US-based lithium company Piedmont Lithium has completed its investment in Sayona Quebec, having subscribed for $5-million worth of shares to acquire a 25% interest in Sayona Mining’s Canadian subsidiary.
ASX-listed Sayona Mining said on Tuesday that the funding would be used to advance growth plans in Quebec, including its flagship Authier lithium, emerging Tansim project and the creation of a lithium hub in the Abitibi region.
Sayona and Piedmond have put in a joint bid for North American Lithium.
“This partnership is advancing the development plans of both companies, as we work to develop an Abitibi lithium hub in Quebec, supplying the fast-growing North American battery market.”
Canada is expected to benefit from the growing battery market, with the White House having announced that the US will work with allies to secure the minerals needed for EV batteries.