Sigma Lithium expects to complete strategic review by year-end

Sigma Lithium

01/11/2023 14:20

Nov 1 (Reuters) - Brazilian miner Sigma Lithium  SGML.V 
said on Wednesday its strategic review process has advanced to
the final stage and will likely be completed by the end of the
year.
    Sigma announced in September it was evaluating strategic
alternatives for the whole company, including its Brazilian
unit.
    Lithium miners have seen their stocks tumbling this year as
weak electric-vehicle (EV) sales growth led to high inventory
levels and pressured prices of the metal, a key ingredient in
making EV batteries.
    Canada-listed shares of Sigma have fallen 8.2% so far this
year.
    Sigma said its review process is advancing to the final
round, with consortiums formed among certain strategic parties.
    The company earlier said it had received multiple proposals
for its Grota do Cirilo project in Brazil, Sigma Brazil and
parent company Sigma Lithium.
    The miner was working with Bank of America  BAC.N  to
coordinate talks with parties interested in acquiring it, CEO
Cabral-Gardner said in July in an interview to Reuters.    
    
    

 (Reporting by Tanay Dhumal in Bengaluru; Editing by Devika
Syamnath)
 ((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal;))