By: Inspenet, Dec 7, 2022
The Canadian company Sigma Lithium indicated that it would start operations of the Grota do Cirilo project in the state of Minas Gerais, in Brazil this month and aims to have the product ready for transport by the end of April. In this way, they aim to produce high-quality material for electric vehicle batteries next year, amid a supply shortage that has increased prices for the metal.
At the same time, the Toronto-listed group revealed plans to nearly triple its target annual output to 100,000 tonnes of lithium carbonate equivalent (LCE) by 2024.
Sigma said this would put it among the world’s top four producers, along with US-based Albemarle, Chile’s SQM and Chinese group Ganfeng Lithium.
“We see that there is a tremendous amount of demand, significantly unmet demand, for battery-grade lithium over the next three years,” co-CEO Ana Cabral-Gardner told the Financial Times.
Lithium prices have increased 10-fold to $75,000 per ton since early 2021. A tight market has caused automakers to scramble to secure supplies of a product that, along with cobalt and nickel, is vital to the production of electric vehicles.
While automakers have struck deals to buy lithium directly from raw material suppliers, Sigma has an agreement with South Korean battery maker LG Energy Solution that covers a portion of its production.
Photo: ShutterStock
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