Sigma Lithium expands production capacity, targets doubling output by 2025

Sigma Lithium (NASDAQ: SGML; TSXV: SGML) announced on Monday that it will add a second production line at its Greentech Industrial Plant in Brazil, aiming to nearly double lithium output.The lithium miner plans to increase production at its Grota do Cirilo project in Minas Gerais state to 520,000 tonnes per year by 2025 from the current output of 270,000 tonnes.The company said the capital expenditure for phase 2 is expected to be $100 million. It expects to commission the plant by year-end 2024, with first production expected in the first quarter of 2025.Sigma obtained an environmental license from the state government at the end of January to install and operate the new plant. In February, Sigma received a letter of intention from the Development Bank of Brazil (BNDES) for additional funding for its Grota do Cirilo project.The company is currently the world’s 6th largest global integrated producer of lithium concentrate.Sigma Lithium produced over 105,000 tons of lithium concentrate in its first calendar year of operations. In the first quarter of 2024 to March 30, it produced 52,800 tonnes.Sigma Lithium reported unaudited full-year 2023 revenue of $135.1 million. The miner ended the fourth quarter with $48.5 million in cash and cash equivalents. This represents a build from the $28 million in cash at the quarter ended September 30, 2023.“Customer demand has been beyond the quantities produced by Phase 1, as indicated by the premiumization of our lithium. The high quality of our lithium products offers great commercial advantages due to their high purity, low levels of iron and alkalines, and coarse particle size,” said Sigma CEO Ana Cabral.Sigma shares were up 7.6% to $13.94 apiece at mid-day in New York on Monday, capitalizing the company at $1.4 billionWeiter zum vollständigen Artikel bei Mining.com Zum vollständigen Artikel