11:33 AM EDT, 03/20/2024 (MT Newswires) -- Global lithium producer Sigma Lithium Corp. ( SGML ) overnight Tuesday said it has received an initiation letter of arbitration by LG Group's LG Energy Solution Ltd. from the International Center for Dispute Resolution of the American Arbitration Association.

In its request for arbitration, LG-ES is alleging that Sigma Lithium ( SGML ) is in breach of certain provisions relating to offtake arrangements for the purchase of lithium concentrate.

The term sheet relating to the offtake arrangements was subject to completion of the negotiation of definitive written agreements between the parties, among other things, the company noted.

Sigma Lithium ( SGML ) said it believes the claims are without merit and intends to defend its interests.

Sigma Lithium ( SGML ) at last look fell 2.2% on the TSXV and lost 2.4% on Nasdaq in early Wednesday trading.

Price: 16.69, Change: -0.37, Percent Change: -2.17