Sayona-Piedmont merger forms Elevra Lithium with equal board representation
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FILE PHOTO: Piedmont Lithium's headquarters is seen in Belmont, Gaston County, North Carolina, U.S., July 16, 2021. Picture taken July 16, 2021. REUTERS/Ernest Scheyder/File Photo
(Reuters) - The combined company following Australia-based Sayona Mining's deal to buy Piedmont will be known as Elevra Lithium and its board will have four nominees from each of the two firms, the miners said on Thursday.
Lithium companies have been reeling from low prices as rapid supply growth has outpaced strong demand projections amid a slower-than-expected uptake of electric vehicles.
In November, Sayona said the all-stock deal for U.S.-based Piedmont will help to consolidate its Canadian operations and strengthen its exposure to the North American electric vehicle sector.
Analysts expect prices of the metal to remain under pressure in 2025 as well owing to an unwaveringly resilient lithium supply.
The merger is expected to be completed in mid-2025, the companies said.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Shounak Dasgupta)
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