Helping you make informed decisions on investing, money, equities and personal finance. Seasoned investors or newbie traders, our financial education corner has something for all.
Catch the latest updates from Australia's premier stock exchange & market indices.
Sayona Mining shares are trading in red today, here’s why
Sayona Mining Limited (ASX:SYA) is Australia's emerging lithium producing company. It has projects in the countries like Canada and Western Australia.
On Monday (19 September), shares of Sayona Mining were found trading under the red territory despite no negative news announcement. At 12.08 PM AEST, the mining company's shares were trading at AU$0.28 per share, down 2.59% on ASX.
With this, Sayona Mining's share price underperforms the overall materials index. At 12.12 PM AEST, the ASX 200 Materials index was 1.07% up at 15,592.30 points today.
Meanwhile, the ASX 200 index was also up by 0.013% at 6,740.00 points at 12.13 PM AEST.
There is no new information shared by the company today. Last Friday (16 September), Sayona shared an update on its North American Lithium (NAL) project in Québec, Canada.
With building, purchasing, hiring, and other activities moving forward, Sayona had stated in an ASX statement that the company is on track for the anticipated Q1 2023 restart of spodumene (lithium) production at its NAL project.
Image Source: © Mileatanasov | Megapixl.com
The NAL project team worked on the restart throughout Quebec's summer months of July and August, the permission process is 95% complete, and the procurement process is 94% complete, with the majority of the important procurement items now on-site.
The installation of the HP300 and HP400 Cone Crushers, as well as other projects like the installation of the Wet High-Intensity Magnetic Separator (WHIMS), increased during this time, as did construction activity, the company in its ASX filing.
Meanwhile, S&P Dow Jones Indices revealed that Sayona would enter the S&P/ASX200 index before the start of trade on Monday, 19 September 2022, marking a new milestone for the company.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 16 September 2022
Sayona further informed that due to changes in the project's scope, the entire budget has also been reduced, going from CA$97.75 million to CA$95.5 million, with commitments made so far totalling CA$41.6 million instead of the anticipated CA$45.4 million.
The project team's close relationships with vendors and ongoing communication have led to creative approaches for maintaining the anticipated timetable, with backup plans in place to prevent delays in equipment deliveries.
NAL presently employs around 70 people on-site, and Sayona Québec recently strengthened its management team with the hiring of vice president of health and safety Bernard Toupin, finance director Fady Abu Nasr, and director of exploration Dominic Fleming.
The board of Sayona and Piedmont Lithium (ASX:PLL) formally approved the resumption of the NAL operation in June.
As part of its commitment to begin downstream processing in the Canadian province, Sayona is currently evaluating lithium carbonate or hydroxide production plans.
A financial journalist with Kalkine Media Pty Ltd, Bhawna has an experience of more than seven years in writing and reporting in the financial industry. She previously worked with VCCircle and Dealstreetsia and covered the areas like PE, VC, IPOs, M&...
Tanweer has over 15 years of experience across leading media organisations, including Zee Group, MSN and KVH Media. His key interests include politics and business. A sports addict, Tanweer loves to play and watch cricket in his free time. At Kalkine...
Copyright © 2022 Kalkine Media Pty Ltd. All Rights Reserved.
*David Jones eGift Card Terms and Conditions Apply. Kalkine Media and its related affiliates/entities hereby disclaim any and all kinds of express/implied liabilities as regards your usage of the David Jones eGift Card.
By submitting your details and clicking on "Sign Up Now" button below, you agree to Kalkine Media’s Terms of Use and agree to receive marketing offers, including to be contacted by e-mail or phone, as set out in our Privacy Policy. Any calls will be made by Kalkine Solutions Private Limited on our behalf or on behalf of Kalkine Pty Ltd.
Our records show that you are already a subscribed user of either Kalkine Media or Kalkine Pty Ltd. Please note that this offer is valid for new users only.
Continue exploring Kalkine Media for latest news and insights.
You are Just a Step Away from your David Jones Free eGift Card.
Verify Now with the OTP sent on your email and mobile number.
Password must contain at least 6 characters, including UPPER/lowercase and numbers.
Your AU$25 David Jones FREE eGift Card is Ready.
The Card will be sent on your registered email id. Enjoy and Keep Exploring Kalkine Media for all the Upcoming Offers & Insights.