Sigma Lithium, listed as SGML.V, has recently finalized a crucial investment decision to introduce a second production line at its Greentech Industrial Plant located in Brazil. This strategic move aims to nearly double the company’s lithium output and has resulted in a 6% surge in its shares during morning trading. Headquartered in Vancouver, Canada, Sigma Lithium specializes in lithium mining and processing operations in Brazil.
The company has set ambitious targets to elevate its production capacity to 520,000 tonnes annually by 2025, a significant increase from the current output of 270,000 tonnes. The projected capital expenditure for the second phase of expansion is estimated at $100 million. Sigma Lithium anticipates the commissioning of the new plant by the end of 2024, with initial production slated to commence in the first quarter of 2025.
Amid recent management changes, the company is actively pursuing partnerships with automakers and prominent entities within the battery industry. In late January, Sigma Lithium secured an environmental license from the state government, enabling the installation and operation of the new plant.