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Sigma Lithium arranges loan from Banco do Brasil

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Sigma Lithium arranges loan from Banco do Brasil

Sigma Lithium arranged a loan facility of US$22.4mn with state-run Banco do Brasil.

The firm, which has the Grota do Cirilo operation in Brazil’s Minas Gerais state, said the loan will be in the form of export financing. 

"We have reached a significant milestone in our journey as a producer, achieving the maturity to access trade financing instruments available to Brazil's largest exporters. We are honored to be working with Banco do Brasil, the country's largest bank, which has extended through its balance sheet in Asia highly competitive interest rates to Sigma Lithium," Ana Cabral, co-chair and CEO of Sigma Lithium, said in a statement.

"Banco do Brasil has a history of more than a century in fostering the development of industrial exporters in the country. With this inaugural transaction with Sigma Lithium, one of the world's largest producers of industrial lithium materials, Banco do Brasil strengthens its leading position in developing the Brazilian green industrialization of future facing battery materials." 

Sigma started commercial production at Grota do Cirilo in the second quarter of 2023. In phase 1, annual capacity is 270,000t of concentrate or 36,700t LCE.

Meanwhile, the company made a final investment decision to nearly double capacity to 520,000t of concentrate through a phase 2 expansion of the plant.

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