- Memorandum of Understanding signed with Huan Changuan Lico Co Ltd, a subsidiary of Fortune 500 company, Minmetals Group
- Strategic alliance to explore marketing, technical, and financial development options for the Authier lithium project
- Alliance to focus on fast-tracking towards production and exploring for value-adding opportunities for the Authier spodumene concentrate production
Changyuan, a subsidiary of the Fortune 500 Company, China Minmetals Group, is a battery research, development, and production company. In 2016, the company produced more than 16,000 tonnes of battery cathode materials and is expanding its production capacity to 36,000 tonnes in 2018. The main products produced include, lithium cobalt oxide and lithium manganese oxide batteries, and ternary composite lithium-ion cathode materials.
The MOU paves the way for advancing discussions to facilitate a development alliance exploring marketing, technical and financial opportunities for the Authier project, including:
- Changyuan purchasing up to 100,000 tonnes of spodumene concentrate per annum;
- Development partnerships for the value-adding of the concentrates into lithium carbonate and/or lithium hydroxide in either China or Canada; and
- Funding and investment opportunities for Sayona and the Authier project.
Corey Nolan, Chief Executive Officer, commented, "The Company has been exploring a number of options on how it best realises value from the Authier project. The alliance with Changyuan represents a timely, exciting path forward as the Company moves towards completing its Definitive Feasibility and meeting its objective of producing first concentrates in 2019/2020, and capitalising on the projected high price environment for spodumene concentrates".
About Sayona Mining Ltd
Sayona Mining Limited (ASX:SYA) (OTCMKTS:DMNXF) is a company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors. Please visit us as at www.sayonamining.com.au
Sayona Mining Ltd