Responding to soft market conditions, Australia-based lithium producer Sayona Mining Ltd. said it is conducting an operational review of its North American Lithium (NAL) operation in Québec, Canada. NAL’s Piedmont mine is the largest operating lithium mine in North America. It’s a joint-venture operation with Piedmont Lithium.
The company said the review will focus on opportunities to reduce NAL’s cost base, manage cash flow, and preserve the Québec operation’s financial sustainability. Sayona said it expects to complete the review by the end of Q1 2024.
“This review of our Québec operations is focusing on reducing our cost base, enhancing productivity and improving Sayona’s ability to continue to produce lithium throughout the market cycle,” said James Brown, Sayona’s Interim CEO.
Guy Belleau, CEO of the company’s Québec subsidiary, Sayona Inc., has stepped down. Sayona’s COO for Québec, Sylvain Collard, will assume direct management of Sayona’s Québec operations, He joined Sayona in 2022 and has overseen NAL’s restart and ramp-up process. He is also responsible for the Moblan exploration and development project. An additional 14 employees have been laid off at the Québec operations.
