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Highlights
- On Monday (19 September), shares of Sayona Mining were found trading in the red territory.
- At 12.08 PM AEST, the mining company's shares were trading at AU$0.28 per share, down 2.59% on ASX.
- However, today, the ASX 200 Materials index was 1.07% up at 15,592.30 points.
Sayona Mining Limited (ASX:SYA) is Australia's emerging lithium producing company. It has projects in the countries like Canada and Western Australia.
On Monday (19 September), shares of Sayona Mining were found trading under the red territory despite no negative news announcement. At 12.08 PM AEST, the mining company's shares were trading at AU$0.28 per share, down 2.59% on ASX.
With this, Sayona Mining's share price underperforms the overall materials index. At 12.12 PM AEST, the ASX 200 Materials index was 1.07% up at 15,592.30 points today.
Meanwhile, the ASX 200 index was also up by 0.013% at 6,740.00 points at 12.13 PM AEST.
Why are Sayona's shares trading in red today?
There is no new information shared by the company today. Last Friday (16 September), Sayona shared an update on its North American Lithium (NAL) project in Québec, Canada.
With building, purchasing, hiring, and other activities moving forward, Sayona had stated in an ASX statement that the company is on track for the anticipated Q1 2023 restart of spodumene (lithium) production at its NAL project.
Image Source: © Mileatanasov | Megapixl.com
The NAL project team worked on the restart throughout Quebec's summer months of July and August, the permission process is 95% complete, and the procurement process is 94% complete, with the majority of the important procurement items now on-site.
The installation of the HP300 and HP400 Cone Crushers, as well as other projects like the installation of the Wet High-Intensity Magnetic Separator (WHIMS), increased during this time, as did construction activity, the company in its ASX filing.
Meanwhile, S&P Dow Jones Indices revealed that Sayona would enter the S&P/ASX200 index before the start of trade on Monday, 19 September 2022, marking a new milestone for the company.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 16 September 2022
More on NAL project
Sayona further informed that due to changes in the project's scope, the entire budget has also been reduced, going from CA$97.75 million to CA$95.5 million, with commitments made so far totalling CA$41.6 million instead of the anticipated CA$45.4 million.
The project team's close relationships with vendors and ongoing communication have led to creative approaches for maintaining the anticipated timetable, with backup plans in place to prevent delays in equipment deliveries.
NAL presently employs around 70 people on-site, and Sayona Québec recently strengthened its management team with the hiring of vice president of health and safety Bernard Toupin, finance director Fady Abu Nasr, and director of exploration Dominic Fleming.
The board of Sayona and Piedmont Lithium (ASX:PLL) formally approved the resumption of the NAL operation in June.
As part of its commitment to begin downstream processing in the Canadian province, Sayona is currently evaluating lithium carbonate or hydroxide production plans.
