Sigma lithium minerwhich is located in the Jequitinhonha Valley, announced this week that it will triple its production of lithium for electric batteries in 2024.producing approximately 768,000 tons, as the mining company has already secured the US$155 million needed to finance the expansion.
Sigma Lithium, which operates in the Jequitinhaunha Valley and is also listed on the Toronto Stock Exchange and Nasdaq, may bring its first commercial product to market in April next year and estimates it will produce 270,000 tons in 2023.
With this novelty from the miner, Sigma could become one of the four largest producers of lithium batteries in the world as early as 2025, estimates Canadian brokerage Canaccord Genuity, which specializes in mining.
The mining company will be behind only three other companies: US company Albemarle, Chilean SQM and China’s Ganfeng Lithium. With mass production, the company’s analysts increased the price target for the miner’s paper From 45 USD to 65 USD I also gave up the recommendation to buy.
According to Ana Cabral-Gardner, CEO of Sigma: “We will be able to scale our production without compromising our stringent sustainability standards: without using polluting chemicals in the filtration process, dry stacking and recycling the water we collect and treat from the Jequitinonha River.”
Faced with a market that was already hot, Ukraine’s post-war energy crisis became a temporary license to reverse environmental standards in mining the inputs needed for the energy transition, she says.
Currently, Sigma is preparing to become a zero-waste mine, due to the high demand for battery ores. Cabral announces that the company has received proposals to sell for $1,200 to $1,400 a ton of its waste, which contains lithium residue, as well as quartz and feldspar.
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