Sigma Lithium on Monday made a final investment decision to add a second production line at its Greentech Industrial Plant in Brazil, aiming to nearly double lithium output, sending its shares up 6% in morning trade.
Vancouver, Canada-based Sigma, which mines and processes lithium in Brazil, plans to increase production to 520,000 tonnes per year by 2025 from the current output of 270,000 tonnes. The company said the capital expenditure for phase 2 is expected to be USD 100 million. It expects to commission the plant by year-end 2024, with first production expected in the first quarter of 2025.
The company, which recently underwent management changes and is pursuing contracts with automakers and major players in the battery industry, obtained an environmental license from the state government at the end of January to install and operate the new plant.
