Sayona expresses interest to bid for North American Lithium
Brisbane, Sep 17, 2019 AEST (ABN Newswire) - Emerging lithium miner Sayona Mining Limited (
ASX:SYA) (DML:FRA) (DMNXF:OTCMKTS) announced today its intention to participate in the bidding process for the North American Lithium Inc (NAL) operation in Quebec, Canada, following a Quebec Superior Court ruling commencing an asset sale process for the shuttered mine.
Highlights
- Sayona plans to participate in bidding for North American Lithium (NAL) mine in Quebec, Canada, following court ruling commencing asset sale process
- Company and partners offer experienced, world-class management to turnaround NAL and achieve sustainable and profitable operation
- Potential synergies with Sayona's emerging Authier Lithium Project, pending securing the necessary regulatory approvals
NAL has a lithium mine and concentrator located in Abitibi near the mining district of Val d'Or, Quebec.
Spodumene production was halted in February 2019 and the company obtained protection from creditors in May. Subsequently, on 16 September, the Quebec Superior Court ended creditor protection and invited bids for the company's assets.
In 2018, NAL produced around 114,000 tonnes of spodumene against its nameplate capacity of 180,000 tonnes. In addition, the operation 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 NAL operation presented a unique opportunity both for the Company and Quebec.
"NAL's operation has unrealised potential and Sayona would welcome the opportunity to bring the worldclass experience of our Company and our partners towards revitalising the mine," Mr Lynch said.
"In addition, 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. "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."
Mr Lynch added: "Quebec needs a successful operation at NAL and we are keen to lead a turnaround plan, taking into account the interests of all stakeholders, including NAL employees, subcontractors, local and provincial government, First Nations and other local community members."
About Elevra Lithium Limited
Elevra Lithium Limited (ASX:ELV) (NASDAQ:ELVR) is a dual-listed lithium producer and developer, supplying a reliable, secure and sustainable source of this critical mineral at the heart of global electrification.
Headquartered in Brisbane, Australia, Elevra has a globally diversified portfolio of world-class lithium assets across Quebec, North Carolina, Ghana, and Western Australia. Elevra was formed through the merger of Piedmont Lithium and Sayona Mining.
By combining operational excellence with disciplined asset management, we strive to maximise efficiency, drive superior shareholder value, and create lasting benefits for all stakeholders.
| ||
|
