Lithium producer Sayona Mining's CEO resigns, shares tank

Elevra Lithium

28/08/2023 23:12

Aug 29 (Reuters) - Australia's Sayona Mining  SYA.AX 
said early on Monday its CEO and managing director Brett Lynch
resigned from his position, sending the lithium producer's
shares down 27.2% at close. 
    Lynch, who cited personal reasons for his move, will depart
the company with immediate effect while the existing
non-executive director James Brown has been appointed interim
CEO, the company said. 
    Lynch played a key role in the acquisition of the North
American Lithium (NAL) operation in Québec, Canada, which
restarted operations this year.   
    NAL, jointly owned by Sayona and its U.S.-based partner
Piedmont Lithium Inc  PLL.O , sent out its maiden shipment of
about 20,500 metric tonnes of spodumene concentrate to the
international lithium market earlier this month. 
    The next shipment from NAL will be sold to Piedmont Lithium,
which will have an estimated volume of 30,000 metric tonnes, and
is expected to be shipped in August and September.
    Piedmont Lithium has agreed to buy lithium spodumene ore
from Sayona's Quebec project through 2026. The deal will help
Piedmont supply the battery metal to electric vehicle giant
Tesla Inc  TSLA.O .
    Sayona said the company will focus on NAL's production and
sales ramp-up while simultaneously adding value through
exploration and assessment of its existing portfolio, including
the northern Moblan Lithium Project. 

 (Reporting by Aishwarya Nair in Bengaluru; Editing by Shailesh
Kuber)
 ((Aishwarya.Nair@thomsonreuters.com; +91-9167838937 Twitter: https://twitter.com/Aishwaryartrs
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