” to environmental permitting. The company initiated the environmental assessment studies as early as January 2021 and filed for its environmental licence in July of 2022.
Sigma’s entire mineral concession package in Brazil currently contains 200 known pegmatites. To date, the company has delineated a proven and probable reserve base of 77 million tonnes at 1.4% lithium oxide, for 2.65 million tonnes of lithium carbonate equivalent.
Spodumene ore produced at Barreiro will feed its Greentech lithium beneficiation plant, which is currently in its first phase with a production capacity of 270,000 tonnes in concentrates per year. A second-phase expansion is underway to raise the capacity to 520,000 tonnes, backed by a 16-year loan from the National Brazilian Bank for Economic and Social Development (BNDES).
Also on Monday, Sigma announced that it is loading 22,650 tonnes of its lithium products for shipment to IRH Global Trading in Abu Dhabi (IRH). This follows the first shipment of 27,500 tonnes to IRH earlier this month.
Shares of Sigma Lithium fell 1.3% to C$15.83 by 1 p.m. ET, for a market capitalization of C$1.76 billion.
Comments