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Piedmont Lithium to sell remaining stake in Sayona Mining for $39 million

FILE PHOTO: A hat is displayed at Piedmont Lithium's headquarters in Belmont

(Reuters) - U.S. miner Piedmont Lithium said on Wednesday it would sell its remaining shares in Australian miner Sayona Mining for about A$59.9 million ($39.28 million).

Weakness in lithium prices due to global supply outweighing demand led to Piedmont cutting 27% of its workforce earlier this month as part of a broader cost cutting plan. Larger rival Albemarle had also cut jobs and halted expansion plans last month.

The sale would not affect Piedmont's joint venture or offtake agreement with Sayona's business unit, Sayona Quebec. Both companies jointly own the North American Lithium (NAL) operation, with Sayona being the majority shareholder.

Sayona had said in August NAL intends to sell at least 56,500 tonnes of spodumene concentrate in the first half of 2024 as part of the offtake agreement. Spodumene concentrate is a type of lithium mineral ore.

Piedmont did not provide details of the buyer of its stake in Sayona.

($1 = 1.5249 Australian dollars)

(Reporting by Kabir Dweit; Editing by Krishna Chandra Eluri)