Page 177 - CW E-Magazine (16-4-2024)

News from Abroad

INVESTMENT PLAN
Sigma Lithium aims to double production at Brazilian

site by 2025

Canada-headquartered Sigma Lithium
has announced that it will add a
second production line at its Greentech
industrial plant in Brazil, aiming to
nearly double its lithium output. The
new plant will increase the lithium pro-
duction at its Grota do Cirilo project in
Minas Gerais state to 520-ktpa by 2025
from the current output of 270-ktpa ,
the company said.

Sigma Lithium announced the final
investment decision (FID) to allocate
$100-mn in capital expenditure (capex)
for the phase 2 of its Greentech indus-
trial plant. It expects to commission the
plant by year-end, with first production the new plant. In February, it received dar year of operations. For first quarter
expected in the first quarter of 2025. a letter of intention from the Develop- 2024 alone, it produced 52.8-kt.
ment Bank of Brazil (BNDES) for
The expansion, approved by Sigma’s additional funding for its Grota do Cirilo “Customer demand has been beyond
board, will enable the company to project. the quantities produced by Phase 1, as
produce enough lithium concentrate to indicated by the premiumization of our
power an estimated 1.8-mn electric ve- The company is currently the lithium. The high quality of our lithium
hicles (EVs). world’s sixth-largest global integrated products offers great commercial advan-
producer of lithium concentrate. tages due to their high purity, low levels
Sigma obtained an environmental of iron and alkalines, and coarse parti-
licence from the State Government at Sigma’s mine produced over 105-kt cle size,” the company’s CEO Ms. Ana
the end of January to install and operate of lithium concentrate in its first calen- Cabral said in a press release.

UNFAVOURABLE CONDITIONS
Syngenta withdraws mega China IPO bid

Swiss agrichemicals and seeds being proposed in 2021 due to un- process either in China or on a
group Syngenta withdrew its bid for favourable market conditions. different exchange, when conditions
a multi-billion dollar listing on the are right, as well as explore alterna-
Shanghai Stock Exchange during a “After careful consideration of tive sources of funding.
recent period of weakness in the Chinese industry environment and the com-
equity market. pany’s own development strategy, The sudden chill in China’s IPO
Syngenta Group has decided to with- market, which was the world’s biggest
The initial public offering (IPO), draw its application for IPO on the in 2022 and 2023, comes after the secu-
which would have valued the Chinese- main board of the Shanghai Stock rities watchdog vowed to step up scrutiny
owned firm at as much as $60-bn, Exchange,” the company said. Syngenta of listing candidates and crack down on
has been postponed repeatedly since said it will look to restart the listing any lapses.

Chemical Weekly April 16, 2024 177

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