Coal miners turn green focus into $2bn success story

A lithium miner founded by a group of former Ipswich coal executives is about to achieve a milestone in the wilds of Canada as it approaches a market cap close to $2bn.

Brisbane-based Sayona, the lithium miner founded by a group of former Ipswich coal executives, is about to achieve a milestone in the wilds of Canada.

The company says it is close to shipping its first shipment of spodumene lithium concentrate from its Quebec mine that is destined to power lithium batteries in the growing fleet of electric vehicles around the world.

The news comes on the back of a just released study showing lithium production at the mine could have a net value of as much $5.4 billion, a big uptick from the $100 million Sayona paid for the mine two years ago.

Former coal miners Brett Lynch, James Brown, Allan Buckler and Dan O’Neill founded Sayona more than a decade ago betting lithium would become the gold of the 21st century. They were not wrong with the company now holding a market value close to $2bn.

Sayona worker in front of a lithium deposit in central Quebec. Photo: Mathieu Dupuis

Lynch says that one of the attractions of the Canadian operation is that Sayona can “supply super clean product” to nearby North American auto makers such as Tesla, Chrysler and GM.“Lithium demand continues to increase and the Canadian and US governments have clearly shown their intentions to develop a North American supply chain, from mining to processing and manufacturing,” says Lynch.

Sayona finance manager Dougal Elder (illustrated), who joined the firm from agribusiness Sunpork about a year ago, says Quebec presents a lot of opportunity for Australian miners, including its green hydropower, government backing and proximity to North American markets. And with the EV revolution continuing to pick up speed globally, Elder predicts lithium will be in the limelight for some time to come.

Former coal mining executive and Sayona boss Brett Lynch now beting on zero emissions

Noosa outing

Sayona will be one of the big guns at next week’s Noosa Mining Investor Conference along with Augustus Minerals, Barton Gold and Ramelius Resources. The annual event in the resort town is well known in the industry as the place to be for deals, cold beer and sunshine with a line up of 66 ASX-listed companies presenting to investors over three days from Wednesday to Friday. Organiser Phil Dickinson started the conference in 2011 building it into the east coast verion of the famous “Diggers and Dealers” counterpart in Kalgoorlie. It has become a place not only to nail down investment but a chance for mining execs to unwind. A highlight is the dinner at the surf club on Thursday night where people really let their hair down.

Phil Dickinson, organiser of the Noosa Mining Conference at Newstead. Pic Annette Dew

Gas hire

Australia’s oil and gas industry peak body has named a new Queensland director. Keld Knudsen joins the Australian Petroleum Production & Exploration Association (APPEA) Brisbane office after previously serving a decade with the organisation from 2011 to 2021.

Knudsen has extensive experience in energy policy, including three years as APPEA’s Northern Territory director overseeing advocacy efforts during the regulatory processes that paved the way for onshore development approvals in the Beetaloo Basin. Knudsen also has worked in government relations for APPEA member Santos in Queensland, New South Wales, and the Northern Territory for the past two and a half years.

Knudsen says he is thrilled to be back working for APPEA in a region critical to Australia’s cleaner energy future. “At a time when gas supply shortfalls are forecast in southern states, Queensland is keeping the lights on for millions of homes and businesses on the east coast because it understands the value of gas in so many different ways to the economy and its people,” he says. He also notes the sector supports over 30,000 jobs and also is responsible for delivering $1.4 billion a year of royalties on average to the state Budget, helping fund important infrastructure like hospitals, schools and roads.

APPEA director Keld Knudsen