Piedmont and Sayona Complete Acquisition of North American Lithium
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Piedmont Lithium said Sayona Québec has completed its acquisition of North American Lithium Inc. (NAL) pursuant to the share purchase agreement. Sayona Quebec is 25 percent owned by Piedmont Lithium and 75 percent owned by Sayona Mining. Piedmont Lithium is Sayona Mining’s largest shareholder at 18.8 percent.
Piedmont and Sayona are now advancing technical studies for the future restart of NAL’s spodumene concentrate operations, with a scoping study expected in H2 2021. Additionally, studies have commenced for the manufacturing of lithium chemicals in the Province of Québec, which could position the province to become an important lithium hydroxide production center given its abundant mineral resources, low-cost, sustainable hydro-electric power, proximity to major U.S. and European electric vehicle markets, and pro-electrification stance of provincial leaders.
“We are very pleased to have partnered with Sayona in the consolidation of the spodumene resources in the Abitibi region of Québec, with Sayona Québec now comprising a large Canadian lithium resource base. Importantly, North American Lithium is a past-producing business with $400 million of investment over the past decade. NAL’s concentrate operations are amenable to a relatively rapid restart and we will work with Sayona to develop suitable plans in that regard,” said Keith Phillips, president and chief executive officer.
“We are also evaluating a variety of options for production of lithium hydroxide in Québec and will update the market further as our plans crystallize. Piedmont intends to become North America’s leading lithium hydroxide producer and our Québec investments are an ideal complement to our flagship Carolina Lithium Project in Gaston County, North Carolina,” added Phillips.
About Piedmont Lithium
Piedmont Lithium is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. The centerpiece of its operations, Carolina Lithium, is located in the renowned Carolina Tin Spodumene Belt of North Carolina. Combining its U.S. assets with equally strategic and in-demand mineral resources, and production assets in Quebec and Ghana, positions then to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. They will also be the most strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow them to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Their diversified operations will enable them to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage.
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