Sayona Mining (ASX: SYA; OTCQB: SYAXF) and its JV partner have completed a detailed review of its North American Lithium (NAL) operation and a range of scenarios, and they have agreed to continue mining and milling operations at the project. Production optimization and cost reductions were assessed with a view toward maximizing value for shareholders.
The project, located near Val d’Or, Que., is a joint venture of Sayona (75%) and Piedmont Lithium (25%).
Sayona said in a release that NAL had achieved multiple daily production records in March with process recoveries above expectations. Ramp-up will continue with regular reviews of operating costs and market conditions. Several nearly complete capital improvement initiatives allow the company to predict steady-state production by the end of 2024. Among the initiatives is a crushed ore dome.
“The NAL operational review was a critical exercise to ensure we are optimizing our resources and positioning Sayona for long-term success, said interim Sayona CEO James Brown.
“Throughout this process, a key consideration was the direct impact on our dedicated workforce and host communities.
"Over the long term, we remain optimistic about the demand profile for spodumene concentrate and other lithium chemicals. With high quality lithium resources, Sayona is well positioned as a reliable, strategic supplier of lithium products to serve the North American EV and battery market as the energy transition accelerates,” Brown added.
Sayona announced on March 15 that it had made the first saleable spodumene concentrate at the NAL project. The plant produced 1,200 tonnes of SC6 (6% lithium in concentrate).
More information about this Quebec lithium producer is posted on www.Sayona.ca.
October 31, 2024
October 31, 2024
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