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Highlights
- Lithium producer Sayona has its projects in Quebec, Canada and Western Australia.
- In Québec, the company’s assets contain North American Lithium coupled with the Authier Lithium Project and its growing Tansim Lithium Project.
- Meanwhile, shares of Sayona were trading 3.23% higher at AU$0.32 apiece at 1.09 PM AEST on Friday.
Shares of Sayona Mining Ltd (ASX:SYA) are trading in the green today. At 1.09 PM AEST, the mining company's shares were trading 3.23% higher at AU$0.32 apiece on Friday (09 September).
Lithium producer Sayona which has its projects in Quebec, Canada and Western Australia, did not share any price sensitive news today. Despite this, the company's shares were trading higher. This might be because of the strength in the overall ASX 200 Materials index, which was 2.51% up at 15,767.00 points today at 1.12 PM AEST. Similarly, ASX 200 index was also 0.50% higher at 6,882.80 points today at 1.12 PM AEST.
Another reason could be the lithium price which was also charging higher today. At 1.13 PM AEST, lithium was trading at 496K CNY/T, recording a growth of 0.66% on a weekly basis and 3.99% monthly.
On a sectoral front, materials was the top performing sector at 1.15 PM AEST.
About Sayona & its recent development
In Québec, Sayona’s assets contain North American Lithium coupled with the Authier Lithium Project and its growing Tansim Lithium Project, supported by a strategic relationship with American lithium producer Piedmont Lithium Inc. (ASX:PLL). The Moblan Lithium Project in northern Quebec is another project in which the company has a 60% ownership.
The Pilbara area of Western Australia in which Sayona has large tenement, has the potential to contain lithium and gold. In the renowned Pilbara region, Sayona is looking for Hemi-style gold prospects, and its lithium projects are subject to an earn-in arrangement with Morella Corporation.
Sayona announced on August 4 that production of spodumene (lithium) at the North American Lithium (NAL) facility in Quebec would restart as anticipated, with about 30% of the plant and equipment modifications now complete.
Sayona has committed about AU$100 million to the restart and was on schedule to resume production in Q1 2023, becoming the sole local supplier in North America. As a result, Sayona had commitments totalling CA$33.7 million as of the end of June, as opposed to the CA$37.2 million budgeted amount because projects including the installation of classification screens, apron feeders, grizzly and chutes were finished in July.
As the firm gets closer to commencing production again, it would provide regular monthly updates on NAL.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 04 August 2022
Dividends by Sayona
Even though Sayona is one of the largest lithium mining companies, it hasn't yet distributed any dividends. The leadership team is not currently concentrating on that.
The mining projects are where Sayona Mining is investing shareholder money to increase value, which is why the company's shares are receiving a lot of attention for their development potential.
