Web proceeds of the providing will likely be utilized by Sigma for the development and improvement of its wholly owned Grota do Cirilo property in Brazil, host to the most important exhausting rock lithium spodumene deposits within the Americas.
Since 2018, the corporate has been producing environmentally sustainable battery-grade lithium focus at Grota do Cirilo on a pilot scale. A larger-scale commercial operation is within the works, with first manufacturing anticipated in This autumn 2022.
Section 1 of the manufacturing plant has been designed to supply as much as 220,000 tonnes of high-purity battery-grade lithium focus per 12 months, equal to about 33,000 tonnes of lithium carbonate equal (LCE).
The corporate is at the moment conducting a preliminary feasibility research (PFS) for a potential second manufacturing part on the Grota do Cirilo venture.
A preliminary financial evaluation (PEA) for the second deposit, released in June, doubles production capacity of battery-grade lithium focus to round 440,000 tonnes per 12 months (66,000 tonnes LCE).
Such capability, which could possibly be reached earlier than the top of 2023, would make Grota do Cirilo fall simply outdoors the world’s prime 5 lithium producers by way of output capability after Albemarle, SQM, Ganfeng, Pilbara Minerals and Galaxy.
Shares of Sigma Lithium rose 4.8% by 12:15 p.m. ET. The lithium developer has a market capitalization of C$1.14 billion.