Sayona's (ASX:SYA) shares trading in green today

2 min read | October 18, 2022 11:33 PM PDT | By Bhawna Gupta

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Sayona's (ASX:SYA) shares trading in green today — Image source: © Bwylezich | Megapixl.com

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Highlights

Sayona signed a Québec rail contract for its North American Lithium (NAL) shipments yesterday.

The agreement is one of the recent steps taken by Sayona to resume production at NAL, along with the choice of a mining operator, L. Fournier & Fils of Québec.

Shares of Sayona were trading at AU$0.22 each, up 1.14%, on the ASX today.

Shares of ASX-listed lithium company Sayona Mining Limited (ASX:SYA) are trading in green today (19 October).

At 3.15 PM AEDT today, the company's shares were trading at AU$0.22 each, up 1.14%, on the ASX. This outperforms the ASX 200 Materials index, which at 3.16 PM AEDT was up 0.33% at 15,801.00 points.

The reason for the rise in the share price of Sayona might be the Québec rail contract signed for its North American Lithium (NAL) shipments yesterday (18 October).

According to the contract, Solurail Logistique Inc, a Val d'Or business that specialises in bulk transhipment and rail logistics, will be in charge of delivering lithium to clients from the NAL operation in La Corne to the Port of Trois-Rivières.

The CA$43 million (about AU$48 million) deal also contains the provision of renting 110 rolling stock (railway trucks), which will be made available for resumption of production at NAL in the first quarter of 2023.

The agreement is one of the important recent steps taken by Sayona to resume production at NAL, along with the choice of a mining operator, L. Fournier & Fils of Québec, with permission and procurement largely finished.

In addition, Sayona has started a prefeasibility study to examine the options for downstream processing, such as lithium hydroxide, to produce lithium carbonate at NAL.

Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 18 October

As per Sayona, Solurail runs one of the few rail terminals in northwestern Québec that are equipped to handle large-scale operations effectively and safely. It also offers comprehensive intermodal services to transfer big volumes by road and rail via its partners.

Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 18 October

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