Sayona submits bid for North American Lithium
Australia-based lithium developer Sayona Mining has submitted a bid for Quebec-based North American Lithium (NAL), which went into creditor protection in May last year.
Queensland-headquartered Sayona submitted a bid to the court-appointed monitor, Raymond Chabot, before the 21 February deadline, it said. It is not known how many other bids were submitted.
NAL halted production in February 2019 and has been administered by the Quebec Superior Court since May last year. NAL produced 114,000t of lithium concentrate in 2018, well short of nameplate capacity of 180,000t. Potential is also seen for the production of battery-grade lithium hydroxide at the plant if the necessary investment is made.
Sayona, which is developing the hard rock Authier lithium project in Quebec, sees synergies between its project and NAL's lithium mine and concentrate operation at Abitibi near the Val d'Or mining district in Quebec.
A recently revised definitive feasibility study indicates that Authier can produce 114,116 t/yr of lithium concentrate at an average grade of 6pc lithium oxide over a period of 14 years.
Sayona has assembled a team comprising operational, technical, environmental, engineering and financial expertise to combine lithium production at its Authier with NAL's output to improve plant performance and economics. The plan is for two mines to feed one concentrator.
Related news posts
US services contract in June, signal broad weakening
US services contract in June, signal broad weakening
Houston, 3 July (Argus) — Economic activity in the US services sector contracted in June by the most since 2020 while a report earlier this week showed contraction in manufacturing, signaling a broad-based slowdown in the economy as the second quarter came to an end. The Institute for Supply Management's (ISM) services purchasing managers index (PMI) registered 48.8 in June, down from 53.8 in May. Readings above 50 signal expansion, while those below 50 signal contraction for the services economy. The June services PMI "indicates the overall economy is contracting for the first time in 17 months," ISM said. "The decrease in the composite index in June is a result of notably lower business activity, a contraction in new orders for the second time since May 2020 and continued contraction in employment." The business activity/production index fell to 49.6 from 61.2. New orders fell by 6.8 points to 47.3. Employment fell by 1 point to 46.1. Monthly PMI reports can be volatile, but a services PMI above 49 over time generally indicates an expansion of the overall economy. "Survey respondents report that in general, business is flat or lower, and although inflation is easing, some commodities have significantly higher costs," ISM said. The prices index fell by 1.8 points to 56.3, showing slowing but robust price gains. ISM's manufacturing PMI fell to 48.5 in June from 48.7 in May, ISM reported on 1 July. It was the third consecutive month of contraction and marked a 19th month of contraction in the past 20 months. Wednesday's weaker than expected ISM report, together with a Wednesday report showing initial jobless claims last week rose to their highest in two years, slightly increase the odds that the Federal Reserve may lower its target rate later this year after maintaining it at 23-year highs since last year in an effort to stem inflation. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Mexico economy showing 'timid growth': IMEF
Mexico economy showing 'timid growth': IMEF
Mexico City, 3 July (Argus) — Indicators of Mexico's non-manufacturing and manufacturing sectors suggested the economy recovered "some dynamism" in June, while maintaining the slow pace of growth of the second quarter, according to domestic financial association IMEF. "The trend suggested by the IMEF indicators suggest a moderate growth for the second quarter of the year," IMEF said. "The economy finds itself in an evident pause compared with the solid dynamism observed during 2022 and a large part of 2023." Manufacturing "stagnated" in the second quarter, it said. "It is very probable that economic activity will undergo additional slowdown in the second half of the year that will extend into 2025." IMEF's June manufacturing purchasing managers index (PMI) increased by 0.4 points to 49.5 points, still beneath the 50-point breakeven that shows contraction. This has been the third consecutive month of contraction. PMI adjusted to compensate for variations in company size was more positive, growing by 0.8 points to 51.2 in June, the group said. Manufacturing accounts for about a fifth of the Mexican economy. The non-manufacturing PMI, which covers the lion's share of the economy, rose by 0.6 points to 51 in June, marking a 29th month of expansion, IMEF said. Adjusted for company size, the headline services PMI rose by 0.9 to 5.18. Economic activity in Mexico continues to surprise downwards. After growth came in at an annual 1.6pc in the first quarter from a year earlier, the first data for April showed a monthly contraction of 0.6pc, IMEF said. Headwinds and tailwinds IMEF representatives highlighted growing market uncertainty following the Mexican election and ahead of the US presidential election in November. On the upside, said IMEF, Mexico should benefit from continued strength in the US economy, adding the incoming administration looks to bring down the current fiscal deficit, which is equal to 5.9pc of GDP. For which, it will not reach the government's 3pc target for the budget coming out in November, but progress is expected with next year's budget and moving forward. