Submits Bid for North American Lithium
Brisbane, Feb 24, 2020 AEST (ABN Newswire) - Emerging lithium miner Sayona Mining Limited (
ASX:SYA) (DML:FRA) (DMNXF:OTCMKTS) announced today the Company has submitted a bid for North American Lithium (NAL) in Quebec, Canada with the Court-Appointed Monitor, Raymond Chabot Inc. The bid was lodged before the stated deadline of no later than 2pm (Montreal time), 21 February 2020 (5am Saturday, 22 February 2020, Queensland time).
Sayona has assembled a world-class team to support its bid for NAL, with Sayona's team encompassing the necessary operational and technical expertise together with environmental, engineering and financial know-how to ensure a successful turnaround (refer ASX release 7 November 2019).
Importantly, Sayona's bid has the unique advantage of being able to combine lithium produced from the Company's nearby Authier Lithium Project with the lithium at the NAL site, facilitating a significant improvement in plant performance and economics.
Sayona's Managing Director, Brett Lynch, said the Company was confident of achieving a successful turnaround at NAL and generating value for all stakeholders.
"Today's submission is an important step not only for Sayona and NAL, but also for the Quebec Government's plans to develop a sustainable and profitable lithium industry," Mr Lynch said.
"We are confident we have the right team with the necessary experience and financial capacity to transform NAL. We look forward to engaging with the administrator and other key parties to successfully conclude the bidding process."
About Elevra Lithium Limited
Elevra Lithium Limited is a North American lithium producer (ASX:ELV) (NASDAQ:ELVR) OTCMKTS:SYAXF) with projects in Quebec, Canada, United States, Ghana and Western Australia. In Quebec, Elevra's assets comprise North American Lithium (100%) and a 60% stake in the Moblan Lithium Project in Northern Quebec. In the United States, Elevra has the Carolina Lithium project (100%) and in Ghana the Ewoyaa Lithium project (22.5%) in joint venture with Atlantic Lithium. In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium.
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