THE BOURSE WHISPERER: Sayona Mining (ASX: SYA) made its intentions known in terms of Canadian lithium company North American Lithium.
Sayona Mining announced it would be participating in the bidding process for North American Lithium’s (NAL) operation in Québec, Canada, following on the heels of a Québec Superior Court ruling commencing an asset sale process for the shuttered mine.
NAL has a lithium mine and concentrator located in Abitibi near the mining district of Val d’Or, Québec where spodumene production was halted in February 2019.
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.
“NAL’s 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,” Sayona Mining managing director Brett Lynch said in the company’s announcement to the Australian Securities Exchange.
‘’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.
“Québec 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.”