Tesla mulling takeover of Sigma Lithium - Bloomberg
Brazilian-focused Sigma Lithium (NASDAQ:SGML) is a possible target for Tesla, reported Bloomberg in a report published yesterday.
The discussions are confidential. Sigma Lithium is one of a number of companies being considered by Tesla.
Sigma Lithium is currently commissioning its wholly owned Grota do Cirilo Project in Brazil. Phase 1 of the project is to produce 270,000 tonnes annually (36,700 LCE annually).
If it is determined to proceed, Phase 2 & 3 of the project are expected to increase production to 766,000 tonnes annually (or 104,200 LCE annually) of battery grade sustainable lithium concentrate in a state-of-the-art Greentech lithium plant that uses 100% renewable energy, 100% recycled water and 100% dry-stacked tailings.
Sigma Lithium already has an offtake partner, LG Energy Solution.
In after-hours trading, Sigma is up 24% to $29.48 a share. The company has a market cap approaching $4 billion.
Last month GM made a $650 million investment in Lithium Americas to support the miner's Thacker Pass development.