Sayona Mining Ltd (SYA.AX) Expresses Interest to Bid for North American Lithium
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Highlights
- Sayona plans to participate in bidding for North American Lithium (NAL) mine in Quebec, Canada, following court ruling commencing asset sale process
- Company and partners offer experienced, world-class management to turnaround NAL and achieve sustainable and profitable operation
- Potential synergies with Sayona's emerging Authier Lithium Project, pending securing the necessary regulatory approvals
NAL has a lithium mine and concentrator located in Abitibi near the mining district of Val d'Or, Quebec.
Spodumene production was halted in February 2019 and the company obtained protection from creditors in May. Subsequently, on 16 September, the Quebec Superior Court ended creditor protection and invited bids for the company's assets.
In 2018, NAL produced around 114,000 tonnes of spodumene against its nameplate capacity of 180,000 tonnes. In addition, the operation has the potential to produce battery-grade lithium carbonate with the necessary investment.
Sayona's Managing Director, Brett Lynch, said the potential to revitalise the NAL operation presented a unique opportunity both for the Company and Quebec.
"NAL's operation has unrealised potential and Sayona would welcome the opportunity to bring the worldclass experience of our Company and our partners towards revitalising the mine," Mr Lynch said.
"In addition, our nearby high quality 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."
Mr Lynch added: "Quebec needs a successful operation at NAL and we are keen to lead a turnaround plan, taking into account the interests of all stakeholders, including NAL employees, subcontractors, local and provincial government, First Nations and other local community members."
About Sayona Mining Ltd:
Sayona Mining Limited (ASX:SYA) (OTCMKTS:DMNXF) is an Australian, ASX-listed (SYA) company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors. The Company has lithium projects in Quebec, Canada and in Western Australia.
Please visit us as at www.sayonamining.com.au
Source:
Sayona Mining Ltd
Contact:
Brett Lynch Managing Director Phone: +61 (7) 3369 7058 Email: [email protected]
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