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- Emerging lithium miner Sayona Mining (SYA) Québec projects is set to play a major role in supplying Canada’s automotive sector for electric vehicles (EV)
- The Canadian Government will fund C$1.8 billion (around A$1.9 billion) to build an entire industrial chain, from mining to battery manufacturing and production of EVs
- In addition to this funding, the Canadian and Ontario governments have already agreed to partner with Ford Motor to invest C$1.95 billion (over A$2.6 billion) in its Oakville and Windsor plants
- The government funding follows the Tesla “Battery Day,” in which the leading EV maker told its plans to source clean and green lithium supply from North America
- Sayona is currently progressing with its environmental studies at its Authier Lithium Project
- Sayona shares remain steady on the market this afternoon and are trading for 1.1 cents per share
Emerging lithium miner Sayona Mining (SYA) Québec projects is set to play a major role in supplying Canada’s automotive sector for electric vehicles (EV).
The Canadian Government has announced plans to build an entire industrial chain, from mining to battery manufacturing and production of EVs, as part of its post- COVID-19 economic recovery.
The nation’s government will fund C$1.8 billion (around A$1.9 billion) to the industrial chain.
In addition to this funding, the Canadian and Ontario governments have already agreed to partner with Ford Motor to invest C$1.95 billion ( over A$2.6 billion) in its Oakville and Windsor plants.
Canada is among the world’s top 10 vehicle producers, the nation produced more than 1.3 million vehicles in 2016.
The Canadian Government says the country has the potential to play a leading role in the EV revolution.
In Québec, Economy Minister, Pierre Fitzgibbon, has stated the province is ready to invest up to C$1.4 billion (around A$ 1.48 billion) to establish its battery sector, with projections of total investment exceeding C$7 billion (approx. A$7.4 billion).
An analysis has reaffirmed Quebec’s economic, strategic and environmentally sustainable competitive advantages as spodumene supplier of choice to North America.
The government’s move follows the Tesla “Battery Day,” in which the leading EV maker told its plans to source clean and green lithium supply from North America.
“Benchmark Mineral Intelligence has estimated Tesla’s three terawatt‐hour battery capacity target alone would require an additional two million tonnes per annum of lithium by 2030,” the company told the market today.
Authier Lithium Project
Sayona has a project in the talk of the town, Québec, Canada, called Authier Lithium Project.
The company is currently progressing with its environmental studies and aims to address the feedback received from Québec’s Ministry of the Environment and the Fight against Climate Change (MELCC) concerning the environmental impact statement, which was lodged in January.
More than 75 per cent of the required survey work has been awarded and is aiming to be completed by the end of the year. This will allow Sayona to compile its response to the MELCC by the end of December, with Ministry recommendations expected in early 2021.
“We welcome the latest announcements by the Canadian and Québec governments and their commitments to invest in support of a sustainable and viable battery and automotive sector,” Managing Director Brett Lynch said.
“Québec is the obvious supplier of choice of spodumene to Canada’s battery industry, as highlighted by industry officials. We are ready to fast‐track our production plans to help deliver the required spodumene output and downstream processing of lithium hydroxide, thereby generating new jobs and investment and facilitating the nation’s clean energy future,” he added.
Sayona shares remain steady on the market this afternoon and are trading for 1.1 cents per share at 1:15 pm AEST.
