From Investing.com: 2024-05-18 19:21:21

Sigma Lithium Corporation has reported impressive first-quarter earnings for 2024, including an 11% increase in lithium pricing to $1,290 per ton and becoming the world’s second-lowest cost lithium concentrate producer at $397 per ton. The company expanded its mineral reserves by 40%, extended operational life to 25 years, and plans to double production capacity to 520,000 tons annually.

Sigma Lithium’s strong cash position of $108 million allowed the initiation of construction on a second green plant, resulting in a 25% increase in realized prices capturing 9% of the value of lithium hydroxide on the London Metals Exchange. The company sold 52,857 tons of lithium concentrate, generating $37.2 million in revenue, and reported an adjusted EBITDA of $6 million with a 16% margin.

Looking ahead, Sigma Lithium aims to increase production to 270,000 tons by 2024 and 770,000 tons by 2026. Plans for an integrated intermediate chemicals line in 2026 and positive relationships with LG Group and South Korea were also discussed. The company emphasized the potential supply-demand tension in the lithium market and the importance of customer partnerships.



Read more at Investing.com: Sigma Lithium reports robust Q1 2024 results By Investing.com