What happened to the Sayona Mining share price?
At the time of writing, shares of Sayona Mining Ltd [ASX:SYA] are up by 29.17%, to 3.1 cents, in today’s trading. Sayona Mining is focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors.
Why did Sayona Mining share price do this?
The company announced that it completed all of the major environmental studies for the Authier lithium project in Quebec, Canada. The Authier project is expected to produce 1,900 tons of ore per day, which is significantly smaller than other operations in the district.
What now for Sayona Mining?
Since the Company’s acquired the Authier project in late 2016, its completed the following environmental studies:
- Vegetation inventory, including wetlands and species with special status;
- Inventory of fish and fish habitats;
- Inventories of wildlife species with special status;
- Assessment of surface and ground water quality; and
- Hydrogeological and hydrological baseline conditions.
The studies were undertaken by reputable independent consultants, including SNC Lavalin, Lamont Inc, Hydrogeology Richelieu and Groupe DDM. The studies haven’t identified any potential environmental issues at the project, or any major impact on the local communities.
The Company’s strategy is to develop Authier and sell lithium concentrates, whilst it completes the test work, permitting and feasibility study for producing lithium carbonate and/or hydroxide. The strategy is analogous to other lithium developers in Quebec including Nemaska Lithium and North American Lithium.
The business plan sounds positive for shareholders. The focus is now on securing a small-scale mining license. If the company can achieve its goals over the coming months, shareholders could be significantly rewarded.
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