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Highlights
- Shares of Sayona Mining were spotted trading in the red today.
- The lithium company's shares were trading at AU$0.34 each, down 4.93%, at 11.38 AM AEST.
- On a sectoral front, all 11 sectors were in the red today at 11. 40 AM AEST.
The share price of Sayona Mining Limited (ASX:SYA) was in the red on Wednesday despite the company sharing no price-sensitive news. On ASX, the lithium-focused metals explorer’s shares were trading at AU$0.34 each, down 4.93% at 11.38 AM AEST. Sayona’s share price may have fallen on account of weakness in the overall materials index.
At 11.39 AM AEST, the ASX 200 Materials index was trading 2.43% lower at 15,934.60 points. On a sectoral front, all 11 sectors were in the red today at 11. 40 AM AEST and materials sector was one of them.
Sayona's business & its projects
Sayona Mining is a young lithium producer with assets in Western Australia and Québec, Canada. In Quebec, Sayona has bought North American Lithium, an established lithium mine and concentrator, with the help of strategic partner Piedmont Lithium Inc (ASX:PLL). Sayona intends to integrate North American Lithium with its nearby Authier Lithium Project and its upcoming Tansim Lithium Project to create a global Abitibi lithium hub.
Sayona also owns 60% ownership in the Moblan Lithium Project in Northern Quebec, which is situated in the well-established lithium mining region of Eeyou-Istchee James Bay.
To supply lithium to the rapidly expanding North American battery and EV industry, the company has committed to downstream processing in Québec.
Image Source: © Design56 | Megapixl.com
A recent announcement by Sayona
On 4 August 2022, Sayona announced that it has progressed its production of spodumene (lithium) and is expected to resume at the North American Lithium (NAL) facility in Quebec; about 30% of the facility's equipment and plant modifications have already been finished.
Sayona further informed that the civil work for the dry change room, the installation of the HP300 and HP400, the dismantling of the piping and electrical system in the WHIMS area, the belt filter, the engineering of the crushed ore storage dome, the costs associated with training and start-up support, and the audit and inspection costs were all other commitments that were finished in June.
