On 15 November, Sigma Lithium released its Q3 2024 results, reporting higher-than-expected production while progressing on its Phase 2 expansion project.
The company produced 60,237 tonnes of spodumene concentrate in Q3, exceeding its guidance of 60,000 tonnes. Sales volumes rose 9% quarter-on-quarter to 57,483 tonnes. The company said its cash unit operating costs remained among the industry’s lowest at US$513 per tonne CIF China.
The CEO Ana Cabral said the "trader-distributor" strategy allowed Sigma to secure sales above benchmark prices, reaching US$820-$920 per tonne during seasonal lows. Sigma also optimized its trade finance lines, reducing interest costs to 9.0% in Q3 from 15.5% in late 2023, and expanded access to over US$100 million in export credit lines.
Construction of the Phase 2 Greentech Plant, which will add 250,000 tonnes of annual production capacity, advanced during the quarter, supported by a US$90 million loan agreement with Brazil’s development bank, BNDES. The plant is expected to be operational within 12 months.