Lithium producer Sayona Mining has announced an operational review of its North American Lithium (NAL) operation in Quebec, Canada, to optimise its cost structure in response to “rapidly changing” conditions in the global lithium market.
The review is focusing on opportunities to reduce NAL’s cost base, manage cash flow and preserve the Quebec operation’s financial sustainability in a challenging market environment.
The review will be completed by the end of March, Sayona said in a statement on Thursday.
As part of the operational review, Guy Belleau, CEO of Sayona’s Québec subsidiary, Sayona Inc, has departed his role effective January 24. Belleau joined Sayona in late 2022 and took up the CEO position in January 2023.
COO for Québec, Sylvain Collard, will assume direct management of Sayona’s Quebec operations, reporting to interim CEO James Brown in Australia.
In addition to the management changes, Sayona has made another 14 staff redundant at its Quebec operations.
“While regrettable, these personnel changes are well targeted to ensure that Sayona has the right mix of experience and expertise to deliver key outcomes for shareholders. We are confident we now have the right team in place in Québec to maintain and enhance production, while enabling enhanced productivity to ensure our continued growth as a leading force in North America’s electrification,” said Brown.
NAL is the only operating hard rock lithium mine in North America.