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Highlights
- Sayona Mining has advanced its intended resumption of spodumene (lithium) production at the NAL facility in Quebec.
- The lithium producer has committed about AU$100 million to the restart and is on target to resume production in Q1 2023.
- Sayona shares were trading 2.56% higher at AU$0.20 each on ASX today at 12.16 PM AEST.
With roughly 30% of plant and equipment modifications now finished, lithium producer Sayona Mining Limited (ASX:SYA) has advanced its intended resumption of spodumene (lithium) production at the North American Lithium (NAL) facility in Quebec.
On the back of the news, shares of Sayona were trading 2.56% higher at AU$0.20 each on ASX today (August 4) at 12.16 PM AEST. This outperforms ASX 200 Materials index, which was 0.70% down at 15,495.00 at 12.18 PM AEST.
Sayona's NAL restart on track
Sayona has committed about AU$100 million to the restart and is on target to resume production in Q1 2023, becoming the sole domestic supplier in North America. As a result, Sayona had commitments totalling around AU$33.7 million as of the end of June as opposed to the approx. AU$37.2 million budgeted amount, with the installation of things like classification screens, apron feeders, grizzlies, and chutes having been finished in July.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 04 August 2022
As the company nears the resumption of production, it will provide regular monthly updates on NAL.
There are currently about 50 construction employees at NAL and this number is expected to increase by September. According to the company's announcement on 27 May, senior management selections have also been made.
Sayona has prioritised hiring locals, with more than 98% of its workforce residing in Abitibi-Témiscamingue and almost 65% from the nearby NAL region.
Wet High-Intensity Magnetic Separator (WHIMS), HP400 crusher, Derrick brand screeners, ore sorting conveyors, and water and electrical infrastructure for dry change rooms are a few of the essential equipment components that have recently arrived on site.
Image Source: © Straga | Megapixl.com
Know more about Sayona Mining
Emerging lithium producer Sayona Mining Limited has projects in Western Australia and Québec, Canada. With the help of a strategic alliance with American lithium producer Piedmont Lithium Inc., Sayona's holdings in Quebec include North American Lithium, the Authier Lithium Project, and its developing Tansim Lithium Project. The Moblan Lithium Project in northern Quebec is another project in which the company has 60% ownership.
The Pilbara area of Western Australia is rich in tenements that have the potential to contain lithium and gold. Sayona is looking for Hemi-style gold prospects in Pilbara region, and its lithium projects are subject to an earn-in arrangement with Morella Corporation.
Bottomline
Sayona is keeping a close eye out for potential delivery delays and has contingency plans to ensure that the dry and wet commissioning processes go as planned. To address any potential supply-chain issues, the company is actively collaborating with its suppliers.