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Anglo assures customers of 3Q met coal shipments
Anglo assures customers of 3Q met coal shipments
Shanghai, 3 July (Argus) — UK-South African mining firm Anglo American has today informed several steel mills and trading firms that it expects to meet its contracted obligations for the third quarter, Argus has learned. This follows the closure of Anglo American's 5mn t/yr Grosvenor coking coal mine in the Bowen basin region of Australia's Queensland, following an accident in late June. Anglo American is "evaluating the impact of this incident and is expecting to perform on its third-quarter obligations as planned at this moment, subject to change depending on further assessment", an Asian steel mill source said. Others said the same, with an Indian buyer stating that the company is "not expecting any material impact to supply in the short term, since the miner is expected to meet third-quarter commitments". Some sources cautioned that cargo delays are still anticipated, with one trading source expecting delays of more than 20 days. Production at Grosvenor had been strong for the past couple of months, after a challenging 2023 . The producer increased spot offers on the market in the past two months, with at least three July-loading Panamax cargoes sold and at least two Panamax cargoes being offered for August loading, before the 29 June accident. The paper market also cooled down today after sharp increases earlier this week, market participants said. Fob Australia premium futures contracts were trading at around $253-254/t and $257-258/t for July and August, respectively, on 3 July, falling by around $8-10/t from 2 July. Supply availability for the fourth quarter remains uncertain, with some market participants expecting the market to tighten in anticipation of stronger demand. "There is some demand surfacing from India this week for August and September-loading cargoes, so prices may see some support once September cargoes are being discussed, because other mines are also going to be in maintenance during that time," an international trader said. The Argus premium low-volatile hard coking coal price was assessed at $257.50/t fob Australia on 3 July, down by $2.10/t from 2 July. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Japan’s domestic car output rebounds on year in May
Japan’s domestic car output rebounds on year in May
Tokyo, 3 July (Argus) — Japan's domestic automobile production in May increased on the year for the first time in four months, mostly because of output recovery at manufacturer Daihatsu. Total passenger vehicle output rose to 612,364 units, up by 4.8pc from a year earlier. Production increased, largely because Daihatsu restarted domestic operations in early May. The manufacturer suspended operations in December 2023, when it was accused of tampering with safety test results. Daihatsu's production still fell on the year by 17pc in May, but the year-on-year declines have slowed from 92pc in February, 66pc in March, and 69pc in April. The country's car output could continue to recover. Toyota resumed production of the Prius model on 17 June, after it suspended operations following a recall for a safety check in April, according to a company representative who spoke to Argus . The country's authority in early June ordered Toyota and Mazda to halt some of their car deliveries , following alleged false reporting of safety test results. These disruptions could cut production, but the manufacturers are managing to keep overall output by increasing production of models that are not subject to the order, according to the country's ministry of trade and industry on 2 July. By Yusuke Maekawa Japan's car production (units)* May '24 Apr '24 May '23 y-o-y ± % Toyota 255,314 251,485 248,287 2.8 Daihatsu 38,564 21,317 46,642 -17.3 Mazda 55,523 63,136 51,040 8.8 Subaru 46,400 41,852 49,790 -6.8 Honda 51,125 57,196 44,510 14.9 Suzuki 83,157 86,668 65,332 27.3 Mitsubishi 37,422 34,095 31,538 18.7 Nissan 44,859 48,273 47,197 -5.0 Total 612,364 604,022 584,336 4.8 Source: Japanese car makers * Excludes commercial vehicles Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more