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Sigma Lithium (NASDAQ:SGML) +1.6% pre-market Monday after saying it received a letter of intention for a project finance credit line from the Development Bank of the Brazil to be used for the expansion of the Quintuple Zero Green Lithium Grota do Cirilo project.
The letter of intent is non-binding, as the consummation of the development bank credit line remains subject to observation of operating policies of BNDES in place during the review of Sigma Lithium’s (SGML) project finance application, review of the company’s proposed financing structure, and submission of satisfactory collateral to BNDES.
Sigma Lithium (SGML) said that “with the appropriate capital structure enabled by this development bank financing, it has a unique opportunity to solidify its global industrial competitive leadership in producing low cost and sustainable pre chemical lithium concentrate.”
The company recently announced a significant increase in its audited mineral resource to 109M metric tons of measured, indicated and inferred mineral resource at Grota do Cirilo.
