- Sigma Lithium (SGMA) has announced PEA results from its Grota do Cirilo Project in Brazil
- Phase 2 production highlights include an increase in production from 220,000 tpa for 2022 to 440,000 tpa by 2023
- The second phase also has the potential to more than double the total NPV of the project to US$844 million
- The PEA projects capital expenditures of $44.5 million include plant and mining construction, incremental expenditures of $28.9 million and $9.6 million in mining stripping
- These PEA results indicate the cost benefit of vertically integrating the second production line and using feedstock spodumene ore from the Project’s second deposit Barreiro
- Shares of Sigma Lithium were up 6.96 per cent to C$5.99 as of 12:11 p.m. EDT
Sigma Lithium (SGMA) has announced exceptional Preliminary Economic Assessment results of its Grota de Cirilo project in Brazil.
According to the assessment, the second phase expansion of the Brazilian project could see the net present value (NPV) more than double to US$844 million.
The company also said the study indicates production could increase from 220,000 tons per annum (tpa) in the first phase, planned for 2022, to 440,000 tpa in the second phase the following year.
“We continue to progress updating the current Feasibility Study Report with the prefeasibility for the Phase 2, which would be fully integrated into the production complex for the Phase 1, currently in preconstruction,” Calvyn Gardner, Sigma CEO, said in a press release. “The previous work undertaken when completing our 2019 Feasibility Study Report, as well as detailed engineering phase of pre-construction for Phase 1, means that substantial plant engineering design, as well as mining cost databases, are available to support the technical studies required for this update, expediting and de-risking its execution.”
In terms of capital expenditures for the PEA projects, the $44.5 million include plant and mining construction, incremental expenditures of $28.9 million and $9.6 million in mining stripping
Moving forward, Sigma is already advancing the second phase to a “construction-ready” status by the end of this year or early next. A preliminary feasibility study is also anticipated to be completed by June of this year.
Shares of Sigma Lithium were up 6.96 per cent to C$5.99 as of 12:11 p.m. EDT.
