02:43 PM EDT, 04/01/2024 (MT Newswires) -- Sigma Lithium ( SGML ) shares were up more than 8% in recent Monday trading after the company said its board has decided to raise the production capacity of its Quintuple Zero Green Lithium to 520,000 tonnes per year from 270,000 tonnes.
The board also approved the initiation of construction of a second line of its Greentech Industrial Plant to expand its capacity with capital expenditures of $100 million, the company said.
Sigma said it plans to commission the phase 2 industrial plant by the end of the year, with production expected in Q1 of 2025.
The company said it has all the funds to meet the funding requirements under its proposed construction plans and schedule.
Price: 14.04, Change: +1.08, Percent Change: +8.33