Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Sayona Mining will bid for North American Lithium mine in Québec, Canada, following a court ruling commencing asset sale process
  • The Mine was stopped in February 2019 and obtained protection from creditors in May
  • On September 16, the Québec Superior Court ended creditor protection and invited bids for the company’s assets

Sayona Mining will bid for North American Lithium mine in Québec, Canada, following a court ruling commencing asset sale process.

The Mine was put on halt in February 2019 and it was obtained protection from creditors in May.

On September 16, the Québec Superior Court ended creditor protection and invited bids for the company’s assets.

In 2018, the mine produced around 114,000 tonnes of spodumene against its nameplate capacity of 118,000 tonnes. Sayona says the project has the potential to produce battery-grade lithium carbonate with the necessary investment.

Sayona’s Managing Director Brett Lynch, said the potential to revitalise the North American operation presented a unique opportunity both for the company and Québec.

“The project operation has unrealised potential and Sayona would welcome the opportunity to bring the world-class experience of our company and our partners towards revitalising the mine,” he said.

Sayona is focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors.

It has lithium projects in Québec and Western Australia. With a project near North American.

“Our nearby high quality Authier project, which is currently in the process of securing the necessary regulatory approvals, could be integrated bringing significant operational improvements,” Brett said.

“This could facilitate the development of a hub for lithium extraction and downstream processing in Abitibi, which is ideally positioned to participate in the growth of the North American battery sector.”

Sayona is keen to lead a turnaround plan for the North American Lithium mine.

SYA by the numbers
More From The Market Herald
Venus Metals (ASX:VMC) - Managing Director, Matthew Hogan

" Venus Metals (ASX:VMC) intersects encouraging mineralisation at Vidure

Venus Metals (VMC) has intersected encouraging copper-nickel-platinum group element (PGE) mineralisation at the Vidure Prospect.

" Whitehaven Coal (ASX:WHC) uses record prices to pay down debt

Whitehaven Coal (WHC) will use the uplift

" Alderan Resources (ASX:AL8) commences drilling at Detroit

Alderan Resources (AL8) has commenced drilling at its Detroit copper gold project, located in the US state of Utah.
RareX (ASX:REE) - Managing Director, Jeremy Robinson

" RareX (ASX:REE) begins scoping study at Cummins

RareX (REE) has begun a scoping study at its flagship Cummins Range Critical Metals Project.