Lithium companies Sayona Mining and Piedmont Lithium are set to merge in consolidation deal that makes complete corporate and operational sense and arguably further reflects the ultra-tough market conditions in the sector over the past year or so.The terms of the merger are yet to be revealed, with both companies going into a trading halt this morning in respect of a proposed transaction and capital raising.
As well as offtake from NAL, Piedmont has agreements for spodumene production from Atlantic Lithium, the developer of the Ewoyaa lithium project in Ghana that is understood to be in the final stages of permitting.Shares in Atlantic Lithium were little changed in ASX trade following the news.Piedmont had circa A$100 million cash at the end of the Sept quarter, as did Sayona.Piedmont was capitalised this week at about $360 million and Sayona $390 million.
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