In recent years, the significant fluctuations in lithium prices have subjected enterprises across the industry chain to a rollercoaster of experiences, encompassing both the "sweet and bitter" aspects of the world. Although lithium prices are no longer as high as they once were, the development prospects of the new energy industry chain remain bright under the advocacy of a global low-carbon economy, with the importance of lithium resources becoming increasingly prominent.
As one of the regions with the most abundant lithium resources globally, South America, particularly the "Lithium Triangle" region (Bolivia, Argentina, Chile), holds over 55% of the world's proven lithium resources. Therefore, South America's lithium resources play a pivotal role in the global energy transition.
Against this backdrop, SMM organized the 2025 SMM South American Lithium Resources Field Trip. Led by Chen Siyu, the project manager of SMM's overseas South American lithium resources field trip, and Zhou Zhicheng, a senior analyst in new energy and lithium batteries, the delegation visited South American lithium-related enterprises, toured local lithium mines and material companies, and held discussions with company executives from May 15 to May 26, 2025, to explore potential opportunities in lithium resource development, technological exchanges, and investment cooperation. On May 21, SMM and delegation members headed to Sigma Lithium for in-depth exchanges.
Company Introduction
Upon arriving at Sigma Lithium, the delegation was warmly received by a team including Catarina Noci, the company's Vice President of Commerce and Logistics, who provided a detailed introduction to the company's business development.
Both sides engaged in in-depth discussions on Sigma's current status in lithium resource development and supply chain management, expansion plans, infrastructure layout, financial management, technological pathways, risk control, government relations, and market strategies. Emphasis was placed on product characteristics, logistics and transportation, risk response mechanisms, and future strategic deployments, with detailed answers provided to questions raised by attendees.
Currently, the company's daily lithium concentrates capacity stands at approximately 730 mt, with a maximum capacity of up to 800 mt/day under high-grade ore stockpile conditions. The particle size of raw ore is controlled below 9.5 millimeters through the crushing process to facilitate subsequent beneficiation and transportation.
According to current pricing, the company's lithium concentrates FOB price is approximately $400/mt, with CIF costs to China around $480/mt. It is worth noting that the company's initial product selling price was $6,000/mt, reflecting the high premium levels during the early period of tight product supply. Leveraging low fixed costs and refined management, Sigma has achieved stable returns with relatively limited capital investment.
The company's Phase I capacity is approximately 22,000 mt of lithium concentrates per year, with plans to double annual capacity to 520,000 mt by 2027, and to double mine production and the number of trucks to 120 units. Currently, the company has developed two pits, each with reserves of approximately 1.4-1.5 million mt, with relatively uniform grade, a horizontal distribution of about 2.5 kilometers, and a depth of up to 80 meters. Phase II development will expand both horizontally and vertically to the west, with planned mining depths exceeding 150 meters. In terms of long-term planning, the company aims to extend production until 2037, aligning with forward-looking pricing strategies and market expectations.
The company's future plans include advancing 227 production targets, striving to achieve the medium-term goal of producing 120,000 mt of chemical-grade concentrates annually; monitoring market dynamics, keeping an eye on competitor pricing and global restocking rhythms, and adjusting strategies in a timely manner; maintaining close communication with transportation contractors to ensure smooth transportation and optimize cost structures; continuing to optimize operational systems, particularly focusing on flexible designs to address potential operational bottlenecks such as space unavailability; and maintaining good communication with the government to secure policy support and ensure long-term compliant development.
Group Photo After the Field Trip
After the visit, SMM and members of the field trip team took a group photo together with Sigma Lithium to deepen their cooperation and friendship, believing that there will be deeper exchanges and cooperation in the future!
Through this field trip and survey, SMM and members of the field trip team gained a deeper understanding of Sigma Lithium's development, as well as a more profound knowledge of the market status, development trends, and existing issues in the South American lithium battery industry. They will continue to deepen cooperation with major enterprises to achieve complementary advantages and promote the development of the lithium battery industry.
