Piedmont Lithium to sell remaining stake in Sayona Mining for $39 mln

Elevra Lithium

21/02/2024 13:19

Feb 21 (Reuters) - U.S. miner Piedmont Lithium  PLL.O 
said on Wednesday it would sell its remaining shares in
Australian miner Sayona Mining  SYA.AX  for about A$59.9 million
($39.28 million). 
    Weakness in lithium prices due to global supply outweighing
demand led to Piedmont cutting 27% of its workforce earlier this
month as part of a broader cost cutting plan. Larger rival
Albemarle  ALB.N  had also cut jobs and halted expansion plans
last month.
    The sale would not affect Piedmont's joint venture or
offtake agreement with Sayona's business unit, Sayona Quebec.
Both companies jointly own the North American Lithium (NAL)
operation, with Sayona being the majority shareholder.
    Sayona had said in August NAL intends to sell at least 56,00
tonnes of spodumene concentrate in the first half of 2024 as
part of the offtake agreement. Spodumene concentrate is a type
of lithium mineral ore.
    Piedmont did not provide details of the buyer of its stake
in Sayona. 

($1 = 1.5249 Australian dollars)
    
    

 (Reporting by Kabir Dweit; Editing by Krishna Chandra Eluri)
 ((Kabir.Dweit@thomsonreuters.com;))