Sayona Mining completes Quebec lithium deal, seeks to restart output

Aug 30 (Reuters) - Lithium producer Sayona Mining said on Monday it completed the purchase of North American Lithium (NAL) and begun preparing to restart production at NAL's mine, as demand for the key battery mineral used in electric vehicles surges.

Sayona's unit, which counts Piedmont Lithium Inc as a shareholder, plans to integrate the NAL mine in Quebec, Canada with its own Authier project to create the Abitibi lithium hub.

The unit Sayona Quebec is also looking into making lithium chemicals in Quebec, Piedmont said in a separate statement.

"Preparations are now advancing for the resumption of operations at NAL, with a scoping study underway for profitable production of spodumene (lithium) concentrate from 2023," Australian firm Sayona said.

Shares of Sayona Mining have sky-rocketed more than 16-fold this year as miners beef up capacity to meet the growing global demand for EVs.

"Demand for lithium to power North America's EV and battery storage revolution continues to accelerate," Sayona's Managing Director Brett Lynch said. (Reporting by Indranil Sarkar in Bengaluru, additional reporting by Nikhil Kurian Nainan; editing by Uttaresh.V)